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{{short description|Italian online fashion retailer}}
{{short description|Italian online fashion retailer}}
{{Infobox company
{{Infobox company
| name = YOOX NET-A-PORTER GROUP S.p.A
| name = YOOX Net-a-Porter Group S.p.A.
| logo = YOOX Net-a-Porter Group logo.svg
| logo = YOOX Net-a-Porter Group logo.svg
| type = [[Società per Azioni]]
| type = [[Società per Azioni]]
Line 7: Line 7:
| industry = Fashion and leisure
| industry = Fashion and leisure
| foundation = {{start date and age|2015|10|5|df=yes}}
| foundation = {{start date and age|2015|10|5|df=yes}}
| founder = [[Federico Marchetti (businessman)|Federico Marchetti]]
| founder = [[Natalie Massenet]]<br />[[Federico Marchetti (businessman)|Federico Marchetti]]
| location_city = [[Milan]]
| location_city = [[Milan]]
| key_people = Federico Marchetti (CEO)
| key_people = [[Alison Loehnis]]
| products = Fashion products
| products = Fashion products
| brands = Net-A-Porter<br>Mr. Porter<br>Yoox<br>The Outnet
| brands = Net-A-Porter<br />Mr. Porter<br />YOOX<br />THE OUTNET
| revenue = €1.82 billion (2016)<ref name = "AR2016">{{cite web|url=http://www.ynap.com/document/2016-full-year-results/ |title= Annual Results 2016}}</ref>
| revenue = €1.82 billion (2016)<ref name = "AR2016">{{cite web|url=http://www.ynap.com/document/2016-full-year-results/ |title= Annual Results 2016}}</ref>
| num_employees = 4,700+<ref name = "EM2016">{{cite web|url=http://www.ynap.com/pages/people/ |title= People in YNAP}}</ref>
| num_employees = 4,700+<ref name = "EM2016">{{cite web|url=http://www.ynap.com/pages/people/ |title= People in YNAP}}</ref>
| num_employees_year = 2018
| num_employees_year = 2018
| parent = Richemont
| parent = [[Richemont]]
| subsid = United Kingdom, United States, Japan, France, Spain, China, and Hong Kong
| subsid = United Kingdom, United States, Japan, France, Spain, China, and Hong Kong
| location_country = Italy
| location_country = Italy
| area_served = Worldwide
| area_served = Worldwide
| homepage = [http://www.ynap.com ynap.com]<br>
| homepage = {{url|https://www.ynap.com}}
[https://www.yoox.com yoox.com]<br>
[https://www.net-a-porter.com net-a-porter.com]<br>
[https://www.mrporter.com mrporter.com]<br>
[https://www.theoutnet.com theoutnet.com]
}}
}}


'''YOOX NET-A-PORTER Group''' is an Anglo-Italian online fashion retailer created on 5 October 2015 after the merger between Yoox Group and Net-a-porter Group (NAP).
'''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).

⚫
Yoox was originally founded by [[Federico Marchetti (businessman)|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 established the Yoox-Net-a-Porter Group. In May 2018, Richemont acquired YNAP by purchasing 95% of the company's available shares.<ref>{{Cite web |url=https://uk.reuters.com/article/us-ynap-m-a-cmpne-financiere/richemont-clinches-takeover-of-yoox-net-a-porter-idUKKCN1IQ0K3 |title=Richemont clinches takeover of Yoox Net-A-Porter |date=25 May 2018 |website=Reuters |accessdate=3 August 2018}}</ref> The combined company has become a global [[e-commerce]] player that serves more than 180 countries worldwide.<ref name="Yoox: The Group">[http://www.ynap.com/pages/about-us/what-we-do/ YNAP: What we do] ynap.com. Retrieved: 05-09-2017</ref><ref>[http://www.cnn.com/2004/TECH/12/23/spark.yoox/index.html Bargain hunting easy in cyber boutiques] cnn.com. 01-04-2005</ref>


⚫
Yoox was originally founded by [[Federico Marchetti (businessman)|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.<ref>{{Cite web |url=https://uk.reuters.com/article/us-ynap-m-a-cmpne-financiere/richemont-clinches-takeover-of-yoox-net-a-porter-idUKKCN1IQ0K3 |archive-url=https://web.archive.org/web/20180525085402/https://uk.reuters.com/article/us-ynap-m-a-cmpne-financiere/richemont-clinches-takeover-of-yoox-net-a-porter-idUKKCN1IQ0K3 |url-status=dead |archive-date=May 25, 2018 |title=Richemont clinches takeover of Yoox Net-A-Porter |date=25 May 2018 |website=Reuters |access-date=3 August 2018}}</ref> The combined company has become a global [[e-commerce]] player that serves more than 180 countries.<ref name="Yoox: The Group">[http://www.ynap.com/pages/about-us/what-we-do/ YNAP: What we do] ynap.com. Retrieved: 05-09-2017</ref><ref>[http://www.cnn.com/2004/TECH/12/23/spark.yoox/index.html Bargain hunting easy in cyber boutiques] cnn.com. 01-04-2005</ref> YNAP posted a €1.46 billion loss in 2023, and in October 2024 Richemont agreed to sell Yoox Net-A-Porter to [[Mytheresa]].<ref>{{cite news |last1=Revill |first1=John |title=Richemont offloads online retailer Yoox Net-A-Porter to Mytheresa |url=https://www.reuters.com/markets/deals/richemont-announces-deal-sell-online-retailer-yoox-net-a-porter-2024-10-07/ |work=Reuters |date=October 7, 2024}}</ref>
==History==
==History==
===YOOX Group ===
===Net-a-Porter Group===
⚫
Net-a-Porter founder [[Natalie Massenet]] is an [[United States citizen|American]]-born former [[fashion]] journalist with ''[[Women's Wear Daily]]'' and ''[[Tatler]]''.<ref name="Observer Groskop">{{cite news|last1=Groskop|first1=Viv|title=Natalie Massenet: style leader who means business|url=https://www.theguardian.com/theobserver/2013/sep/22/observer-profile-natalie-massenet|access-date=21 July 2014|work=The Observer}}</ref> 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.<ref name="Observer Wiseman">{{cite news|last1=Wiseman|first1=Eva|title=One click wonder: the rise of Net-a-Porter|url=https://www.theguardian.com/lifeandstyle/2010/jul/11/natalie-massenet-net-a-porter-internet-fashion|access-date=21 July 2014|work=The Observer|date=11 July 2010}}</ref> 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]].<ref name="Observer Groskop"/><ref>{{Cite web|date=2021-08-04|title=Cult Beauty taken over by the Hut Group in £275m deal|url=http://www.theguardian.com/business/2021/aug/04/cult-beauty-taken-over-by-the-hut-group-in-275m-deal|access-date=2021-11-10|website=the Guardian|language=en}}</ref>
The name YOOX which was created by Federico Marchetti and 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".<ref name="yoox.com">{{cite web
| url = http://www.boramag.com/2008/06/02/the-fundamental-language-of-the-digital-age-yooxcom/
| title = The Fundamental Language Of The Digital Age: YOOX.COM
| website = boramag.com
| date = June 2, 2008
| accessdate = November 30, 2018 <!-- for the web page at the "archive" URL; ... NOT using the URL that had become "DEAD" by November 30, 2018. -->
| url-status = dead
| quote = The name itself reveals the personality of YOOX.COM: Y and X, the male and female chromosomes, flank the ‘zero’ from the [[binary code]], the fundamental language of the digital age.
⚫
}}</ref> YOOX's concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship"<ref name="stevieawards.com">[http://www.stevieawards.com/pubs/iba/awards/408_2624_20308.cfm The International Business Awards: Yoox SpA] Stevie Awards. Retrieved: 07-23-2011</ref> from renowned fashion houses "including [[Dolce & Gabbana]], [[Diesel S.p.A.|Diesel]], [[Gucci]], [[Armani]] and [[Roberto Cavalli|Cavalli]]"<ref name="zdnet.de">[http://www.zdnet.de/whitepaper/60165821/hp-technology-helps-business-growth-for-yoox.htm HP Technology Helps Business Growth for YOOX] zdnet.com. Retrieved: 07-23-2011</ref> as well as "manufacturers and authorized dealers"<ref name="stevieawards.com"/> 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".<ref>[http://www.businessweek.com/magazine/content/02_52/b3814090.htm Yoox: Discounted Luxury] businessweek.com. 12-30-2002</ref> Vintage designer clothing ([[Chanel]], [[Dior]], [[Gucci]] etc.)<ref>[http://www.fashionunited.co.uk/News/Columns/Yoox_to_sell_vintage_Chanel_200711062281/ Yoox to sell vintage Chanel] fashionunited.co.uk. 2009-11-06.</ref><ref>[http://www.jcreport.com/intelligence/yooxcom/030608/vintage-dior-yoox Vintage Dior at Yoox] JC Report. 2008-06-03.</ref> is collected with the help of fashion editor [[Polly Allen Mellen]]<ref>{{cite web|url=http://women.timesonline.co.uk/tol/life_and_style/women/fashion/article994314.ece|title=Login|publisher=}}</ref><ref>[http://www.thefashionspot.com/forums/f71/polly-allen-mellen-legendary-editor-stylist-1292.html Polly Allen Mellen - Legendary Editor & Stylist] thefashionspot.com. Retrieved on 2009-04-12.</ref> and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as [[Hussein Chalayan]] (menswear)<ref>{{cite web|url=http://www.wallpaper.com/fashion/hussein-chalayan-for-yoox/2022|title=Wallpaper: Hussein Chalayan for Yoox|author=|date=|website=wallpaper.com}}</ref><ref>{{cite web|url=https://blogs.wsj.com/runway/2007/10/03/|title=Heard on the Runway - WSJ|publisher=}}</ref> or [[Alexandre Herchcovitch]].


⚫
In the early days, the operation was so low-key that the company's black delivery boxes were stacked up in the [[bathtub]].<ref name="Observer Groskop"/> Initially, designers and investors were reluctant to support Net-a-Porter because it lacked a [[brick and mortar|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.<ref name="Observer Groskop"/> By 2004, the same year in which it won best fashion shop at the [[British Fashion Awards]], the company was profitable.<ref name="Observer Groskop"/>
⚫
In 2006, YOOX Group launched its first Online Flagship Store for Marni.com. Since then, 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.<ref>{{cite web|url=https://www.wired.co.uk/article/yoox|title=How Yoox turned the luxury-goods industry onto digital|first=Greg|last=Williams}}</ref> 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.<ref>[http://www.thecorner.com/aboutus.asp?tskay=7B4C1203 About us] thecorner.com. Retrieved 2009-04-12.</ref><ref>[http://daily.chictoday.com/2008/03/11/yoox-launches-thecornercom/ Yoox launches thecorner.com] daily.chictoday.com. 2008-03-11.</ref><ref>[http://www.vogue.co.uk/news/daily/2008-03/080310-just-around-the-corner.aspx Just around the corner] vogue.co.uk. Retrieved 2008-03-10.</ref> September 2009 saw the launch of womenswear at ''The Corner''.<ref>[http://www.fashionwindows.net/2009/06/thecorner-at-pitti-uomo/ FashionWindows] Retrieved 2009-09-02</ref>


⚫
In 2010, Massenet sold a majority stake in Net-a-Porter to Swiss [[luxury goods]] [[holding company]] [[Richemont]] for an estimated £50m.<ref name="Observer Groskop"/> She remains an investor and executive chairwoman.<ref name="Observer Wiseman"/> At the time it was bought by [[Richemont]] in 2010, Net-a-Porter was valued at $533 million.<ref name="Luxury">{{cite book | title=Luxury Brand Management | publisher=John Wiley & Sons | author=Chevalier, Michel | year=2012 | location=Singapore | isbn=978-1-118-17176-9}}</ref><ref>{{cite web|last1=Muller|first1=Tom|title=Richemont Buys Net-a-Porter, Valuing Web Fashion Retailer at $533. Million|url=https://www.bloomberg.com/news/2010-04-01/richemont-buys-net-a-porter-valuing-web-fashion-retailer-at-533-million.html|work=Bloomberg|access-date=20 March 2013|first2=Andrew|last2=Roberts|date=1 April 2010}}</ref> 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<ref>{{cite news|url=https://www.wsj.com/articles/SB10001424052748704364004576132633867667602|title=Mr Porter to Test Men's Urge to Shop Online|first1=Ray A.|last1=Smith|first2=Paul|last2=Sonne|date=10 February 2011|newspaper=Wall Street Journal}}</ref> 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."<ref>{{cite web|url=https://www.gq.com/story/mr-porter-fifth-anniversary-bateman-langmead-interview|title=How Mr Porter Changed Menswear E-Commerce In Just Five Years|first1=Matt|last1=Sebra|date=18 February 2016|via=GQ}}</ref> Bateman left Mr Porter in 2019 and was replaced by Fiona Firth as managing director.<ref>{{cite web|url=https://fashionunited.uk/news/people/fiona-firth-named-managing-director-of-mr-porter/2019121946724|title=Fiona Firth named managing director of Mr Porter|first1=Kristopher|last1=Fraser|date=19 December 2019|via=Fashion United}}</ref>
⚫
===Net-a-Porter Group===
⚫
Net-a-Porter founder [[Natalie Massenet]] is an [[United States citizen|American]]-born former [[fashion]] journalist with ''[[Women's Wear Daily]]'' and ''[[Tatler]]''.<ref name="Observer Groskop">{{cite news|last1=Groskop|first1=Viv|title=Natalie Massenet: style leader who means business|url=https://www.theguardian.com/theobserver/2013/sep/22/observer-profile-natalie-massenet|accessdate=21 July 2014|work=The Observer}}</ref> 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.<ref name="Observer Wiseman">{{cite news|last1=Wiseman|first1=Eva|title=One click wonder: the rise of Net-a-Porter|url=https://www.theguardian.com/lifeandstyle/2010/jul/11/natalie-massenet-net-a-porter-internet-fashion|accessdate=21 July 2014|work=The Observer|date=11 July 2010}}</ref> 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]].<ref name="Observer Groskop"/>


⚫
In 2013 beauty was launched under the leadership of David Olsen.<ref>{{cite news|url=https://www.nytimes.com/2015/12/24/fashion/net-a-porters-unexpected-king-of-beauty.html|title=Net-a-Porter's Unexpected King of Beauty|work=The New York Times |date=22 December 2015|via=NYTimes.com |last1=Felder |first1=Rachel }}</ref><ref name="Observer Groskop"/> 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]].<ref>mothers2mothers, [http://www.m2m.org/victoria-beckham-charity-sale/ VICTORIA BECKHAM Presents an Exclusive Sale at THE OUTNET.COM for mothers2mothers]</ref>
⚫
In the early days, the operation was so low-key that the company's black delivery boxes were stacked up in the [[bathtub]].<ref name="Observer Groskop"/> Initially, designers and investors were reluctant to support Net-a-Porter because it lacked a [[brick and mortar|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.<ref name="Observer Groskop"/> By 2004, the same year in which it won best fashion shop at the [[British Fashion Awards]], the company was profitable.<ref name="Observer Groskop"/>


⚫
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).<ref name="Observer Groskop"/> Brands it retails include [[Stella McCartney]], [[Yves Saint Laurent (brand)|Yves Saint Laurent]] and [[Diane von Furstenberg]]. Labels such as [[Alexander Wang (designer)|Alexander Wang]], [[Yves Saint Laurent (brand)|Yves Saint Laurent]] and [[Roland Mouret|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".<ref name="Observer Wiseman"/>
⚫
In 2010, Massenet sold a majority stake in Net-a-Porter to Swiss [[luxury goods]] [[holding company]] [[Richemont]] for an estimated £50m.<ref name="Observer Groskop"/> She remains an investor and executive chairwoman.<ref name="Observer Wiseman"/> At the time it was bought by Richemont in 2010, Net-a-Porter was valued at $533 million.<ref name="Luxury">{{cite book | title=Luxury Brand Management | publisher=John Wiley & Sons | author=Chevalier, Michel | year=2012 | location=Singapore | isbn=978-1-118-17176-9}}</ref><ref>{{cite web|last=Muller|first=Tom|title=Richemont Buys Net-a-Porter, Valuing Web Fashion Retailer at $533. Million|url=https://www.bloomberg.com/news/2010-04-01/richemont-buys-net-a-porter-valuing-web-fashion-retailer-at-533-million.html|work=Bloomberg|accessdate=20 March 2013|first2=Andrew|last2=Roberts|date=1 April 2010}}</ref> 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<ref>{{cite web|url=https://www.wsj.com/articles/SB10001424052748704364004576132633867667602|title=Mr Porter to Test Men's Urge to Shop Online|first1=Ray A.|last1=Smith|first2=Paul|last2=Sonne|date=10 February 2011|publisher=|via=Wall Street Journal}}</ref> 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."<ref>{{cite web|url=https://www.gq.com/story/mr-porter-fifth-anniversary-bateman-langmead-interview|title=How Mr Porter Changed Menswear E-Commerce In Just Five Years|first1=Matt|last1=Sebra|date=18 February 2016|publisher=|via=GQ}}</ref> Bateman then left Mr Porter in 2019 and has now been replaced by Fiona Firth as Managing Director.<ref>{{cite web|url=https://fashionunited.uk/news/people/fiona-firth-named-managing-director-of-mr-porter/2019121946724|title=Fiona Firth named managing director of Mr Porter|first1=Kristopher|last1=Fraser|date=19 December 2019|publisher=|via=Fashion United}}</ref>


⚫
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.<ref name="Observer Groskop"/><ref name="VF Reardon">{{cite magazine|last1=Reardon|first1=Kate|title=V.F. portrait: Natalie Massenet|url=http://www.vanityfair.com/culture/2012/09/natalie-massenet-netaporter-fashion|access-date=21 July 2014|issue=September 2012|magazine=Vanity Fair}}</ref> In early 2014, Net-a-Porter launched a print magazine called ''Porter'', with an associated app and digital version of the magazine.<ref name="WSJ Binkley">{{cite news|last1=Binkley|first1=Christina|title=Net-A-Porter launches magazine|url=https://online.wsj.com/news/articles/SB10001424052702303442704579362900001314062|access-date=21 July 2014|work=Wall Street Journal}}</ref> Some 400,000 copies will be distributed six times a year in 60 countries.<ref name="Vogue timeline">{{cite news|title=Timeline Natalie Massenet|url=http://www.vogue.co.uk/person/natalie-massenet|access-date=21 July 2014|work=Vogue|date=2014}}</ref> 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.<ref>{{cite news|url=http://fashionista.com/2014/07/net-a-sporter-launch|title=Net-a-Sporter Has Arrived|newspaper=Fashionista|date=9 July 2014 }}</ref> 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."<ref>{{cite web|url=http://www.vogue.com.au/beauty/wellbeing/what+every+woman+needs+in+her+gym+kit,31583|title=What every woman needs in her gym kit - Vogue Australia|first=Julia|last=Frank|website=www.vogue.com.au}}</ref> In August 2014, Massenet revealed that she originally wanted to call the website "What's New, Pussycat?"<ref>{{cite web|url=http://032c.com/2014/net-a-porters-natalie-massenet-i-wanted-to-call-my-website-whats-new-pussycat/|title=Net-A-Porter's NATALIE MASSENET: "I wanted to call my website What's New, Pussycat?" - 032c Workshop|date=13 August 2014}}</ref>
⚫
In 2013 beauty was launched under the leadership of David Olsen.<ref>{{cite web|url=https://www.nytimes.com/2015/12/24/fashion/net-a-porters-unexpected-king-of-beauty.html|title=Net-a-Porter's Unexpected King of Beauty|author=|date=22 December 2015|publisher=|via=NYTimes.com}}</ref><ref name="Observer Groskop"/> 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]].<ref>mothers2mothers, [http://www.m2m.org/victoria-beckham-charity-sale/ VICTORIA BECKHAM Presents an Exclusive Sale at THE OUTNET.COM for mothers2mothers]</ref>


⚫
===YOOX Group===
⚫
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).<ref name="Observer Groskop"/> Brands it retails include [[Stella McCartney]], [[Yves Saint Laurent (brand)|Yves Saint Laurent]] and [[Diane von Furstenberg]]. Labels such as [[Alexander Wang (designer)|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".<ref name="Observer Wiseman"/>
⚫
The name YOOX was created by Costas Constantinou and 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".<ref name="yoox.com">{{cite web |date=June 2, 2008 |title=The Fundamental Language Of The Digital Age: YOOX.COM |url=http://www.boramag.com/2008/06/02/the-fundamental-language-of-the-digital-age-yooxcom/ |access-date=November 30, 2018 <!-- for the web page at the "archive" URL; ... NOT using the URL that had become "DEAD" by November 30, 2018. --> |website=boramag.com |quote=The name itself reveals the personality of YOOX.COM: Y and X, the male and female chromosomes, flank the 'zero' from the [[binary code]], the fundamental language of the digital age.}}</ref> YOOX's concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship"<ref name="stevieawards.com">[http://www.stevieawards.com/pubs/iba/awards/408_2624_20308.cfm The International Business Awards: Yoox SpA] Stevie Awards. Retrieved: 07-23-2011</ref> from renowned fashion houses "including [[Dolce & Gabbana]], [[Diesel S.p.A.|Diesel]], [[Gucci]], [[Armani]] and [[Roberto Cavalli|Cavalli]]"<ref name="zdnet.de">[http://www.zdnet.de/whitepaper/60165821/hp-technology-helps-business-growth-for-yoox.htm HP Technology Helps Business Growth for YOOX] zdnet.com. Retrieved: 07-23-2011</ref> as well as "manufacturers and authorized dealers"<ref name="stevieawards.com" /> 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".<ref>[https://web.archive.org/web/20030103134430/http://www.businessweek.com/magazine/content/02_52/b3814090.htm Yoox: Discounted Luxury] businessweek.com. 12-30-2002</ref> Vintage designer clothing ([[Chanel]], [[Dior]], [[Gucci]] etc.)<ref>[http://www.fashionunited.co.uk/News/Columns/Yoox_to_sell_vintage_Chanel_200711062281/ Yoox to sell vintage Chanel] fashionunited.co.uk. 2009-11-06.</ref><ref>[http://www.jcreport.com/intelligence/yooxcom/030608/vintage-dior-yoox Vintage Dior at Yoox] JC Report. 2008-06-03.</ref> is collected with the help of fashion editor [[Polly Allen Mellen]]<ref>{{cite web |title=Login |url=http://women.timesonline.co.uk/tol/life_and_style/women/fashion/article994314.ece|archive-url=https://web.archive.org/web/20110615200034/http://women.timesonline.co.uk/tol/life_and_style/women/fashion/article994314.ece|url-status=dead|archive-date=June 15, 2011}}</ref><ref>[http://www.thefashionspot.com/forums/f71/polly-allen-mellen-legendary-editor-stylist-1292.html Polly Allen Mellen - Legendary Editor & Stylist] thefashionspot.com. Retrieved on 2009-04-12.</ref> and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as [[Hussein Chalayan]] (menswear)<ref>{{cite web |date=27 May 2023 |title=Wallpaper: Hussein Chalayan for Yoox |url=http://www.wallpaper.com/fashion/hussein-chalayan-for-yoox/2022 |website=wallpaper.com}}</ref><ref>{{cite web |title=Heard on the Runway - WSJ |url=https://blogs.wsj.com/runway/2007/10/03/}}</ref> or [[Alexandre Herchcovitch]].


⚫
In 2006, YOOX Group launched its first online flagship store for [[Marni (fashion house)|Marni.com]]. Since then, 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 (fashion house)|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.<ref>{{cite magazine |last=Williams |first=Greg |title=How Yoox turned the luxury-goods industry onto digital |url=https://www.wired.co.uk/article/yoox |magazine=Wired UK}}</ref> 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.<ref>[http://www.thecorner.com/aboutus.asp?tskay=7B4C1203 About us] thecorner.com. Retrieved 2009-04-12.</ref><ref>[http://daily.chictoday.com/2008/03/11/yoox-launches-thecornercom/ Yoox launches thecorner.com] daily.chictoday.com. 2008-03-11.</ref><ref>[http://www.vogue.co.uk/news/daily/2008-03/080310-just-around-the-corner.aspx Just around the corner] vogue.co.uk. Retrieved 2008-03-10.</ref> September 2009 saw the launch of womenswear at The Corner.<ref>[http://www.fashionwindows.net/2009/06/thecorner-at-pitti-uomo/ FashionWindows] Retrieved 2009-09-02</ref>
⚫
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.<ref name="Observer Groskop"/><ref name="VF Reardon">{{cite news|last1=Reardon|first1=Kate|title=V.F. portrait: Natalie Massenet|url=http://www.vanityfair.com/culture/2012/09/natalie-massenet-netaporter-fashion|accessdate=21 July 2014|issue=September 2012|work=Vanity Fair}}</ref> In early 2014, Net-a-Porter launched a print magazine called ''Porter'', with an associated app and digital version of the magazine.<ref name="WSJ Binkley">{{cite news|last1=Binkley|first1=Christina|title=Net-A-Porter launches magazine|url=https://online.wsj.com/news/articles/SB10001424052702303442704579362900001314062|accessdate=21 July 2014|work=Wall Street Journal}}</ref> Some 400,000 copies will be distributed six times a year in 60 countries.<ref name="Vogue timeline">{{cite news|title=Timeline Natalie Massenet|url=http://www.vogue.co.uk/person/natalie-massenet|accessdate=21 July 2014|work=Vogue|date=2014}}</ref> 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.<ref>{{cite web|url=http://fashionista.com/2014/07/net-a-sporter-launch|title=Net-a-Sporter Has Arrived|author=|date=|website=fashionista.com}}</ref> 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."<ref>{{cite web|url=http://www.vogue.com.au/beauty/wellbeing/what+every+woman+needs+in+her+gym+kit,31583|title=What every woman needs in her gym kit - Vogue Australia|first=Julia|last=Frank|date=|website=www.vogue.com.au}}</ref> In August 2014, Massenet revealed that she originally wanted to call the website, "What's New, Pussycat?"<ref>{{cite web|url=http://032c.com/2014/net-a-porters-natalie-massenet-i-wanted-to-call-my-website-whats-new-pussycat/|title=Net-A-Porter's NATALIE MASSENET: "I wanted to call my website What's New, Pussycat?" - 032c Workshop|date=13 August 2014|publisher=}}</ref>


===Merger===
===Merger===
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 the total available shares, however their voting rights were capped at 25%, giving Yoox the ability to run the company.<ref>{{cite web|url=http://qz.com/373470/the-yoox-and-net-a-porter-merger-is-creating-a-tech-giant-as-much-as-a-fashion-giant/|title=The Yoox and Net-a-Porter merger is creating a tech giant as much as a fashion giant|first=Marc|last=Bain|publisher=}}</ref> Yoox founder Federico Marchetti became the group's CEO and Net-a-Porter founder Natalie Massenet left the company after the merger was completed.<ref>{{cite web|url=http://www.vogue.co.uk/article/net-a-porter-yoox-officially-merged-first-day-business|title=Yoox And Net-A-Porter Merger: Marchetti Speaks|first=Scarlett|last=Conlon|publisher=}}</ref>
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 the total available shares; however, their voting rights were capped at 25%, giving Yoox the ability to run the company.<ref>{{cite web|url=http://qz.com/373470/the-yoox-and-net-a-porter-merger-is-creating-a-tech-giant-as-much-as-a-fashion-giant/|title=The Yoox and Net-a-Porter merger is creating a tech giant as much as a fashion giant|first=Marc|last=Bain|date=31 March 2015 }}</ref> Yoox founder Federico Marchetti became the group's CEO and Net-a-Porter founder Natalie Massenet left the company after the merger was completed.<ref>{{cite web|url=http://www.vogue.co.uk/article/net-a-porter-yoox-officially-merged-first-day-business|title=Yoox And Net-A-Porter Merger: Marchetti Speaks|first=Scarlett|last=Conlon|date=5 October 2015 }}</ref>


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 a [[Mohamed Alabbar]] investment vehicle in exchange for about an 11% stake in Farfetch.<ref>{{Cite news |last=Koltrowitz |first=Silke |last2=Spencer |first2=Mimosa |date=August 24, 2022 |title=Richemont to sell online retailer stake to Farfetch, takes 2.7 bln euro writedown |url=https://www.reuters.com/markets/deals/richemont-sell-ynap-stake-farfetch-takes-27-bln-euro-writedown-2022-08-24/ |access-date=July 3, 2024 |work=Reuters}}</ref><ref>{{Cite news |last=Merced |first=Michael J. de la |date=2022-08-24 |title=Farfetch strikes a deal to build a luxury e-commerce giant. |url=https://www.nytimes.com/2022/08/24/business/farfetch-yoox-net-a-porter-richemont-ecommerce.html |access-date=2024-07-03 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> However, in December 2023, the agreement were terminated after [[Coupang]] announced its acquisition of Farfetch.<ref>{{Cite news |date=December 19, 2023 |title=Richemont scraps agreement to sell online retailer YNAP to Farfetch |url=https://www.reuters.com/business/retail-consumer/richemont-scraps-agreement-sell-online-retailer-ynap-farfetch-2023-12-18/ |access-date=July 3, 2024 |work=Reuters}}</ref>
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[[File:Net-a-Porter branded taxi London.jpg|thumb|A Net-a-Porter branded taxi in London.]]

In June 2024, YNAP announced it would exit the Chinese market.<ref>{{Cite web |last=Hale |first=Thomas |date=2024-06-15 |title=Yoox Net-a-Porter exits China to focus on more profitable markets |url=https://www.ft.com/content/1b775653-72bc-4b4f-8696-6f00cadd7618 |access-date=2024-07-03 |website=Financial Times}}</ref>

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[[File:Net-a-Porter branded taxi London.jpg|thumb|A Net-a-Porter branded taxi in London]]


==Distribution==
==Distribution==
There are 7 "logistic centres" in Italy, UK, USA, China, Hong Kong, Japan.<ref>{{cite web|url=http://www.upsalamode.com/de/pdf/FASHION_CASESTUDIES_EN.pdf|title=UPS Fashion case study: Yoox|author=|date=|website=upsalamode.com}}</ref> International warehouses, that serve as hubs, exist in [[New Jersey]] and Tokyo.<ref>{{cite web|url=https://www.nytimes.com/|title=Breaking News, World News & Multimedia|publisher=}}</ref> Yoox maintains "20 studios to make pictures [of the merchandise] with 50 photographers" in the UK and the US
There are seven "logistic centres" in Italy, the UK, the US, China, Hong Kong, and Japan.<ref>{{cite web|url=http://www.upsalamode.com/de/pdf/FASHION_CASESTUDIES_EN.pdf|title=UPS Fashion case study: Yoox|website=upsalamode.com}}</ref> International warehouses, that serve as hubs, exist in [[New Jersey]] and [[Tokyo]].<ref>{{cite web|url=https://www.nytimes.com/|title=Breaking News, World News & Multimedia}}</ref> Yoox also maintains 20 studios to take pictures of the merchandise with 50 photographers in the UK and the US.


==Corporate structure==
==Corporate structure==
Backed by [[venture capital]] firm [[Balderton Capital]],<ref>{{cite web|url=http://www.balderton.com/portfolio/yoox-group|title=Portfolio - Balderton Capital|publisher=}}</ref> Yoox was founded as a [[privately held company]]<ref>{{cite web|url=http://www.wwd.com/notavailable/dotcom?target=/financial/article/103442&articleId=103442&articleType=A&industryKw=financial|title=Women's Wear Daily: E-tailer YOOX Continues to Expand, Sees IPO on the Horizon|author=|date=|website=wwd.com}}</ref> and achieved total [[revenue]]s 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".<ref name="Where To Shop For Web Deals">[https://www.forbes.com/2009/04/09/shop-web-deals-lifestyle-style-shop-web.html Where To Shop For Web Deals] forbes.com. 2009-04-09.</ref> 75% of Yoox is owned by [[private equity]] with Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and [[Balderton Capital]] (then the European offshoot of [[Benchmark Capital]] - now independent), Co-founder [[Federico Marchetti (businessman)|Federico Marchetti]] owned 9% and 16% were owned by senior managers. Yoox [[Initial public offering|went public]] at the [[Milan Stock Exchange]] in December 2009.<ref>Reuters [https://www.reuters.com/article/idUSLDE61M29A20100223 Intesa SP to list asset manager in IPO breakthrough] (23 February 2010)</ref>
Backed by [[venture capital]] firm [[Balderton Capital]],<ref>{{cite web|url=http://www.balderton.com/portfolio/yoox-group|title=Portfolio - Balderton Capital}}</ref> Yoox was founded as a [[privately held company]]<ref>{{cite web|url=http://www.wwd.com/notavailable/dotcom?target=/financial/article/103442&articleId=103442&articleType=A&industryKw=financial|title=Women's Wear Daily: E-tailer YOOX Continues to Expand, Sees IPO on the Horizon|website=wwd.com|date=5 September 2018 }}</ref> and achieved total [[revenue]]s 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".<ref name="Where To Shop For Web Deals">[https://www.forbes.com/2009/04/09/shop-web-deals-lifestyle-style-shop-web.html Where To Shop For Web Deals] forbes.com. 2009-04-09.</ref> 75% of Yoox is owned by [[private equity]] with Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and [[Balderton Capital]] (then the European offshoot of [[Benchmark Capital]] - now independent), Co-founder [[Federico Marchetti (businessman)|Federico Marchetti]] owned 9% and 16% were owned by senior managers. Yoox [[Initial public offering|went public]] at the [[Milan Stock Exchange]] in December 2009.<ref>Reuters [https://www.reuters.com/article/idUSLDE61M29A20100223 Intesa SP to list asset manager in IPO breakthrough] (23 February 2010)</ref>


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 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 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.<ref>{{cite web|url=http://www.ilsole24ore.com/art/finanza-e-mercati/2013-12-11/borsa-23-dicembre-yoox-ftse-mib-escono-diasorin-e-parmalat-090230.shtml?uuid=ABYfILj&refresh_ce=1|title=Borsa: dal 23 dicembre Yoox nel Ftse Mib, escono Diasorin e Parmalat - Il Sole 24 ORE|publisher=}}</ref><ref>{{cite web|url=http://finanza.lastampa.it/notizie/0,739371/YOOX_NET_A_PORTER_GROUP_debutta_sul_Mercato.aspx|title=La Stampa - Finanza|publisher=}}</ref>
The stock subsequently also joined the [[FTSE Group|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 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 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.<ref>{{cite web|url=http://www.ilsole24ore.com/art/finanza-e-mercati/2013-12-11/borsa-23-dicembre-yoox-ftse-mib-escono-diasorin-e-parmalat-090230.shtml?uuid=ABYfILj&refresh_ce=1|title=Borsa: dal 23 dicembre Yoox nel Ftse Mib, escono Diasorin e Parmalat - Il Sole 24 ORE}}</ref><ref>{{cite web|url=http://finanza.lastampa.it/notizie/0,739371/YOOX_NET_A_PORTER_GROUP_debutta_sul_Mercato.aspx|title=La Stampa - Finanza}}</ref>
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 the MTA with the new ticker "YNAP" and were included in the FTSE MIB index.<ref>{{cite web|url=http://markets.ft.com/data/equities/tearsheet/summary?s=YNAP:MIL|title=Yoox Net-A-Porter Group SpA, YNAP:MIL summary - FT.com|publisher=}}</ref><ref>{{cite web|url=https://menaherald.com/en/2016/04/19/yoox-net-porter-group-e100m-capital-increase-subscribed-alabbar-enterprises/|title=YOOX NET-A-PORTER GROUP: €100m capital increase subscribed for by Alabbar Enterprises - MENA Herald|publisher=}}</ref> The company was delisted in 2018.<ref>{{cite web|url=https://www.reuters.com/article/richemont-yoox-delisting/richemont-announces-delisting-of-ordinary-shares-of-yoox-net-a-porter-idUSFWN1TL0QG|title=Richemont announces delisting of ordinary shares of Yoox Net-A-Porter|first=Reuters|last=Editorial|publisher=}}</ref><ref>{{cite web|url=https://wwd.com/business-news/financial/yoox-net-a-porter-delisting-effective-june-1202721145/|title=Yoox Net-a-porter Delisting Effective June 20|first=Luisa|last=Zargani|date=20 June 2018|publisher=}}</ref>
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 the MTA with the new ticker "YNAP" and were included in the FTSE MIB index.<ref>{{cite web|url=http://markets.ft.com/data/equities/tearsheet/summary?s=YNAP:MIL|title=Yoox Net-A-Porter Group SpA, YNAP:MIL summary - FT.com}}</ref><ref>{{cite web|url=https://menaherald.com/en/2016/04/19/yoox-net-porter-group-e100m-capital-increase-subscribed-alabbar-enterprises/|title=YOOX NET-A-PORTER GROUP: €100m capital increase subscribed for by Alabbar Enterprises - MENA Herald}}</ref> The company was delisted in 2018.<ref>{{cite news|url=https://www.reuters.com/article/richemont-yoox-delisting/richemont-announces-delisting-of-ordinary-shares-of-yoox-net-a-porter-idUSFWN1TL0QG|title=Richemont announces delisting of ordinary shares of Yoox Net-A-Porter|publisher=Reuters Editorial|website=[[Reuters]] |date=20 June 2018 }}</ref><ref>{{cite web|url=https://wwd.com/business-news/financial/yoox-net-a-porter-delisting-effective-june-1202721145/|title=Yoox Net-a-porter Delisting Effective June 20|first=Luisa|last=Zargani|date=20 June 2018}}</ref>


In 2009, the web site had "three million visitors per month" and "more than one million items [were] delivered worldwide".<ref>{{cite web|url=http://www.quova.com/page.php?id=33&news_id=174|title=IP Intelligence & Geolocation Solutions - Neustar|publisher=}}</ref> In 2013, over 1.7 million products were shipped to 53 countries by the group.<ref>Zimbio [http://www.zimbio.com/Federico+Marchetti/articles/viMrDlg9xOH/CEO+Talk+Federico+Marchetti+Founder+Chief CEO Talk: Federico Marchetti, Founder and Chief Executive Officer, YOOX Group] (9 September 2009)</ref> Yoox's CEO and founder is Federico Marchetti,<ref>[http://www.modabot.de/yoox-gruender-federico-marchetti-im-interview Interview with Federico Marchetti] modabot.de. 2008-12-03.</ref> 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]]"<ref name="internetretailer.com">{{cite web|url=http://www.internetretailer.com/internet/top-500-guide/47562-internet-retailer-ir2006-multimedia-cd-rom-speakers-marchetti.html|title=Internet Retailer - E-Commerce - Online Retailing - Top 500 - Online Sales|author=|date=|website=internetretailer.com}}</ref> studied economics at [[Bocconi University]] in [[Milan]]<ref name="internetretailer.com"/> and holds an [[MBA]] from [[Columbia Business School]].<ref>{{cite web|url=http://goliath.ecnext.com/coms2/gi_0199-3917696/PROFILE-FEDERICO-MARCHETTI-Dressed-to.html|title=Find Local Contractors - Home Remodeling Contractors on Ecnext|author=|date=|website=goliath.ecnext.com}}</ref>
In 2009, the website had "three million visitors per month" and "more than one million items [were] delivered worldwide".<ref>{{cite web|url=http://www.quova.com/page.php?id=33&news_id=174|title=IP Intelligence & Geolocation Solutions - Neustar}}</ref> In 2013, over 1.7 million products were shipped to 53 countries by the group.<ref>Zimbio [http://www.zimbio.com/Federico+Marchetti/articles/viMrDlg9xOH/CEO+Talk+Federico+Marchetti+Founder+Chief CEO Talk: Federico Marchetti, Founder and Chief Executive Officer, YOOX Group] (9 September 2009)</ref> Yoox's CEO and founder is Federico Marchetti,<ref>[http://www.modabot.de/yoox-gruender-federico-marchetti-im-interview Interview with Federico Marchetti] modabot.de. 2008-12-03.</ref> 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]]"<ref name="internetretailer.com">{{cite web|url=http://www.internetretailer.com/internet/top-500-guide/47562-internet-retailer-ir2006-multimedia-cd-rom-speakers-marchetti.html|title=Internet Retailer - E-Commerce - Online Retailing - Top 500 - Online Sales|website=internetretailer.com}}</ref> studied economics at [[Bocconi University]] in [[Milan]]<ref name="internetretailer.com"/> and holds an [[MBA]] from [[Columbia Business School]].<ref>{{cite web|url=http://goliath.ecnext.com/coms2/gi_0199-3917696/PROFILE-FEDERICO-MARCHETTI-Dressed-to.html|title=Find Local Contractors - Home Remodeling Contractors on Ecnext|website=goliath.ecnext.com}}</ref>


The company's US subsidiary, Yoox Corp, is a [[Delaware corporation]] with offices in [[TriBeCa]], New York and logistic centres in [[New Jersey]].<ref>[http://www.yoox.com/cms/legal/privacypolicy.asp Yoox privacy policy] yoox.com. Retrieved on 2009-04-12.</ref> For the U.S. market, Yoox partnered with Port Logistics Group (PLG) of [[Houston]] for [[supply chain management]], such as [[Returning|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".<ref>[http://www.portlogisticsgroup.com/pdf/plg_supply_chain_solution.pdf PLG Develops a U.S. Supply Chain Solution for YOOX] portlogisticsgroup.com. Retrieved: 07-23-2011</ref>
The company's US subsidiary, Yoox Corp, is a [[Delaware corporation]] with offices in [[TriBeCa]], New York and logistic centres in [[New Jersey]].<ref>[http://www.yoox.com/cms/legal/privacypolicy.asp Yoox privacy policy] yoox.com. Retrieved on 2009-04-12.</ref> For the U.S. market, Yoox partnered with Port Logistics Group (PLG) of [[Houston]] for [[supply chain management]], such as [[Returning|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".<ref>[http://www.portlogisticsgroup.com/pdf/plg_supply_chain_solution.pdf PLG Develops a U.S. Supply Chain Solution for YOOX] portlogisticsgroup.com. Retrieved: 07-23-2011</ref>
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This initial public offering (IPO) was realised at the end of November 2009, being priced at the top of the [[Financial modeling|range of its valuation]], and the deal being coordinated by [[Goldman Sachs]] and the [[Milan]] based investment bank [[Mediobanca]]<ref>[http://www.ft.com/cms/s/0/4d9cf9ee-de19-11de-b8e2-00144feabdc0.html Relief over pricing of Yoox IPO] Financial Times FT.com, 2009-12-01.</ref>
This initial public offering (IPO) was realised at the end of November 2009, being priced at the top of the [[Financial modeling|range of its valuation]], and the deal being coordinated by [[Goldman Sachs]] and the [[Milan]] based investment bank [[Mediobanca]]<ref>[http://www.ft.com/cms/s/0/4d9cf9ee-de19-11de-b8e2-00144feabdc0.html Relief over pricing of Yoox IPO] Financial Times FT.com, 2009-12-01.</ref>


Yoox.com was listed among [[Time (magazine)|Time]] magazine's list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.<ref>{{cite web|url=http://www.time.com/time/techtime/200406/lifestyle.html|title=Time.com: 50 coolest web sites 2004|author=|date=|website=time.com}}</ref>
Yoox.com was named on ''[[Time (magazine)|Time]]'' magazine's list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.<ref>{{cite web|url=http://www.time.com/time/techtime/200406/lifestyle.html|archive-url=https://web.archive.org/web/20040627015751/http://www.time.com/time/techtime/200406/lifestyle.html|url-status=dead|archive-date=June 27, 2004|title=Time.com: 50 coolest web sites 2004|website=[[Time (magazine)|Time]]}}</ref>


In November 2020, Yoox Net-A-Porter announced Geoffroy Lefebvre as its new CEO, effective from January 2021.<ref>{{cite web|url=https://www.retailgazette.co.uk/blog/2020/11/yoox-net-a-porter-new-ceo-geoffroy-lefebvre-federico-marchetti-ynap/|title=Yoox Net-A-Porter names Geoffroy Lefebvre as new CEO|first=Elias|last=Jahshan|date=November 30, 2020|website=retailgazette.co.uk}}</ref>
In November 2020, Yoox Net-A-Porter announced Geoffroy Lefebvre as its new CEO, effective from January 2021.<ref>{{cite web|url=https://www.retailgazette.co.uk/blog/2020/11/yoox-net-a-porter-new-ceo-geoffroy-lefebvre-federico-marchetti-ynap/|title=Yoox Net-A-Porter names Geoffroy Lefebvre as new CEO|first=Elias|last=Jahshan|date=November 30, 2020|website=retailgazette.co.uk}}</ref>


==See also==
==See also==
⚫
*[[ASOS.com|Asos]]
⚫
*[[Burberry]]
⚫
*[[Farfetch]]
⚫
*[[Gilt Groupe]]
*[[Matches Fashion|MatchesFashion.com]]
*[[Matches Fashion|MatchesFashion.com]]
*[[Overstock.com]]
*[[Overstock.com]]
⚫
*[[Gilt Groupe]]
⚫
*[[Burberry]]
⚫
*[[ASOS.com|Asos]]
*[[Zappos]]
*[[Zappos]]
⚫
*[[Farfetch]]


==References==
==References==
{{reflist|2}}
{{reflist}}


{{FTSE MIB companies}}
{{FTSE MIB companies}}


[[Category:Online clothing retailers of Italy]]
[[Category:Online clothing retailers of Italy]]
[[Category:Richemont]]

Latest revision as of 12:30, 17 November 2024

YOOX Net-a-Porter Group S.p.A.
Company typeSocietà per Azioni
IndustryFashion and leisure
Founded5 October 2015; 9 years ago (2015-10-05)
FounderNatalie Massenet
Federico Marchetti
Headquarters
Milan
,
Italy
Area served
Worldwide
Key people
Alison Loehnis
ProductsFashion products
BrandsNet-A-Porter
Mr. Porter
YOOX
THE OUTNET
Revenue€1.82 billion (2016)[1]
Number of employees
4,700+[2] (2018)
ParentRichemont
SubsidiariesUnited Kingdom, United States, Japan, France, Spain, China, and Hong Kong
Websitewww.ynap.com

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).

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.[3] The combined company has become a global e-commerce player that serves more than 180 countries.[4][5] YNAP posted a €1.46 billion loss in 2023, and in October 2024 Richemont agreed to sell Yoox Net-A-Porter to Mytheresa.[6]

History

[edit]

Net-a-Porter Group

[edit]

Net-a-Porter founder Natalie Massenet is an American-born former fashion journalist with Women's Wear Daily and Tatler.[7] 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.[8] 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.[7][9]

In the early days, the operation was so low-key that the company's black delivery boxes were stacked up in the bathtub.[7] 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.[7] By 2004, the same year in which it won best fashion shop at the British Fashion Awards, the company was profitable.[7]

In 2010, Massenet sold a majority stake in Net-a-Porter to Swiss luxury goods holding company Richemont for an estimated £50m.[7] She remains an investor and executive chairwoman.[8] At the time it was bought by Richemont in 2010, Net-a-Porter was valued at $533 million.[10][11] 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[12] 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."[13] Bateman left Mr Porter in 2019 and was replaced by Fiona Firth as managing director.[14]

In 2013 beauty was launched under the leadership of David Olsen.[15][7] 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.[16]

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).[7] 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".[8]

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.[7][17] In early 2014, Net-a-Porter launched a print magazine called Porter, with an associated app and digital version of the magazine.[18] Some 400,000 copies will be distributed six times a year in 60 countries.[19] 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.[20] 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."[21] In August 2014, Massenet revealed that she originally wanted to call the website "What's New, Pussycat?"[22]

YOOX Group

[edit]

The name YOOX was created by Costas Constantinou and 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".[23] YOOX's concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship"[24] from renowned fashion houses "including Dolce & Gabbana, Diesel, Gucci, Armani and Cavalli"[25] as well as "manufacturers and authorized dealers"[24] 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".[26] Vintage designer clothing (Chanel, Dior, Gucci etc.)[27][28] is collected with the help of fashion editor Polly Allen Mellen[29][30] and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan (menswear)[31][32] or Alexandre Herchcovitch.

In 2006, YOOX Group launched its first online flagship store for Marni.com. Since then, 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.[33] 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.[34][35][36] September 2009 saw the launch of womenswear at The Corner.[37]

Merger

[edit]

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 the total available shares; however, their voting rights were capped at 25%, giving Yoox the ability to run the company.[38] Yoox founder Federico Marchetti became the group's CEO and Net-a-Porter founder Natalie Massenet left the company after the merger was completed.[39]

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 a Mohamed Alabbar investment vehicle in exchange for about an 11% stake in Farfetch.[40][41] However, in December 2023, the agreement were terminated after Coupang announced its acquisition of Farfetch.[42]

In June 2024, YNAP announced it would exit the Chinese market.[43]

A Net-a-Porter branded taxi in London

Distribution

[edit]

There are seven "logistic centres" in Italy, the UK, the US, China, Hong Kong, and Japan.[44] International warehouses, that serve as hubs, exist in New Jersey and Tokyo.[45] Yoox also maintains 20 studios to take pictures of the merchandise with 50 photographers in the UK and the US.

Corporate structure

[edit]

Backed by venture capital firm Balderton Capital,[46] Yoox was founded as a privately held company[47] 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".[48] 75% of Yoox is owned by private equity with Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and Balderton Capital (then 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.[49]

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 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 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.[50][51] 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 the MTA with the new ticker "YNAP" and were included in the FTSE MIB index.[52][53] The company was delisted in 2018.[54][55]

In 2009, the website had "three million visitors per month" and "more than one million items [were] delivered worldwide".[56] In 2013, over 1.7 million products were shipped to 53 countries by the group.[57] Yoox's CEO and founder is Federico Marchetti,[58] 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"[59] studied economics at Bocconi University in Milan[59] and holds an MBA from Columbia Business School.[60]

The company's US subsidiary, Yoox Corp, is a Delaware corporation with offices in TriBeCa, New York and logistic centres in New Jersey.[61] 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".[62]

In spring 2009, Yoox Group announced its plans for an initial public offering at the end of 2009.[63][48][64] 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[65]

Yoox.com was named on Time magazine's list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.[66]

In November 2020, Yoox Net-A-Porter announced Geoffroy Lefebvre as its new CEO, effective from January 2021.[67]

See also

[edit]

References

[edit]
  1. ^ "Annual Results 2016".
  2. ^ "People in YNAP".
  3. ^ "Richemont clinches takeover of Yoox Net-A-Porter". Reuters. 25 May 2018. Archived from the original on May 25, 2018. Retrieved 3 August 2018.
  4. ^ YNAP: What we do ynap.com. Retrieved: 05-09-2017
  5. ^ Bargain hunting easy in cyber boutiques cnn.com. 01-04-2005
  6. ^ Revill, John (October 7, 2024). "Richemont offloads online retailer Yoox Net-A-Porter to Mytheresa". Reuters.
  7. ^ a b c d e f g h i Groskop, Viv. "Natalie Massenet: style leader who means business". The Observer. Retrieved 21 July 2014.
  8. ^ a b c Wiseman, Eva (11 July 2010). "One click wonder: the rise of Net-a-Porter". The Observer. Retrieved 21 July 2014.
  9. ^ "Cult Beauty taken over by the Hut Group in £275m deal". the Guardian. 2021-08-04. Retrieved 2021-11-10.
  10. ^ Chevalier, Michel (2012). Luxury Brand Management. Singapore: John Wiley & Sons. ISBN 978-1-118-17176-9.
  11. ^ Muller, Tom; Roberts, Andrew (1 April 2010). "Richemont Buys Net-a-Porter, Valuing Web Fashion Retailer at $533. Million". Bloomberg. Retrieved 20 March 2013.
  12. ^ Smith, Ray A.; Sonne, Paul (10 February 2011). "Mr Porter to Test Men's Urge to Shop Online". Wall Street Journal.
  13. ^ Sebra, Matt (18 February 2016). "How Mr Porter Changed Menswear E-Commerce In Just Five Years" – via GQ.
  14. ^ Fraser, Kristopher (19 December 2019). "Fiona Firth named managing director of Mr Porter" – via Fashion United.
  15. ^ Felder, Rachel (22 December 2015). "Net-a-Porter's Unexpected King of Beauty". The New York Times – via NYTimes.com.
  16. ^ mothers2mothers, VICTORIA BECKHAM Presents an Exclusive Sale at THE OUTNET.COM for mothers2mothers
  17. ^ Reardon, Kate. "V.F. portrait: Natalie Massenet". Vanity Fair. No. September 2012. Retrieved 21 July 2014.
  18. ^ Binkley, Christina. "Net-A-Porter launches magazine". Wall Street Journal. Retrieved 21 July 2014.
  19. ^ "Timeline Natalie Massenet". Vogue. 2014. Retrieved 21 July 2014.
  20. ^ "Net-a-Sporter Has Arrived". Fashionista. 9 July 2014.
  21. ^ Frank, Julia. "What every woman needs in her gym kit - Vogue Australia". www.vogue.com.au.
  22. ^ "Net-A-Porter's NATALIE MASSENET: "I wanted to call my website What's New, Pussycat?" - 032c Workshop". 13 August 2014.
  23. ^ "The Fundamental Language Of The Digital Age: YOOX.COM". boramag.com. June 2, 2008. Retrieved November 30, 2018. The name itself reveals the personality of YOOX.COM: Y and X, the male and female chromosomes, flank the 'zero' from the binary code, the fundamental language of the digital age.
  24. ^ a b The International Business Awards: Yoox SpA Stevie Awards. Retrieved: 07-23-2011
  25. ^ HP Technology Helps Business Growth for YOOX zdnet.com. Retrieved: 07-23-2011
  26. ^ Yoox: Discounted Luxury businessweek.com. 12-30-2002
  27. ^ Yoox to sell vintage Chanel fashionunited.co.uk. 2009-11-06.
  28. ^ Vintage Dior at Yoox JC Report. 2008-06-03.
  29. ^ "Login". Archived from the original on June 15, 2011.
  30. ^ Polly Allen Mellen - Legendary Editor & Stylist thefashionspot.com. Retrieved on 2009-04-12.
  31. ^ "Wallpaper: Hussein Chalayan for Yoox". wallpaper.com. 27 May 2023.
  32. ^ "Heard on the Runway - WSJ".
  33. ^ Williams, Greg. "How Yoox turned the luxury-goods industry onto digital". Wired UK.
  34. ^ About us thecorner.com. Retrieved 2009-04-12.
  35. ^ Yoox launches thecorner.com daily.chictoday.com. 2008-03-11.
  36. ^ Just around the corner vogue.co.uk. Retrieved 2008-03-10.
  37. ^ FashionWindows Retrieved 2009-09-02
  38. ^ Bain, Marc (31 March 2015). "The Yoox and Net-a-Porter merger is creating a tech giant as much as a fashion giant".
  39. ^ Conlon, Scarlett (5 October 2015). "Yoox And Net-A-Porter Merger: Marchetti Speaks".
  40. ^ Koltrowitz, Silke; Spencer, Mimosa (August 24, 2022). "Richemont to sell online retailer stake to Farfetch, takes 2.7 bln euro writedown". Reuters. Retrieved July 3, 2024.
  41. ^ Merced, Michael J. de la (2022-08-24). "Farfetch strikes a deal to build a luxury e-commerce giant". The New York Times. ISSN 0362-4331. Retrieved 2024-07-03.
  42. ^ "Richemont scraps agreement to sell online retailer YNAP to Farfetch". Reuters. December 19, 2023. Retrieved July 3, 2024.
  43. ^ Hale, Thomas (2024-06-15). "Yoox Net-a-Porter exits China to focus on more profitable markets". Financial Times. Retrieved 2024-07-03.
  44. ^ "UPS Fashion case study: Yoox" (PDF). upsalamode.com.
  45. ^ "Breaking News, World News & Multimedia".
  46. ^ "Portfolio - Balderton Capital".
  47. ^ "Women's Wear Daily: E-tailer YOOX Continues to Expand, Sees IPO on the Horizon". wwd.com. 5 September 2018.
  48. ^ a b Where To Shop For Web Deals forbes.com. 2009-04-09.
  49. ^ Reuters Intesa SP to list asset manager in IPO breakthrough (23 February 2010)
  50. ^ "Borsa: dal 23 dicembre Yoox nel Ftse Mib, escono Diasorin e Parmalat - Il Sole 24 ORE".
  51. ^ "La Stampa - Finanza".
  52. ^ "Yoox Net-A-Porter Group SpA, YNAP:MIL summary - FT.com".
  53. ^ "YOOX NET-A-PORTER GROUP: €100m capital increase subscribed for by Alabbar Enterprises - MENA Herald".
  54. ^ "Richemont announces delisting of ordinary shares of Yoox Net-A-Porter". Reuters. Reuters Editorial. 20 June 2018.
  55. ^ Zargani, Luisa (20 June 2018). "Yoox Net-a-porter Delisting Effective June 20".
  56. ^ "IP Intelligence & Geolocation Solutions - Neustar".
  57. ^ Zimbio CEO Talk: Federico Marchetti, Founder and Chief Executive Officer, YOOX Group (9 September 2009)
  58. ^ Interview with Federico Marchetti modabot.de. 2008-12-03.
  59. ^ a b "Internet Retailer - E-Commerce - Online Retailing - Top 500 - Online Sales". internetretailer.com.
  60. ^ "Find Local Contractors - Home Remodeling Contractors on Ecnext". goliath.ecnext.com.
  61. ^ Yoox privacy policy yoox.com. Retrieved on 2009-04-12.
  62. ^ PLG Develops a U.S. Supply Chain Solution for YOOX portlogisticsgroup.com. Retrieved: 07-23-2011
  63. ^ Yoox Hires Goldman, Mediabanca to Underwrite Its IPO wsj.com. 2009-03-25.
  64. ^ Online retailer Yoox names IPO advisers-sources reuters.com. 2009-03-25.
  65. ^ Relief over pricing of Yoox IPO Financial Times FT.com, 2009-12-01.
  66. ^ "Time.com: 50 coolest web sites 2004". Time. Archived from the original on June 27, 2004.
  67. ^ Jahshan, Elias (November 30, 2020). "Yoox Net-A-Porter names Geoffroy Lefebvre as new CEO". retailgazette.co.uk.
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