The Richemont-owned online luxury fashion business turns 20 this year and will celebrate in a collaboration with Prince Charles.
Now, as the company turns 20, it has looked to Prince Charles' non-profit The Prince's Foundation to help it create a sustainable fashion collection that will see Italian students' designs created by British graduates.
It's an effort to help teach skills to future generations and represents a switch — Italy is often where luxury goods are produced, while Britain has become known for creative design from the likes of JW Anderson. "I would call it the summary of what I've been trying to do in 20 years, and what I believe in, in terms of the 'DNA' ," Marchetti stated.
Yoox Net-a-Porter had to close some of its warehouses during the outbreak, and Marchetti said the recovery was likely to be U-shaped. "We have seen it also in the past in 2008 with Lehman … And it doesn't matter how deep is the shock, because like after a couple of weeks, people wanted to shop." Early on during lockdowns, people shopped for beauty and homeware.
Marchetti, who did a stint as a merchant banker at Lehman Brothers early in his career, said he has always focused on the long game. In 1999, when he spent evenings in his Milan apartment working on the business plan for Yoox, his vision was clear. "It didn't say: Yoox is a website that is selling off-season . It wasn't the starting point. It said: Yoox is the global leader in fashion e-commerce.
Sluggish sales for luxury designers means an excess of stock, so they are more willing to sell inventory via sites like Yoox and the Outnet, Net-a-Porter's designer discount sister site. This is where the two sides of the business complement each other, Marchetti said. "We have an in-season business , that is doing extremely well during, let's say, good times. At the same time we also have an off-season business, which is Yoox, that is doing extremely well during like, shocks.
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