Italian luxury e-commerce leader YOOX reports outstanding results
Leading Italian luxury e-commerce company YOOX reports a 41% increase in its 2010 turnover reaching a level of 214 million euros, while net profit rose by 122% to a level of 9 million euros. With this occasion, YOOK CEO announced plans to double the current number of brand online store (25) which the company manages by 2015. YOOX manages exclusively the e-commerce web sites of Emporio Armani, Ermenegildo Zegna (Z Zegna), Dolce Gabbana etc. Early 2011, YOOX launched a Chinese version of its website targetting consumers in China.
Unlike other major online competitors such as Net A Porter and Vente Privee, Yoox’s winning business model is based on managing exclusively the online shopping website for major luxury brands. By the end of this year, YOOX will also manage the e-commerce for Brunello Cucinelli.
"Our ears are pricked up for acquisitions," Yoox founder and Chief Executive Federico Marchetti told Reuters at the group’s 2010 results presentation on Wednesday.
Online Latin American fashion retailer Privalia moved this week to buy Germany’s Dress for Less in an estimated 150-200 million euro deal. Marchetti said he would not consider buying discount retailers, as the group steps up its full-price offerings. Marchetti also added he would not expect a takeover bid on the listed company in the near future. "We see ourselves more as buyers than target,"