Net-a-Porter profits hit £11m ahead of merger with Yoox
Luxury fashion e-tailer Net-a-Porter has announced that profits have hit £11m ahead of its merger with Italian e-commerce site Yoox earlier this year.
Revenue rose 22.8 per cent to £654m in the year to end of March, while earnings across the group, which includes Net-a-Porter, Mr Porter and The Outnet, jumped from £37.8m to £54.2m.
Net-a-Porter announced the merger with Yoox at the end of March, shirking rumours of a merger with e-commerce giant Amazon. The merged business will be renamed Yoox Net-a-Porter Group and headquartered in Italy.
“In today’s world where technological innovation is rapidly changing consumer habits and lifestyles, success in business will no longer be driven solely by the forces of competition but by the power of collaboration; collaboration between retailers and brands, and collaboration between and among consumers,” said founder Natalie Massenet. “This is where the future of fashion lies, a future we at Net-a-Porter will continue to create.
The number of monthly unique visitors to the sites grew to 10.7m, with 45 per cent of revenue coming from Europe, 31 per cent from the US and a quarter from Asia and the rest of the world.
Creative director Alexandra Hoffnung explained to The Drum the design process for the new network, which she said was not “an easy ride”.
“You have a lot of people who are very passionate about how Net-a-Porter looks as a brand- it’s been that way for 15 years so it’s very established and being able to be respectful of that and take certain elements of it that work for this project and integrating it with new ones is very challenging.”