On Feb. 8, the United Kingdom’s antitrust regulator, the Competition and Markets Authority, announced it was probing Farfetch’s proposed acquisition of rival upscale e-tailer Yoox Net-a-Porter (YNAP).
Last year, luxury conglomerate Richemont—which has owned YNAP since 2018—announced plans to sell part of its stake in the site to primary competitor Farfetch. Initially, Farfetch will own only 47.5% of YNAP, with Richemont maintaining control of 49.3% and United Arab Emirates-based Symphony Global controlling 3.2%.
The deal calls for Farfetch to purchase all of YNAP within three to five years, subject to certain conditions.
Farfetch chairman and CEO José Neves hoped the deal would bring his site more jewelry, as Richemont pledged to set up Farfetch boutiques for noted watch and jewelry brands like Cartier, Vacheron Constantin, and Van Cleef & Arpels.
Now the U.K. regulator is examining if the purchase “may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.” It invited public comment before Feb. 14.
Farfetch did not return a request for comment.
The news comes shortly after Farfetch made a slew of executive changes. In January, the company appointed Elizabeth von der Goltz chief fashion and merchandising officer. She will also become CEO of Browns, the London retailer that Farfetch purchased in 2015. Von der Goltz previously led the buying and merchandising functions for Bergdorf Goodman, Yoox Net-a-Porter, and Matches Fashion.
Sindhura Sarikonda was named Farfetch’s president for Americas. Sarikonda has served as general manager for Walmart U.S. e-commerce, head of beauty for Jet.com, and, most recently, global head of in-store at Klarna.
Stephanie Simon also joined Farfetch, as vice president, community, and Web3. She was a member of the founding team of Clubhouse.
Farfetch also announced that chief brand officer Holli Rogers and chief growth officer Martin Avetisyan were leaving the company.
(Photo courtesy of Yoox Net-a-Porter)
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