MILAN — Giorgio Armani will launch an online store in the second half in partnership with Yoox Group.
The store, armani.com, will offer collections from Giorgio Armani, Armani Collezioni, Armani Jr., Armani Jeans, EA7 and Emporio Armani. Yoox already manages the Emporio Armani online store. The new site will be available initially in Europe, the U.S., Japan and China. The deal between Yoox and Giorgio Armani SpA will run for five years, to Aug. 30, 2016.
Federico Marchetti, discussing the new site on a conference call with analysts regarding Yoox' quarterly results, said the new Armani site will be one of the biggest online stores his company operates.
Yoox revealed the upcoming store as it reported a slight drop in net profits in the second quarter to 1.3 million euros, or $1.9 million, as higher depreciation and amortization costs for new investments in technology and offices weighed on the bottom line.
Yoox said consolidated net revenues in the three months to the end of June rose 33 percent to 61.5 million euros, or $88.6 million, boosted by continued strong growth in sales from both the yoox.com site and the 27 monobrand sites run by the e-commerce group. At constant exchange, sales rose 37 percent.
Dollar figures are converted at average exchange rates for the periods to which they refer.
Yoox earnings before interest, taxes, depreciation and amortization (EBITDA) in the period came in at 3.6 million euros, or $5.2 million, up 22.2 percent on the 2.9 million euros, $4.2 million, in the second quarter of 2010, with a margin on net revenues of 5.8 per cent.
Revenues in the first half of the year increased 35.9 percent, reaching 131.2 million euros, or $188.9 million, driven by strength in the multibrand business line, which accounted for 97.8 million euros, or $140.8 million, in sales. The strong performance, company management said on a conference call, was attributable to “the outstanding performance of thecorner.com, which continues to post higher results than expected, and to the strong growth of yoox.com.”
The monobrand business line, which includes the setup and management of online stores for brands also put in a strong showing in the first half, with revenues gaining 47 percent to 33.4 million euros, $48.1 million, thanks to the “strong performance of the 23 online stores and new additions like brunellocucinelli.com and bikkembergs.com.”
In the statement, Yoox gave an upbeat outlook for the rest of the year, saying that “in light of the positive performance of the online retail and luxury goods market and the results achieved by the group in the first half, it can reasonably be assumed that the group will continue to increase its net revenues and profitability during the remaining months of 2011.”
However, some challenges were pointed out, notably the impact of the strengthening dollar. On the conference call, company management said the dollar was likely to play against Yoox, “much as it did in the first half of the year.”
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