European regulator approves Farfetch deal for YNAP, Richemont says
© Reuters. FILE PHOTO: A banner to celebrate the IPO of online fashion house Farfetch is displayed on the facade of the of the New York Stock Exchange in New York, U.S., September 21, 2018. REUTERS/Brendan McDermid/File PhotoCompletion 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 U.S. 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 $450 million credit facility.
They slumped by 40% in a single day in August following a gloomy annual sales outlook due to weaker-than-expected demand in the U.S. and Chinese markets.
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