YOOX

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YOOX Group S.p.A
Type Public company
Traded as BITYOOX
Industry Fashion and leisure
Founded 2000
Founders Federico Marchetti
Headquarters Zola Predosa, Bologna, Italy
Key people Federico Marchetti, CEO
Products Fashion products
Revenue 455.6 million Euros (2013) [1]
Operating income 23.9 million Euros (2013) [1]
Net income 12.6 million Euros (2013) [1]
Total equity 119.7 million Euros (2013) [1]
Employees 713 (2013) [1]
Subsidiaries USA, Japan, France, Spain, China, Hong Kong
Website www.yoox.com

YOOX Group S.p.A is an Italian internet mail order retailer of men's and women's multibrand clothing and accessories. Founded by Federico Marchetti, a former investment banker,[2] in Zola Predosa near Bologna in 2000, Yoox Group has become a profitable e-commerce company that serves "more than 100 countries worldwide".[3][4]

Overview[edit]

Online store (yoox.com) 

The company’s concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship"[5] from renowned fashion houses "including Dolce & Gabbana, Diesel, Gucci, Armani and Cavalli" [6] as well as "manufacturers and authorized dealers"[5] and sell them online at discounted outlet prices. This is to enable "luxury brands to off-load last year's merchandise without undermining their brands or cannibalizing sales at their existing stores".[7] Vintage designer clothing (Chanel, Dior, Pucci etc.)[8][9] is collected with the help of fashion editor Polly Allen Mellen [10][11] and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan (menswear) [12][13] or Alexandre Herchcovitch.

Mono-brand stores 

In addition to its eponymous web site, the company, through Yoox Services (formed in 2006),[14] operates the full-price online stores of fashion houses Marni (launched in 2006), Emporio Armani (2007), Diesel (2007), Stone Island (2008), C.P. Company (2008), Valentino SpA (2008), Miss Sixty (2008), Costume National (2008), Energie (2008), Emilio Pucci (2008), Dolce & Gabbana (2009), Moschino (2009), Jil Sander (2009), Dsquared (2009), Bally Shoe (2009), Roberto Cavalli (2009), Napapijri (2010), Coccinelle (2010), Giuseppe Zanotti Design (2010), Alberta Ferretti (2010), Zeis House (2010), Maison Martin Margiela (2010), Ermenegildo Zegna (2010), Y-3 (2011), Brunello Cucinelli and Dirk Bikkembergs (2011), all of which are referred to as "powered by Yoox".[3][15][16][17]

Multi-brand store (thecorner.com) 

In 2008, Yoox launched its full-price online menswear retail store The Corner featuring established designer brands and a selection of niche fashion labels from Italy and elsewhere.[18][19][20] September 2009 saw the launch of womenswear at The Corner.[21]

Name[edit]

The name, Yoox, is said to be composed of the male (Y) and female (X) chromosome letters linked by OO, the infinity symbol ∞ or “the ‘zero’ from the binary code, the fundamental language of the digital age”.[22]

Corporate structure[edit]

Backed by venture capital firm Balderton Capital,[23] YOOX was founded as a privately held company [24] and achieved total revenues of $26 mio in 2004. By the end of 2005 it had reached $70 mio.[25] In 2008, they reported sales of $138 mio, "a 48% increase from 2007".[26] 75% of Yoox were owned by private equity firms Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and Balderton Capital (then the European offshoot of Benchmark Capital - now independent), founder Federico Marchetti owned 9% and 16% were owned by senior managers. Yoox went public at the Milan Stock Exchange on December 3, 2009, generated €95 Mio. in revenues from the IPO and was valued at €217 Mio that day.[27] Since the IPO, 51% of the stock is in the market, about 11.5% are owned by Balderton Capital, Kiwi owns 6,8%, Nestor 2000 6.3%, JP Morgan has a 5.4% stake, 4.7% belong to Marchetti and the rest to other shareholders. The company achieved a net profit of €4.1 mio with revenues of €152.2 mio in 2009.[28] The company is listed on the Borsa Italiana and is a constituent of the FTSE MIB index.

From its beginnings in 2000, the Yoox internet platform was powered by Hewlett-Packard.[6] In 2007, the web site had "three million visitors per month" and "more than one million items [were] delivered worldwide".[29] In 2008, over 1.7 million products were shipped to 53 countries by the group.[30]

The company’s CEO and founder is Federico Marchetti,[31] the head of marketing and sales is Massimiliano Benedetti.[32] Marchetti, who had worked for "Bain & Co. as a strategic consultant, Lehman Brothers as an expert in luxury goods and as a banker in mergers and acquisitions" [33] studied economics at Bocconi University in Milan [34] and holds an MBA from Columbia Business School.[35]

The company's US subsidiary, YOOX CORP, is a Delaware corporation based in TriBeCa, New York, New York, New Jersey.[36] For the U.S. market, YOOX partnered with Port Logistics Group (PLG) of Houston in terms of supply chain management, such as merchandise returns, re-packaging and shipping within the United States. The partnership also allowed for "a direct relationship with U.S. designers and U.S. branches of European designers".[37]

In spring 2009, YOOX Group announced its plans for an initial public offering at the end of 2009.[17][26][38] 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 the Milan based investment bank Mediobanca [39]

Yoox.com was listed among Time magazine’s list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.[40]

Logistics[edit]

All orders are dispatched at a warehouse in the Italian headquarters (Bologna).[41] “Each item is tagged with a radio frequency identification (RFID) tag, and is tracked to its exact location using a barcode detector”.[42] International warehouses, that serve as hubs, exist in New Jersey and Tokyo.[43]

Yoox maintains "20 studios to make pictures [of the merchandise] with 25 photographers" in Italy and the US.[44]

See also[edit]

References[edit]

  1. ^ a b c d e "Annual Results 2013". Retrieved 9 July 2014. 
  2. ^ The Web Opens for Business . . . nytimes.com. 10-07-2000
  3. ^ a b Yoox: The Group yoox.com. Retrieved: 07-23-2011
  4. ^ Bargain hunting easy in cyber boutiques cnn.com. 01-04-2005
  5. ^ a b The International Business Awards: Yoox SpA Stevie Awards. Retrieved: 07-23-2011
  6. ^ a b HP Technology Helps Business Growth for YOOX zdnet.com. Retrieved: 07-23-2011
  7. ^ Yoox: Discounted Luxury businessweek.com. 12-30-2002
  8. ^ Yoox to sell vintage Chanel fashionunited.co.uk. 2009-11-06.
  9. ^ Vintage Dior at Yoox JC Report. 2008-06-03.
  10. ^ Times online: Fab vintage without the scrum
  11. ^ Polly Allen Mellen - Legendary Editor & Stylist thefashionspot.com. Retrieved on 2009-04-12.
  12. ^ Wallpaper: Hussein Chalayan for Yoox
  13. ^ The Wall Street Journal: Hussein Chalayan Shows Off Nothingness
  14. ^ Internet Retailer: YOOX adds an e-commerce customer, builds toward IPO
  15. ^ High-fashion shoppers turn to the Web IHT. Retrieved on 2009-04-12.
  16. ^ Armani press release 2008 armanipress.com. 2008-07-17.
  17. ^ a b Yoox Hires Goldman, Mediabanca to Underwrite Its IPO wsj.com. 2009-03-25.
  18. ^ About us thecorner.com. Retrieved 2009-04-12.
  19. ^ Yoox launches thecorner.com daily.chictoday.com. 2008-03-11.
  20. ^ Just around the corner vogue.co.uk. Retrieved 2008-03-10.
  21. ^ FashionWindows Retrieved 2009-09-02
  22. ^ The Fundamental Language Of The Digital Age: YOOX.COM boramag.com. 06-02-2008.
  23. ^ http://www.balderton.com/portfolio/yoox-group
  24. ^ Womens's Wear Daily: E-tailer YOOX Continues to Expand, Sees IPO on the Horizon
  25. ^ Times online: Fashion's best kept secret
  26. ^ a b Where To Shop For Web Deals forbes.com. 2009-04-09.
  27. ^ Reuters Intesa SP to list asset manager in IPO breakthrough (23 February 2010)
  28. ^ yoox.com Yoox Group March 2010 RoadshowPresentation (17 March 2010)
  29. ^ Quova.com: YOOX.Group Sets a Trend in Fraud Management with Quova
  30. ^ Zimbio CEO Talk: Federico Marchetti, Founder and Chief Executive Officer, YOOX Group (9 September 2009)
  31. ^ Interview with Federico Marchetti modabot.de. 2008-12-03.
  32. ^ IHT: Footwear dot-coms stride ahead
  33. ^ Internet Retailer: Federico Marchetti, Founder & CEO, Yoox.COM
  34. ^ Internet Retailer: Federico Marchetti, Founder & CEO, Yoox.COM
  35. ^ Goliath: Profile Federico Marchetti - Dressed to impress
  36. ^ Yoox privacy policy yoox.com. Retrieved on 2009-04-12.
  37. ^ PLG Develops a U.S. Supply Chain Solution for YOOX portlogisticsgroup.com. Retrieved: 07-23-2011
  38. ^ Online retailer Yoox names IPO advisers-sources reuters.com. 2009-03-25.
  39. ^ Relief over pricing of Yoox IPO Financial Times FT.com, 2009-12-01.
  40. ^ Time.com: 50 cooles web sites 2004
  41. ^ UPS Fashion case study: Yoox
  42. ^ cnn.com: Bargain hunting easy in cyber boutiques
  43. ^ IHT: Global brands revise local strategies
  44. ^ The New York Times: $7,900 Valentino Gowns, a Click Away

External links[edit]