Federico Marchetti receiving the ‘Cavaliere del Lavoro’ honor from Italy’s president Sergio Mattarella.

SER YNAP: Federico Marchetti, founder and chief executive officer of Yoox Net-a-porter Group, has received the Cavaliere del Lavoro, or Knight of Labour, title in Rome on Thursday. As reported, Marchetti was named Knight of Labour on June.

The title is one of the highest recognitions bestowed by the president of the Italian Republic, currently Sergio Mattarella.

The ceremony for the honor consignment was hosted at the Roman Palazzo del Quirinale, the 16th-century residence of Italy’s president.

“What a great honor to be made a Cavaliere del Lavoro,” Marchetti said. “I dedicate this recognition to the [more than] 4,500 employees at Yoox Net-a-porter Group who work with me every day on this ambitious project, making us the leader in luxury e-commerce,” he continued.

In addition, Marchetti shared the award with all the young entrepreneurs in Italy who like him “work in a wonderful country despite the countless challenges faced every day.”

Marchetti shared his message also on his personal Instagram account, as a caption for an image portraying him and president Mattarella at the ceremony.

Federico Marchetti's message on Instagram.

Federico Marchetti’s message on Instagram.  @federicomarchetti

Along with Marchetti, 24 other Italian entrepreneurs received the same honor on Thursday, including Urbano Cairo, president of Cairo Communication and RCS MediaGroup, which publishes the Italian daily newspaper Corriere della Sera.

Established in 1901 by King Vittorio Emanuele III, the Cavalieri del Lavoro, recognizes Italian entrepreneurs who have distinguished themselves in different sectors of the economy and contribute to social development, employment, technology and the growth of Made in Italy.

Born in 1969 in Ravenna, Marchetti graduated with an economics degree at the Università Bocconi in Milan and earned an MBA degree at Columbia University.

The entrepreneur founded the Yoox e-commerce in 2000, and 15 years later the company merged with the Net-a-porter Group sibling platform, founding the Yoox Net-a-porter Group leading online retailer, which is available in 180 countries. In 2016, YNAP registered revenues for 1.87 billion euros, or $2.1 billion, climbing 12.4 percent on the previous year.

This is not the first recognition Marchetti received for his entrepreneurial skills, as he was also awarded with the “Premio Leonardo per l’Innovazione” by the former president of the Italian Republic Giorgio Napolitano in 2012. In addition, the Università Bocconi nominated him “Alumnus dell’Anno,” or “Alumnus of the Year,” for his innovative approach to the business in 2014, while last November he scooped the annual Ernst & Young Entrepreneur of the Year Award.

Others in the fashion industry who have been previously appointed Cavalieri del Lavoro include: Rosita Missoni; Brooks Brothers chairman and ceo Claudio Del Vecchio; Fabrizio Freda, ceo of the Estée Lauder Cos. Inc.; Claudio Marenzi president of fashion industry association Sistema Moda Italia and president and ceo of Herno and Roberto Colombo, president of Lanificio Luigi Colombo, a producer of cashmere and high-quality fibers.