Farfetch receives EU clearance for 47.5% stake in YNAP

The European Commission has unconditionally cleared the acquisition by Farfetch of a 47.5% stake in Yoox Net-a-Porter in exchange for the issuance of Farfetch Class A ordinary shares to Richemont. The EC was the last regulatory authority required to provide clearance. The partnership between Farfetch and Richemont also involves: the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, making YNAP a neutral online platform for the luxury industry; the adoption by YNAP and the Richemont Maisons of FARFETCH Platform Solutions and; the launch of e-concessions on the FARFETCH Marketplace by most Richemont Maisons. Completion remains subject to certain other conditions that Richemont and Farfetch are working towards fulfilling.