French luxury group Richemont has seen its turnover increase by 12 % in the first quarter of the current financial year, as its online activities grew spectacularly.
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Online luxury retailer Yoox Net-A-Porter has shown increased sales in the Middle East across 2017, but its profit did suffer. Nevertheless, the fashion retailer believes it will reach its five-year target.
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Swiss luxury group Richemont proposed to obtain a majority stake in online retailer Yoox Net-a-Porter. The move is a way to implement its online strategy faster.
Online retailer Yoox Net-a-Porter (YNAP) achieved a record turnover in 2017, surpassing two billion euro. That is a growth of more than 10 % compared to the year before, when it just missed that milestone.
Online retailer Yoox Net-a-Porter’s third quarter like-for-like turnover grew 17.7 % to 481.8 million euro, which is not entirely what analysts had expected. Its growth slowed down in the United States and China in particular.
Yoox Net-a-Porter will no longer sell fur products on any of its platforms. Animal rights organization Fur Free Alliance will now place the company on its Fur Free Retailer list.
Luxury fashion web shop Yoox Net-A-Porter expects an annual turnover increase of 17 to 20 % until 2020. Among other things, its very own label should help spur growth.
Italian eCommerce group Yoox Net-a-Porter has sold a 4 % stake to Alabbar Enterprises, a group from the United Arab Emirates which also owns the Dubai Mall among other things.
Yoox Net-a-Porter's net profit grew 38 % last year, while its turnover also grew 31 %. The results are the first full year results since Yoox and Net-a-Porter merged into one company in October 2015.