Group predicts 20% sales increase by 2017 and aims to double revenue by 2020
Yoox Net-a-Porter has announced plans to expand its UK business and take on new staff, following promising sales results in the region.
The retailer group predicts that its sales will increase by 20% in the coming year and it is aiming to more than double total revenue by 2020 to £3.4bn. Last year sales at the business increased 21%, outpacing the luxury sector overall which is said to be growing at a rate of just 2% each year. Net-a-Porter now plans to hire up to 200 additional staff in London to help with its expansion.
Upcoming plans include expansion into the Middle East and Asia Pacific, while strengthening its position in Europe and the US. The group also plans to improve customer retention through the use of dedicated personal shoppers and style advice delivered through native apps. Editorial content and product recommendations will also be improved.
The group includes e-commerce platforms Net-a-Porter, Mr Porter, The Outnet and Yoox. It is the result of a merger between Yoox and Net-a-Porter which completed last year. This week, the retailer also announced that it would be the first online platform to sell Prada.
Federico Marchetti, CEO at the group, said that the company was confident despite the recent shock of the Brexit vote. He told staff: “I’d like to reassure you that even if Brexit has some impact on the growth of our sales, Yoox Net-a-Porter is on an irresistible course to grow sustainably as customers of luxury fashion are increasingly purchasing online.”