Net-a-Porter CEO Federico Marchetti talks Covid-19 trends, millennials vs Gen Z and Yoox’s early influence in sustainable fashion
The latest instalment in our On Work series with luxury CEOs. This month: Federico Marchetti, chairman and CEO of Yoox Net-a-Porter Group
As Yoox Net-a-Porter Group celebrates its 20th anniversary this year, could you describe the blueprint for the next two decades?
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?
What’s your view on China’s luxury market in the coming five to 10 years?
What’s your perspective on digital versus bricks-and-mortar marketplaces?
Compared to millennials, do you employ a different strategy for Gen Z?
Absolutely. We became leaders because we put customers at the centre of our universe and we never stop innovating. Not only do we learn from our customers, about their preferences, their motivations, their passions, but we also put ourselves in their shoes and we dream about what we would like to see in the future. And then we create it! We have a strong team of young, local, professional talent in China with a passion for growth and the pioneering spirit to deliver the best luxury fashion shopping experience. The energy of Gen Z for reinvention combined with a passion about ethics, the planet, fairness and humanity will enable the fashion industry to thrive for many years to come.
As a believer in sustainability, what do you think the fashion industry can do to help with environmental issues?
Yoox was an early model of circularity in fashion and I placed sustainability at the heart of our business in 2009. Companies are expected to act responsibly; not simply reducing their impact, but being proactive in making the world a better place. I think there is a misconception that design, style and luxury do not align with sustainability – to me it is the opposite, luxury customers tend to buy and keep their items for many years and in many cases pass them onto the next generation. As well as advancing sustainability within our own business, our approach has been to use our global platform to champion other brands taking a cutting-edge approach to sustainability.
What have you ever bought that you regretted buying?
This year, for Easter, instead of buying my daughter chocolate eggs, because the shops were closed for lockdown, we bought her some real chicks to hatch instead. Now we have a fully grown rooster who crows very early in the morning – but in the end I don’t regret it either because I love early mornings.
Work experience:
2015-present, chairman and CEO, Yoox Net-a-Porter Group
July 2020-present, board member, Giorgio Armani
February 2000-October 2015, founder and chairman, Yoox
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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?