By  on April 19, 2018

MILAN - Yoox Net-a-porter Group has debuted the first online destination dedicated to high jewelry and luxury watches on Net-a-porter.According to YNAP chief executive officer Federico Marchetti, the e-commerce site expects this product segment to reach sales of 100 million euros by 2020.“High jewelry and timepieces are the perfect complement to high fashion,” Marchetti said. “We saw a high demand for this kind of product in the market and we decided to introduce a new successful category. We think that fine jewelry and luxury watches represent a huge potential for the growth of our online platforms.”Net-a-porter’s new shopping area currently carries over 40 fine jewelry brands, including Piaget, Cartier, Pomellato, Buccellati and Tiffany & Co., and luxury products priced over 100,000 euros. The section will also feature dedicated content, including a guide explaining how to store and care for fine jewelry.According to a statement released by YNAP, two-thirds of Net-a-porter’s sales of fine jewelry and watches are finalized by the company’s most loyal big-spending customers, in particular from the United States, U.K. and Hong Kong, and one-fourth of the total purchases are made through the online store’s personal shopping service.Last year, when Net-a-Porter added Cartier to its product offering, a limited edition Panthère de Cartier watch priced at 131,000 euros was sold the day of the official launch. A Bell & Ross timepiece, enriched with sapphire, is currently on sale at YNAP's men's online store Mr Porter for 400,000 euros — the most expensive item ever carried by the retail group.In 2017, YNAP’s net profit decreased 26.1 percent to 51.2 million euros, compared with 69.3 million euros in 2016. Revenues increased 11.8 percent to 2.1 billion euros. On an organic basis, sales were up 16.9 percent.

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