Yoox Net-A-Porter Group fined more than €5 million
Online luxury retailer Yoox Net-A-Porter Group has been fined 5.25 million euros by the Italian antitrust agency. The group is fined over misleading pricing and its return policy. The retailer has already announced plans to appeal against the ruling.
Yoox Net-A-Porter Group (YNAP) is an online fashion retailer and ecommerce wholesaler. The group is partly owned by Richemont, which sold a 47.5 percent stake in the platform last year to Farfetch. Richemont had been investing heavily into the platform, but In the fiscal year up to March 2022 it had an operating loss of 210 million euros.
Falsely advertising reduced prices
Last Friday, the Group was fined 5.25 million euros by Italy’s antitrust watchdog. According to the regulator, the platform advertised reduced prices on products, while the final sale price was substantially the same as the pre-discount price. It also blocked orders from customers who returned a certain amount of previous purchases.
‘Yoox Net-A-Porter Group will appeal against the ruling.’
The violations took place between 2019 and 2022, but it is unclear how often. YNAP has announced that it will appeal against the antitrust agency’s ruling. According to the platform, it has “always followed the highest standards of commercial conduct”.