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FASHION VALUE CHAIN

Online fashion retailer YOOX Net-A-Porter (YNAP) has been penalised 5.25 million euros ($5.69 million) by Italy’s antitrust commission for deceptive pricing and its return policy, the regulator announced on Friday.

According to the regulator, the store banned orders from consumers who had previously returned more than a particular number of purchases and advertised discounts on items whose final sale price was “essentially the same” as the pre-discount price.

YNAP informed Reuters via email that it will challenge the antitrust agency’s decision and that it had “always maintained the greatest standards of business behaviour.”

According to the authority, the infractions occurred between 2019 and 2022.

Richemont, a Swiss luxury conglomerate, had ownership of the company up until last year, when it sold a controlling stake to Mohamed Alabbar, the developer of the Dubai Mall, and Farfetch, a premium e-commerce specialist.