Luxury conglomerate Richemont has received approval from the European Commission (EC) to go ahead with its sale of Yoox Net-a-Porter (YNAP) to luxury fashion platform Farfetch.
Richemont, the group behind brands including Cartier and Montblanc, announced last year plans to sell a 47.5 percent stake in Italy’s YNAP to the UK’s Farfetch.
Meanwhile, Symphony Global, one of the investment vehicles of Mohamed Alabbar, would take a 3.2 percent stake, meaning that YNAP would become a neutral platform with no controlling shareholder.
Additionally, the deal would see Richemont’s brands and YNAP switching to Farfetch Platform Solutions as part of its Luxury New Retail vision.
On Monday, Richemont said it has now received the green light from the EU’s antitrust body to move forward with the deal.