As traditional department stores continue to struggle, online retailer Yoox Net-A-Porter has seen strong annual net revenue growths of 17 to 20 percent, at constant exchange rates.
The group is now working on an ambitious plan to dominate the luxury e-commerce market through 2020, according to Luxury Daily.
The plan includes a focus on mobile to enhance conversions, customer engagement and retention, a unique product offering, personalized marketing, creative and content, and high-level service.
The group will launch fine jewelry and watches on the site, which is expected to grow to 100 million euros, and private labels that will account for 10 percent of the group’s sales by 2020.
Yoox Net-A-Porter will also expand internationally, with a full presence in the Middle East by 2018 and an increased footprint in China and the Asia-Pacific region.
We have ambitious plans to grow faster than the online luxury market by leading through mobile,” said Federico Marchetti, CEO of Yoox Net-A-Porter Group, in a statement.
“I am confident that by 2020 we will not only reflect on five years of strong growth in revenues and profitability but we will also have positioned YNAP technologically at the forefront of innovation for the following decade,” he said.
The online luxury goods market is projected to grow at an annual rate of 15 percent over by the end of the decade.
(Source: Luxury Daily)