Why Farfetch Stock Is Up Big Today
(NYSE: FTCH) stock is seeing big gains in Monday's trading following a key antitrust approval from European regulators. The company's share price was up 11.4% as of 1:30 p.m. ET, according to data from S&P Global Market Intelligence.
Farfetch published a press release this morning announcing that the European Commission (EC) had cleared its acquisition of a substantial stake in Yoox Net-A-Porter (YNAP) from Richemont. Following the approval from the EC, the deal is seemingly on track to close soon.
Farfetch is poised to acquire a 47.5% stake in Yoox Net-A-Porter, an Italian online fashion retailer. In turn, Farfetch will give shares of its Class A common stock to Richemont. As part of the deal, YNAP and Richemont Maisons will also begin using Farfetch Platform Solutions for e-commerce. Richemont will also launch e-concessions on Farfetch Marketplace, giving it the ability to control pricing, discounting, promotions, and other key facets of online retail.
Source Fool.com
