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Italian watchdog fines online retailer YNAP more than $5 million
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ROME (Reuters) – Italy’s antitrust agency has fined online fashion retailer YOOX Net-A-Porter (YNAP) 5.25 million euros ($5.69 million) over misleading pricing and its returns policy, the regulator said on Friday.
ROME (Reuters) – Italy’s antitrust agency has fined online fashion retailer YOOX Net-A-Porter (YNAP) 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.
YNAP did not immediately respond to an emailed request for comment.
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.
($1 = 0.9229 euros)
(Reporting by Alvise Armellini; Editing by David Goodman)
Misleading pricing occurs when a retailer advertises a product at a discounted price that is not significantly lower than its original price, potentially deceiving customers about the actual savings.
A returns policy outlines the rules and procedures for returning purchased items, including conditions under which returns are accepted and any associated fees.
Financial penalties are fines imposed by regulatory authorities on businesses for violations of laws or regulations, such as misleading advertising or non-compliance with consumer protection laws.
E-commerce refers to the buying and selling of goods and services over the internet, encompassing various business models including retail, wholesale, and services.
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