Yoox Net-a-Porter CEO Federico Marchetti dreams of selling Ferraris online one day
Yoox Net-a-Porter is open to partnerships in new markets, says CEO
Online luxury retailer Yoox Net-a-Porter (YNAP) is open to partnerships in new markets, says its CEO Federico Marchetti, whose ultimate dream would be to sell Ferrari cars online.
YNAP, which has four different websites selling clothes, bags and accessories and runs online flagship stores for famous fashion brands such as Armani and Valentino, has set a goal to increase revenue annually by 17-20 per cent.
“The model we chose is to go independently, fully owned and by ourselves (but) we are open to evaluating options for different markets,” Marchetti told Reuters on Wednesday.
Asked about any ongoing talks with potential partners, the CEO declined to comment but said the group’s business “is a business of partnerships and collaborations.”
Last year YNAP struck a 130 million euro (US$154 million) joint venture deal with Dubai-based billionaire Mohamed Alabbar for an online luxury retail business in the Middle East, to tap high spenders in the region.
China is among the group’s fastest growing markets and Marchetti said earlier on Wednesday that the group would “keep all options open” in the region.
YNAP has been present in China since 2010 with its Yoox.com website and sales in the Asia-Pacific region, which account for just over 17 per cent of group revenues, jumped 32 per cent in the first half of this year at constant exchange rates.