Yoox Net-a-porter Group said its Black Friday and Cyber Monday sales set new records, with Black Friday revenues soaring 82 percent compared with the combined results of Yoox and Net-a-porter from a year earlier.
Investors wholeheartedly approved and the stock shot up as much as 8.6 percent to 35.35 euros, or $37.45, before the rush triggered a brief halt in trading on the Milan Stock Exchange. The stock closed up 5 percent.
While the company did not offer up what its total sales were for the start of the holiday shopping season, it did give a flurry of statistics that spoke to the speed of the sales and their breadth.
On Cyber Monday, for instance, Yoox Net-a-porter Group sold one item each second on average and received one order every 1.4 seconds.
North America made up the greatest share of sales and the U.K. was the runner-up market. “Over the Thanksgiving weekend, North America also achieved the highest sales growth, with a 101 percent increase compared to 2014,” the firm said.
Sam Edelman’s over-the-knee suede boots were the best overall seller. The biggest-ticket item, sold to a customer in San Francisco, was a $27,307 pair of Kimberly McDonald 18-karat gold, crystal opal and diamond earrings.
As other merchants have noted, mobile continues to become a more popular way to shop online. Forty-one percent of the company’s sales came from mobile devices during the five days from Thanksgiving through Cyber Monday.
The company has a client base of more than 2 million customers and 24 million monthly unique visitors and combined 2014 revenues of 1.3 billion euros, or about $1.4 billion.
Size is an important differentiator for the firm, which formed in October under the control of chief executive officer Federico Marchetti.
Morgan Stanley analysts last week estimated that the company commands about 10 percent of the global online luxury market and as much as 15 percent in the categories it competes in.
“This makes it roughly 10-times bigger than any other multibrand distributor,” Morgan Stanley said. “Given the importance of scale in online retailing, this is a significant competitive advantage.”
Goldman Sachs analysts noted this week that, “Yoox Net-a-porter remains a unique platform that can satisfy customers and, critically, brands — the separate full and off-price platforms give controlled distribution, price maintenance and improved brand position online.”