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 today.
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.
But the deal has been complicated by financial struggles at Farfetch, which has come under pressure as US retailers slash orders and more inventory comes from brands rather than wholesale clients, limiting its ability to draw in shoppers with promotions. Bernstein analysts said last week that Farfetch's troubles raised questions for Richemont, which is set to transfer its online business to technology run by Farfetch and provide a $450m credit facility.
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