MILAN — Online retailer Yoox SpA posted higher profits and sales in the first nine months of the year, led by growth across all geographical markets, and said it will open its first monobrand online store in China by the end of the year, ahead of schedule.
In the period ended Sept. 30, net profits increased to 4 million euros, or $5.2 million, up 41.8 percent from the same period last year. Sales rose 41.2 percent to 150.8 million euros, or $199 million.
Dollar figures are converted at average exchange rates for the periods to which they refer.
The multibrand division, which comprises the yoox.com and thecorner.com online stores, generated revenues of 116 million euros, or $153.1 million, up 30.7 percent from the same period the previous year. Yoox at the end of September operated 21 e-commerce sites for designer brands including Marni, Emporio Armani, Roberto Cavalli, Valentino, Alberta Ferretti and Pucci. This monobrand business reported sales of 34.7 million euros, or $45.8 million, a 93.2 percent rise. At the end of September last year, Yoox counted 15 online designer stores.
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The company showed strong performance in all markets. Europe, which accounts for 72 percent of sales, registered a 33.7 percent gain, led by growth in Italy, France, Germany and the U.K. and Russia. Sales in the U.S. grew 74.4 percent, and Japan registered a 49.4 percent surge, partially benefitting from a favorable exchange rate.
Referring to its plans for China, the company said it “intends to extend its existing working partnerships with some of the most prestigious fashion and luxury brands in the world, adopting a full price strategy and a high-end positioning in the market.”
Thecorner.com will be launched in China by the end of 2011, followed by the launch of yoox.com in 2012. The company has set up a Chinese subsidiary, entirely controlled by Yoox, with an office in Shanghai. There will also be a logistics center, also in Shanghai, equipped with digital production studios for cataloguing activities and photographic services. All the online stores will be in Chinese.
In September, the retailer launched a local version of the yoox.com site in Russia, which is fully available in Russian, with site-specific content.
Last month, Yoox launched an online boutique for Maison Martin Margiela and signed an agreement with Adidas AG for the y3-store.com site, which will be introduced in the first half of 2011, mainly in Europe, the U.S. and Japan.
This week, Ermenegildo Zegna said it will break into e-commerce with Yoox in December.