From an Armani partnership and centring sustainability, digital and Gen Z, the luxury brand has come a long way – but what’s next, and what about approaching the Chinese market?
The latest instalment in our On Work series with luxury CEOs. This month: Federico Marchetti, chairman and CEO of Yoox Net-a-Porter Group
Federico Marchetti and Giorgio Armani at the Giorgio Armani One Night Only New York event. Photo: Handout
As Yoox Net-a-Porter Group celebrates its 20th anniversary this year, could you describe the blueprint for the next two decades?
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Technology can unlock a new era for fashion: more connected, more inspiring, more diverse, more empowering and more sustainable, with creative content and storytelling at its heart. Consumers, and particularly young consumers, want to shop with sustainable and socially conscious brands. They want to feel inspired. Consumers will choose products reflective of their lifestyle and inner world.
How will Covid-19 disrupt luxury and what are your plans for recovery?
At Yoox Net-a-Porter Group, we already work with artificial intelligence, augmented reality, big data and smart working. It has accelerated the blurring of online and offline. It is a great opportunity for entrepreneurs. In July, we announced our Next Era partnership with Armani, to revolutionise their customer experience by seamlessly integrating their physical and digital distribution channels. I think more luxury brands will realise that by fully embracing the digital world, they can unlock better content and connection with the customer.
Prince Charles and Federico Marchetti with students at Dumfries House. Photo: Mike Wilkinson
What’s your view on China’s luxury market in the coming five to 10 years?
Chinese consumers will continue to lead the way in the global luxury market, particularly the younger Gen Y and Z. They are smart, curious fashion lovers who want to discover new brands, in particular emerging Chinese designers. The young Chinese customer is at the very forefront of the fashion industry, shaping the latest tastes and trends. Like young people around the world they interact, write, fall in love, have fun, listen to music, see movies and shop, all with their smartphones, and their use of e-commerce is very advanced. It is important for brands to give them dedicated attention. We are always thinking about how we can best inspire them through the brands we curate, the innovative content we create and the best-in-class services we develop.
