MILAN — An expanding global business and the opening of six new online stores in 2009 helped e-tailer Yoox Group boost year-end net profit by 70.6 percent to 4.1 million euros, or $5.7 million, compared with 2.4 million euros, or $3.5 million, the year before.
This story first appeared in the March 12, 2010 issue of WWD. Subscribe Today.
Sales grew 50 percent to 152.2 million euros, or $211.5 million. Dollar figures are converted at average exchange rates for the periods to which they refer.
The Bologna, Italy-based company said the bottom line was affected by nonrecurring costs of 4 million euros, or $5.5 million, mostly associated with the group’s initial public offering last year. Yoox was listed on the Milan Stock Exchange Star segment for small companies on Dec. 3.
In the fourth quarter, net profit dropped 55.8 percent to 1.3 million euros, or $1.9 million, from 2.8 million euros, or $3.7 million, a year earlier. This drop was caused by one-off expenses associated with Yoox’s listing. Revenues grew 52.9 percent to 45.5 million euros, or $66.8 million.
Yoox, founded by Federico Marchetti in 2000, controls multibrand stores Yoox.com and Thecorner.com, which reported a 44 percent rise in sales to 124.2 million euros, or $172.6 million, accounting for 81.6 percent of total revenues last year. The group also manages online stores for 16 fashion brands, which registered sales of 28.1 million euros, or $39 million, up 81.7 percent compared with the previous year. Online stores launched last year include ones for Bally, Moschino, Dolce & Gabbana, Dsquared, Jil Sander and Roberto Cavalli.
Geographically, all key markets showed growth. Sales in Italy grew 37 percent. The French, German and British markets helped push revenues in the rest of Europe up 50.3 percent. Sales in the U.S. rose 57.4 percent and revenues in Japan jumped 90.5 percent.
Looking ahead, the company said a contract was signed this year for the online store for the Alberta Ferretti brand, which will be primarily active in Europe, the U.S. and Japan. This follows the launch of online stores in February and March for the Coccinelle, Giuseppe Zanotti and Napapijri labels. Last month, Yoox also renewed the agreement with Giorgio Armani SpA, extending the collaboration on emporioarmani.com until Jan. 31, 2015. Under the new agreement, Armani Jeans also will be sold on that site.