European regulator approves Farfetch deal for YNAP, Richemont says

European authorities have approved online luxury retailer Farfetch's purchase of a stake in rival Yoox Net-A-Porter from Richemont in the last regulatory approval needed, the owner of Cartier said on Monday. Completion of the deal remains subject to "certain other conditions that Richemont and Farfetch are working towards fulfilling," Richemont said, promising a further update "in due course", without providing further detail. Under the terms of deal unveiled in August 2022, Richemont would sell a stake of 47.5% in loss-making YNAP in exchange for more than 50 million Farfetch shares, and Farfetch could acquire the rest of YNAP through a put and call option arrangement.