By Edith Hancock
The European Commission set an April 14 deadline to decide whether to launch an in-depth antitrust investigation on Richemont's plan to sell its e-commerce business Yoox Net-A-Porter to Mytheresa.
The companies notified their deal to the commission for an initial review on Monday, according to the merger regulator's website.
Cartier owner Richemont agreed to sell YNAP to Munich-headquartered luxury online platform Mytheresa last October amid a broader slowdown for the luxury goods sector driven by weaker sales in China. Mytheresa said in January that it plans to rename the company "LuxExperience B.V." as part of the sale.
The deal with Mytheresa came after a previous attempt by Richemont to sell YNAP fell through in December 2023, when the prospective buyer -- British-Portuguese online luxury marketplace Farfetch -- faced financial difficulties.
The transaction is expected to close in the first half of 2025.
Richemont, YNAP and Mytheresa didn't immediately reply to a request for comment.
Write to Edith Hancock at edith.hancock@wsj.com
(END) Dow Jones Newswires
March 11, 2025 05:40 ET (09:40 GMT)
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