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Yoox Net-A-Porter Q1 net revenues rise 14.5 percent

By Prachi Singh

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Business |REPORT

In the first quarter of 2016, Yoox Net-A-Porter Group recorded consolidated net revenues, net of returns and customer discounts, of 446.2 million euros (506.2 million dollars), up 14.5 percent at constant exchange rates and up 13.8 percent at current exchange rates from pro-forma net revenues of 392 million euros (444.5 million dollars) at March 31, 2015.

Consolidated net revenues by business line

In the first three months of 2016, the multi-brand in-season business line, which includes Net-A-Porter.com, Mr Porter.com,Thecorner.com and Shoescribe.com, recorded consolidated net revenues of 237.6 million euros (269.4 million dollars), up 11 percent. This result reflected tough comparatives with the first quarter of 2015 and was also affected by a slowdown in growth at Thecorner.com and Shoescribe.com, which was triggered by a reduction in marketing investments ahead of their discontinuation at the end of Spring/Summer 2016.

Yoox Net-A-Porter Group forged unprecedented global partnerships with new leading brands like Tiffany, which launched on Net-A-Porter.com in April 2016 and Prada and Ermenegildo Zegna will be making a debut soon. New capsule collections exclusively designed for the web platform have also been introduced, including Gucci. Overall, as at March 31, 2016, the multi-brand in-season business line accounted for 53.3 percent of the Group’s consolidated net revenues.

In the first quarter of 2016, the multi-brand off-season business line, which includes Yoox.com and The Outnet.com, recorded consolidated net revenues of 162.1 million euros (183.9 million dollars), up 20.1 percent, with positive performance by both online stores. Yoox.com and The Outnet.com further enriched their brand assortment, with Burberry Children debuting on Yoox and Etro and Fendi on The Outnet.com.

In the first quarter, mono-brand business line achieved consolidated net revenues of 46.4 million euros (52.6 million dollars), up 8.2 percent, while gross merchandise value (GMV) was up 10.3 percent.

On 11 May 2016 Isabel Marant and Yoox Net-A-Porter Group signed a new five-year global agreement for the set-up and management of Isabelmarant.com. The online flagship store of Isabel Marant will be launched in 2017. Important partnerships were also renewed: on 12 May 2016, Armani and Yoox Net-A-Porter Group renewed their global partnership for the management of the online flagship store Armani.com for a further 10 years until December 31, 2025. In addition, the company renewed its global partnership with Valentino for the management of the Vvalentino.com and REDValentino.com online flagship stores.

Consolidated net revenues by geography

In the first quarter, the Group recorded positive and balanced growth across all of its key markets. Italy posted net revenues of 28.3 million euros (32.1 million dollars), up 15.6 percent. Positive results were achieved in the UK, which registered net revenues of 65 million euros (73.7 million dollars), up 16.6 percent at constant exchange rates and 12.6 percent at current exchange rates.

Europe excluding Italy and the UK registered growth of 13.3 percent at constant exchange rates and 10.9 percent at current exchange rates. Excellent results were posted by Germany and Russia, which registered sound growth at both current and constant exchange rates despite the still negative impact of the Euro / Rouble exchange rate.

North America posted net revenues of 133 million euros (150.9 million dollars), advancing 14.3 percent at constant exchange rates and 16.7 percent at current exchange rates. Positive performance was also achieved in Asia Pacific, growing by 15.7 percent at constant exchange rates and 15.9 percent at current exchange rates with outstanding performance registered by China. Rest of the world registered growth of 12.7 percent at constant exchange rates and 9.7 percent at current exchange rates during the first quarter of 2016.

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Yoox Net a porter