Online retailer YNAP get's fined more than $5 million

Italy's antitrust agency has fined online fashion retailer YOOX Net-A-Porter 5.25 million euros ($5.69 million) over misleading pricing and its returns policy, the regulator said on Friday.

The retailer advertised reductions on products on which the final sale price was "substantially the same" as the pre-discount price and blocked orders from customers who had previously returned more than a certain amount of purchases, the regulator said in a statement.

“YOOX Net-a-Porter takes note of the decision of the Italian Competition Authority and plans to appeal the ruling. Over the past 20 years, YOOX Net-a-Porter has revolutionised online luxury retail by bringing our customers outstanding style and impeccable service, always following the highest standards of commercial practices. YOOX Net-a-Porter remains committed to serving its customers with integrity and will continue to comply with all relevant authorities and regulations to deliver the exceptional service our customers expect.” the company responded.

The regulator said the violations took place between 2019-2022.

The business was controlled by Swiss luxury group Richemont until last year, when it sold a majority stake to luxury e-commerce specialist Farfetch and Dubai Mall developer Mohamed Alabbar.