Yoox Group, the Bologna, Italy-based Internet retailer, said Thursday that it plans to go public in the first part of 2009.
The company has hired Eidos Partners to be the financial adviser for the initial public offering planned for the Milan Stock Exchange. Eidos has listed five companies on the exchange in the last three years.
Yoox Group sells out-of-season merchandise from designers such as Prada, Gucci, Valentino, Dolce & Gabbana, Yves Saint Laurent, Marni and Chloé on yoox.com. Sales gained 38.5 percent to $134 million in 2007 compared with the previous year and operating profits tripled. The company said those growth trends continued in the first quarter of 2008.
Founded in 2000 by Federico Marchetti, who is chief executive officer, Yoox Group operates in 53 countries and has almost 4 million visitors a month. The company last year delivered more than a million items to customers around the world.
Discounted designer apparel, shoes, accessories and jewelry are not the full extent of Yoox's offerings. Yoox.com stocks vintage clothing and special collections made specifically for the online store. A Christian Dior vintage sale this month will feature expensive museum-quality dresses and jewelry as well as items at more accessible prices.
Yoox.com's collaborations include Hussein Chalayan's men's wear collection and Margherita Missoni's $640 bracelet for Yoox, which benefits OrphanAid Africa.
In addition to yoox.com, Yoox Group develops and runs e-commerce sites for Diesel, Emporio Armani, CP Company and Valentino. The company calls the monobrand sites "powered by Yoox" business. The newest powered by Yoox property is thecorner.com, which is designed like a high-end department store with corners for designers such as Marc Jacobs, Veronique Branquinho, Viktor & Rolf, Etro, Bernard Willhem and Jas. M.B. The goal of the site is to bring niche brands previously available in limited locations to a wider public.
Yoox is owned on a fully diluted basis by three investors, who hold a total of 58.2 percent, as well as Marchetti, 8.1 percent; the management team through stock options, 21.7 percent, and 30 private investors, who hold 12 percent. Marchetti said Yoox Group will continue to invest in innovation for its e-commerce platform and identifying and penetrating new markets."We'll concentrate on the strength and creativity of our team, whose average age is 30 — young people who've developed a unique skill set," he said.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews