YOOX Net-a-Porter Group S.p.A. is an Italian online fashion retailer created on 5 October 2015 after the merger between Yoox Group and Net-a-porter Group (NAP).
31-735: Yoox was originally founded by Federico Marchetti in Milan in 2000, and Net-a-Porter was founded by Natalie Massenet in London in 2000. Beginning in 2003, Richemont invested in NAP. In 2015, Yoox purchased NAP shares from Richemont and merged with Net-a-Porter to establish the Yoox Net-a-Porter Group. In May 2018, Richemont acquired the YNAP Group by purchasing 95% of the company's available shares. The combined company has become
62-860: A Mohamed Alabbar investment vehicle in exchange for about an 11% stake in Farfetch. However, in December 2023, the agreement were terminated after Coupang announced its acquisition of Farfetch. In June 2024, YNAP announced it would exit the Chinese market. There are seven "logistic centres" in Italy, the UK, the US, China, Hong Kong, and Japan. International warehouses, that serve as hubs, exist in New Jersey and Tokyo . Yoox also maintains 20 studios to take pictures of
93-601: A menswear site, Mr Porter, was established under the stewardship of Toby Bateman who then said: "The original concept around the Mr Porter customer was that he was the man in the Net-A-Porter girl's life." Bateman left Mr Porter in 2019 and was replaced by Fiona Firth as managing director. In 2013 beauty was launched under the leadership of David Olsen. In August 2014, The Outnet launched a partnership with Victoria Beckham to sell items of her clothing to raise funds for
124-534: A physical retail outlet. Massenet recalled the credibility gap in a 2013 interview in The Observer : "They'd listen and they'd nod and then afterwards they'd say, 'Just tell me one more thing: where is your store?'" However, in 2001, Roland Mouret was persuaded to sell his collection via the website. By 2004, the same year in which it won best fashion shop at the British Fashion Awards ,
155-633: A brief career in finance and consulting, he created the Internet retailing company in 2000 in Zola Predosa. in 1999. While at Columbia, he decided to leave the banking industry and become an entrepreneur, However, after receiving his degree, he took a job with Bain & Company in Milan after attempting to find a position in the American entertainment industry. He came upon the idea of combining
186-481: A fashion shoot. Having raised the £1.2m (approx $ 2m) start-up costs with the assistance of her then-husband and co-founder Mark Quinn-Newall, they launched the company from Massanet's flat in Chelsea, London . In the early days, the operation was so low-key that the company's black delivery boxes were stacked up in the bathtub . Initially, designers and investors were reluctant to support Net-a-Porter because it lacked
217-513: A global e-commerce player that serves more than 180 countries. YNAP posted a €1.46 billion loss in 2023, and in October 2024 Richemont agreed to sell Yoox Net-A-Porter to Mytheresa . Net-a-Porter founder Natalie Massenet is an American -born former fashion journalist with Women's Wear Daily and Tatler . She developed the concept of a magazine in website format where users could 'click' to buy while trying to source product online for
248-476: A print magazine called Porter , with an associated app and digital version of the magazine. Some 400,000 copies will be distributed six times a year in 60 countries. Playing off of its name, Net-a-Porter recently added a sportswear section to their website called Net-a-Sporter. The sportswear section of the website was launched in July 2014. When speaking of the addition of Net-a-Sporter to the e-tailer's online roster,
279-581: A selection of niche fashion labels from Italy and elsewhere. September 2009 saw the launch of womenswear at The Corner. The combined revenues of the two companies prior to the merger was about $ 1.4 billion and their websites received a combined 24 million unique visitors annually. The deal was announced in March 2015, and went into effect in September. The combined network reached about 180 countries. The parent company of Net-A-Porter, Richemont , received 50% of
310-598: A strategic consultant, Lehman Brothers as an expert in luxury goods and as a banker in mergers and acquisitions " studied economics at Bocconi University in Milan and holds an MBA from Columbia Business School . The company's US subsidiary, Yoox Corp, is a Delaware corporation with offices in TriBeCa , New York and logistic centres in New Jersey . For the U.S. market, Yoox partnered with Port Logistics Group (PLG) of Houston for supply chain management , such as merchandise returns , re-packaging and shipping within
341-599: Is to enable "luxury brands to off-load last year's merchandise without undermining their brands or cannibalizing sales at their existing stores". Vintage designer clothing ( Chanel , Dior , Gucci etc.) is collected with the help of fashion editor Polly Allen Mellen and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan (menswear) or Alexandre Herchcovitch . In 2006, YOOX Group launched its first online flagship store for Marni.com . Since then,
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#1732772209188372-485: The Milan based investment bank Mediobanca Yoox.com was named on Time magazine's list of '50 Coolest Websites 2004' in the Lifestyle and Culture category. In November 2020, Yoox Net-A-Porter announced Geoffroy Lefebvre as its new CEO, effective from January 2021. Federico Marchetti (businessman) Federico Marchetti (born 21 February 1969) is an Italian businessman who founded and, until July 2021,
403-424: The infinity symbol ∞ or "the 'zero' from the binary code , the fundamental language of the digital age". YOOX's concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship" from renowned fashion houses "including Dolce & Gabbana , Diesel , Gucci , Armani and Cavalli " as well as "manufacturers and authorized dealers" and sell them online at discounted outlet prices. This
434-667: The European offshoot of Benchmark Capital - now independent), Co-founder Federico Marchetti owned 9% and 16% were owned by senior managers. Yoox went public at the Milan Stock Exchange in December 2009. The stock subsequently also joined the FTSE London/ Italia Mid Cap index27 and, since 23 December 2013, it has been included in the FTSE MIB - the main index of Borsa Italiana comprising
465-516: The MTA with the new ticker "YNAP" and were included in the FTSE MIB index. The company was delisted in 2018. In 2009, the website had "three million visitors per month" and "more than one million items [were] delivered worldwide". In 2013, over 1.7 million products were shipped to 53 countries by the group. Yoox's CEO and founder is Federico Marchetti, the head of marketing and sales is Massimiliano Benedetti. Marchetti, who had worked for " Bain & Co. as
496-489: The United States. The partnership also allowed for "a direct relationship with U.S. designers and U.S. branches of European designers". In spring 2009, Yoox Group announced its plans for an initial public offering at the end of 2009. This initial public offering (IPO) was realised at the end of November 2009, being priced at the top of the range of its valuation , and the deal being coordinated by Goldman Sachs and
527-581: The company has worked with individuals in the fashion and luxury industry in the development of their e-tail strategies, launching websites for brands such as Armani and Marni . In 2007 Yoox began building its own warehouses, as previously goods had shipped directly from the design houses, rather than from Yoox itself. Yoox also began selling additional items beyond fashion, including artwork from artists like Damien Hirst, Mark Quinn and Peter Blake. In 2008, Yoox launched its full-price online menswear retail store The Corner featuring established designer brands and
558-472: The company was profitable. In 2010, Massenet sold a majority stake in Net-a-Porter to Swiss luxury goods holding company Richemont for an estimated £50m. She remains an investor and executive chairwoman. At the time it was bought by Richemont in 2010, Net-a-Porter was valued at $ 533 million. The Outnet, a site focusing on previous seasons' designs at discount prices, was launched in 2009; in 2011,
589-440: The company's President Alison Loehnis said "We spotted a gap in the market for being a one-stop shop for workout wear where fashion meets function and where performance and style are equally valued." In August 2014, Massenet revealed that she originally wanted to call the website "What's New, Pussycat?" The name YOOX was created by Costas Constantinou and is composed of the male (Y) and female (X) chromosome letters linked by OO,
620-580: The company, he created the Internet retailing company YOOX. In 2010, YOOX Group opened its first offices in China in the city of Shanghai , opening its first mono-brand site there, www.emporioarmani.cn. In 2012, YOOX Group partnered with Kering Group and the two established a joint venture that manages the mono-brand online stores of Kering’s luxury brands: Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Sergio Rossi, Stella McCartney and Brioni. In 2015 his company merged with Net-A-Porter , changing
651-419: The early 1990s soon after he graduated. He is interested in works revolving around Dracula and the literature of Bram Stoker , and has travelled to research the subject. Since 2014 Yoox has been selling works by artists such as Damien Hirst , Marc Quinn and Peter Blake and designs from companies like Cappellini, Alessi, and Kartell, which it took on as one of its mono-brand clients. In 2011, Marchetti
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#1732772209188682-453: The merchandise with 50 photographers in the UK and the US. Backed by venture capital firm Balderton Capital , Yoox was founded as a privately held company and achieved total revenues of £18m by 2009. By the end of 2011 it had reached £29m; in 2015, it reported sales of £41m, "a 68% increase from 2009". 75% of Yoox is owned by private equity with Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and Balderton Capital (then
713-645: The name of the firm to YOOX Net-A-Porter Group, becoming the largest e-commerce fashion company in the world, and in 2018 the company was acquired by Richemont . In 2016, YOOX Net-A-Porter Group and Symphony, an entity controlled by Mohamed Alabbar’s family, established a joint venture to create a platform for online luxury retail for the Middle East. Marchetti is an art collector, with paintings from artists including Ettore Sottsass , Franz West , Yoshitomo Nara , Mark Kostabi , Andy Warhol , Lucian Freud , and Francesco Vezzoli . He began his collection in
744-569: The nonprofit organization mothers2mothers to educate women about HIV/AIDS in Africa . The business continues to grow and in 2013 it retailed products from more than 350 designers, attracted more than two million monthly visitors to the site and an average spend of £500 (around $ 850). Brands it retails include Stella McCartney , Yves Saint Laurent and Diane von Furstenberg . Labels such as Alexander Wang , Yves Saint Laurent and RM by Roland Mouret have created capsule collections specifically for
775-628: The site. Writing in The Observer in 2010, Eva Wiseman noted that being stocked by Net-a-Porter is becoming important to designers as it: "not only guarantees new customers but its [Net-a-Porter's] credibility gives a fashion brand value". As of September 2013, Net-a-Porter employed 2,600 people in the UK , US , and Hong Kong , with further offices in Shanghai and fulfillment centres on the outskirts of three cities. In early 2014, Net-a-Porter launched
806-598: The top 40 London & Italian companies by market capitalisation and liquidity. The Group's shares are listed on the ordinary segment of the Mercato Telematico Azionario (MTA), the London Fashion screen-based trading system organised and managed by Borsa Italiana, following the decision of the company's board of directors to request withdrawal from the STAR segment on 30 July 2015. This decision
837-468: The total available shares; however, their voting rights were capped at 25%, giving Yoox the ability to run the company. Yoox founder Federico Marchetti became the group's CEO and Net-a-Porter founder Natalie Massenet left the company after the merger was completed. In August 2022, Richemont announced it would sell a 47.5% stake in YOOX Net-A-Porter (YNAP) to rival Farfetch and a 3.2% stake to
868-413: The “exclusive” nature of luxury fashion with the full “accessibility” of the Internet. In 1999 he developed a business plan for Yoox, whose name comes from the Y and X chromosomes, combined with the 00 from the binary of computer code. He then quit his consulting job, and after cold-calling venture capitalist Elserino Piol, who gave Marchetti 4.5 million euros in funding in March 2000 in exchange for 35% of
899-704: Was chairman and CEO of YOOX NET-A-PORTER Group . Federico Marchetti was born in 1969 and raised in Ravenna, Italy . His father worked in an automobile factory and his mother was a telephone operator. Marchetti graduated from Bocconi University in 1993 with a degree in Economics. His first job was at the Lehman Brothers branch office in Milan , where he worked in investment banking for three years. In 1998 he moved to New York City to pursue graduate studies, and received an MBA from Columbia University following
930-623: Was given an award for Innovation and Internet by the Italy-based Chi è Chi (Who's Who) organization. On 25 January 2012, Marchetti and YOOX Group were awarded the Comitato Leonardo 's Premio Leonardo award for innovation by Giorgio Napolitano , President of Italy. In 2016 Marchetti was recognized as Italy's Entrepreneur of the Year by Ernst & Young, for founding and successfully leading the Yoox Net-a-Porter Group. He received
961-551: Was prompted by the merger between Yoox Group and the Net-A-Porter Group, the Group's high stock market capitalisation, as well as the inclusion of the stock in the FTSE MIB from 2013. Following the effectiveness of the merger on 5 October 2016, the newly issued shares of Yoox Net-A-Porter Group – resulting from the transaction itself, as well as the ordinary shares already outstanding at that date, were admitted to listing on