YOOX Net-a-Porter Group
|Traded as||BIT: YNAP|
|Industry||Fashion and leisure|
|Headquarters||Zola Predosa, Bologna, Italy|
|Federico Marchetti, CEO|
|Revenue||455.6 million Euros (2013) |
|23.9 million Euros (2013) |
|12.6 million Euros (2013) |
|Total equity||119.7 million Euros (2013) |
Number of employees
|713 (2013) |
|Subsidiaries||US, Japan, France, Spain, China, Hong Kong|
YOOX NET-A-PORTER GROUP S.p.A is an Italian Internet mail order retailer of men's and women's multibrand clothing and accessories founded on 5 October 2015 after the merger between YOOX GROUP, the global Internet retailing partner for leading fashion and luxury brands, and THE NET-A-PORTER GROUP, the world’s premier online luxury fashion destination for content and commerce. Yoox was founded by Federico Marchetti, a former investment banker, in Zola Predosa near Bologna in 2000 and has become an e-commerce company that serves "more than 100 countries worldwide". Compagnie Financière Richemont agreed to merge Net-a-Porter with Yoox without the knowledge of Net-a-Porter founder Natalie Massenet for a valuation of about £950 million (about $1.4 billion), which was much lower than what Morgan Stanley bankers believed the business to be worth.
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 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, Pucci 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 addition to its eponymous web site, the company, through Yoox Services (formed in 2006), 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), DSquared² (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".
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. September 2009 saw the launch of womenswear at The Corner.
The name, Yoox, is 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”.
Backed by venture capital firm Balderton Capital, YOOX was founded as a privately held company  and achieved total revenues of $26m in 2004. By the end of 2005 it had reached $70m. In 2008, it reported sales of $138m, "a 48% increase from 2007". 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 €95m in revenues from the IPO and was valued at €217m that day. 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 €4.1m with revenues of €152.2m in 2009. 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. In 2007, the web site had "three million visitors per month" and "more than one million items [were] delivered worldwide". In 2008, 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 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 based in TriBeCa, New York, New York, 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 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 the Milan based investment bank Mediobanca 
All orders are dispatched at a warehouse in the Italian headquarters (Bologna). “Each item is tagged with a radio frequency identification (RFID) tag, and is tracked to its exact location using a barcode detector”. International warehouses, that serve as hubs, exist in New Jersey and Tokyo.
Yoox maintains "20 studios to make pictures [of the merchandise] with 25 photographers" in Italy and the US.
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 a fashion shoot. Having raised the £1.2m (approx $2m) start-up costs with the assistance of her then-husband, Massenet launched the company from their 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 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, the company was profitable.
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 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".
In March 2014, Net-a-Porter engaged ceft and company new york to celebrate the 1 year anniversary of their beauty division. The agency worked with key clients to create, design, and produce an interactive and on-brand environment that entertained, educated, and encouraged conversations in the press and on social media channels. The agency approach was to distill a singular message and to blast that message across all media. That message was: “Net-a-Porter is going to do for beauty what it has so successfully done for fashion, turn the business of beauty on its head” by offering international access to a rigorously curated selection of brands. The 2 day invite-only event was attended by editors of Vogue (Sarah Browne), Teen Vogue (Elaine Welteroth), W Magazine (Katie Jayne Becker), Nylon (Katie Dickens), InStyle (Kahlana Barfield) and their peers, and generated over 13 million impressions in 3 days just on social media alone. This accounts for only those posts tagged with #netabeauty, the full impact was far more broad.
The Outnet, a site focusing on previous seasons' designs at discount prices was launched in 2009; in 2011, a menswear site Mr Porter was established and in 2013 a small beauty website was launched.
In early 2014, Net-a-Porter launched 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 and hosts athletic wear from a variety of high end luxury brands. Net-a-Sporter features 10 different sections for activities such as the gym and cross train, run, yoga and dance, tennis, equestrian, swim and surf, sailing, après sport, and golf. When speaking of the addition of Net-a-Sporter to the e-tailer's online roster, 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 current name is play on the French expression "pret-a-porter," or "ready to wear."
In August 2014, The Outnet launched a partnership with Victoria Beckham to sell items of her clothing to raise funds for the nonprofit organization mothers2mothers to educate women about HIV/AIDS in Africa.
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