// The Competition and Markets Authority has approved the deal between Farfetch and Yoox Net-A-Porter
// Luxury group Richemont sold a 47.5% stake in the online fashion retailer to Farfetch in August last year
The Competition and Markets Authority has dropped its investigation into Farfetch’s deal to buy a stake in Yoox Net-A-Porter.
The watchdog said it had cleared the acquisition following concerns the deal could lead to a “substantial lessening of competition” within the UK.
However, the transaction remains subject to approval from regulators in other countries.
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Commenting on the decision, Farfetch said: “We welcome the CMA’s decision and continue to work closely with regulators in other jurisdictions where approvals are required.”
Luxury goods group Richemont agreed in August last year to sell a 47.5% stake in Yook Net-A-Porter to London rival Farfetch, four years after its £4.6bn takeover.
As part of the deal, Farfetch has the option to acquire the rest of the company over the next five years.
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