Yoox Net-a-Porter expands brand lineup thanks to high demand
Milan-listed luxury online retailer Yoox Net-a-Porter (YNAP) is expanding its line up of luxury brands because of the huge Ecommerce demand for jewelry, watches, and other items.
That’s the message from YNAP’s CEO, Federico Marchetti, who cites two recent sales the company made as illustrative of rising demand for luxury online. Last Monday, the group sold a watch online for €133,000, and two weeks ago, they sold one for €80,000 via mobile messenger WhatsApp.
Speaking about people’s inability to understand the convergence of Ecommerce and luxury, Marchetti said:
“When I started in 1999, everybody was asking me the same question: ‘how can you sell luxury online?’ In 2017, I have been asked a similar question: can you really sell a watch online for €100,000? And the answer now, as it was 18 years ago, is yes I can.”
Discussing how he facilitates sales of expensive, personal, items like watches and jewelry, Marchetti explained how YNAP’s mobile platform can fill some of the void left by traditional luxury retailers’ in-store experiences – and what that means for the company:
“The size of the watch on the phone is basically a very similar size on the phone screen to real life. Customers can essentially try it on to make sure they like it. We see growth month after month. We predict by 2020 most of our sales will be mobile and Yoox Net-a-Porter group will be a mobile-only company.”
Dominion holds Yoxx Net-a-Porter Group in its Global Trends Ecommerce Fund.
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