Communication regarding the decision of the French Competition Authority
PRESS RELEASE
Ivry-sur-Seine, France — 19 December, 2024, 8:15 CEST
COMMUNICATION REGARDING THE DECISION OF THE FRENCH COMPETITION AUTHORITY
Fnac Darty acknowledges the decision of the French Competition Authority issued today after having decided not to contest the grievance that was notified to it in the second quarter of 2023.
As a reminder, several players in the domestic appliance manufacturing and distribution sector have received a statement of objections from the French Competition Authority’s investigation services, alleging that a certain number of suppliers entered into a vertical agreement with some of their distributors.
Among all the grievances contained in the statement of objections, only one concerns Darty and extends over a limited period which ended in December 2014, i.e., almost 10 years ago, and therefore prior to the acquisition of Darty by Fnac carried out in 2016. Moreover, this grievance concerns only a limited number of well-identified product categories.
To put a rapid end to a complex procedure and be able to devote all its resources to the operational implementation of its “Everyday” strategic plan, Fnac Darty has decided not to contest the grievance and to request the benefit of the settlement procedure provided for in Article L. 464-2 of the French Commercial Code.
This choice constitutes neither a confession nor an acknowledgement of responsibility on the part of Fnac Darty.
The amount of the fine that Fnac Darty owes at the end of this settlement procedure amounts to €109 million. A provision of €85 million has already been recorded in Fnac Darty’s accounts in the second quarter of 2023. The Group will recognize an additional charge of €24 million in the 2024 fiscal year, with no impact on the current operating income. The Group’s short-term financing will ensure the settlement of the transaction, which is expected to take place in 2025.
About Fnac Darty
Operating in 13 countries, Fnac Darty is a European leader in the retail of entertainment and leisure products, consumer electronics and domestic appliances. The Group, which has almost 25,000 employees, has a multi-format network of more than 1,000 stores at the end of December 2023, and is ranked as a major e-commerce player in France (more than 27 million unique visitors per month on average) with its three merchant sites, fnac.com, darty.com and natureetdecouvertes.com. A leading omnichannel player, Fnac Darty’s revenue was around €8 billion in 2023, 22% of which was realized online. For more information: www.fnacdarty.com.
CONTACTS
ANALYSTS / INVESTORS
Domitille Vielle – Head of Investor Relations – domitille.vielle@fnacdarty.com – +33 (0)6 03 86 05 02
Laura Parisot – Investor relations manager – laura.parisot@fnacdarty.com – +33 (0)6 64 74 27 18
PRESS
Marianne Hervé – mherve@image7.fr – +33 (0)6 23 83 59 29
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