Farfetch / YOOX Net-A-Porter Group / Richemont

The Competition and Markets Authority (CMA) has investigated the anticipated acquisition by Farfetch Limited (operating businesses such as Farfetch Marketplace and Farfetch Platform Solutions) of a shareholding in, and certain governance rights over, YOOX Net-a-Porter Group S.p.A. (operating businesses such as Net-A-Porter, Mr Porter, YOOX, The Outnet and Online Flagship Stores) from Compagnie Financière Richemont S.A. (operating businesses such as Cartier, Jaeger-LeCoultre, and Montblanc) in consideration for the acquisition by Compagnie Financière Richemont S.A. of a minority shareholding in Farfetch Limited

• From: Competition and Markets Authority
• Published: 31 January 2023
• Last updated: 31 May 2023 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Clothing, footwear and fashion, Distribution and service industries, Giftware, jewellery and tableware and Retail and wholesale
• Outcome: Mergers - phase 1 clearance
• Opened: 31 January 2023

Statutory timetable

Phase 1	Action
31 May 2023	Case closed
31 May 2023	Phase 1 decision published
29 March 2023	Phase 1 decision announced
8 February 2023	Launch of merger investigation
31 January 2023 to 14 February 2023	Invitation to comment

Phase 1

CMA clearance decision

29 March 2023: The CMA cleared the anticipated acquisition by Farfetch Limited of a shareholding in, and certain governance rights over, YOOX Net-a-Porter Group S.p.A. from Compagnie Financière Richemont S.A., in consideration for the acquisition by Compagnie Financière Richemont S.A. of a minority shareholding in Farfetch Limited.

• Full text decision (PDF, 374KB) (31.5.23)

Launch of merger inquiry

8 February 2023: The CMA announced the launch of its merger inquiry by notice to the parties.  

• Commencement notice (PDF, 121KB) (8.2.23)

Invitation to comment: Closed

31 January 2023: The CMA was considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invited comments on the transaction from any interested party.

Contact

Please send written representations about any competition issues to:

Carolina Ricciardi [email protected]

Anushka Singh [email protected]

Published 31 January 2023
Last updated 31 May 2023 + show all updates

1. 31 May 2023

   Full text decision published

2. 29 March 2023

   Clearance decision announced

3. 8 February 2023

   Launch of merger, with commencement notice, published.

4. 31 January 2023

   First published.