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FNAC / Darty : MAPP contributes to the analysis of unilateral effects
On 18 June 2016, the French Competition Authority ('FCA') authorised the acquisition of the Darty company by the Fnac group, conditional on the divestment of six stores. The main issue raised by this merger was the magnitude of the possible non-coordinated effects due to the overlap between both parties' activities in the retail sale of electronic products.
MAPP presented several economic analyses on behalf of the Fnac group. Our contributions covered topics such as the proximity between the merging parties' offerings (using the 'principal components analysis' methodology), the degree of local substitutability in the light of detailed client-level data, the intensity of competition between online and brick-and-mortar retailers, and an estimation of 'GUPPI' indices.
The evidence on the intensity of competition between 'pure player' internet retailers and traditional retailers led the FCA to define, for the first time, a single relevant market including online and offline sales.