YOOX NET-A-PORTER Group to grow British Luxury Industry.
YOOX NET-A-PORTER GROUP /YNAP, the business revolutionizing the online luxury fashion industry, is the latest member of Walpole, the unique alliance of British luxury brands. YOOX NET- A-PORTER GROUP is the world’s leading online luxury fashion retailer, offering one of the best
online luxury fashion retail experience via 4 multi-brand online stores and 40 online flagship stores.
The membership includes YOOX NET-A-PORTER GROUP as an international member as well as its multi- brand retailers NET-A-PORTER, MR PORTER and THE OUTNET, each of which is listed individually as a member and will actively participate in the community bringing new expertise to the British luxury alliance.
“Walpole’s invitation to join the prestigious community of over 170 British luxury brands is a testament to YOOX NETA-PORTER GROUP’s position as the world’s leading online luxury fashion retailer,” state the luxury conglomerate.
“Many of the qualities of British luxury such as creativity and expert know-how that Walpole promotes, protects and develops reflect those at the core of YNAP’s strategic ambitions: we thrive on a combination of customer-centric innovation, content and impeccabile service,” commented
Bruno-Roland Bernard, Corporate & Financial Communications Director of YOOX NET-A-PORTER GROUP.
“We are thrilled to welcome YOOX NET-A-PORTER GROUP as a member of Walpole…We look forward closely with the luxury pure-play group,” commented Michael Ward, Chairman of Walpole.
This November, the world’s leading online luxury fashion retailer announced a joint venture with Symphony Investments, an entity controlled by Mohamed Alabbar, to create the Middle East’s undisputed leader for online luxury retail, in a partnership that will draw on the region’s enormous growth potential.
The partnership will see Mohamed Alabbar focus his entire online luxury retail activity in the region exclusively through the new joint venture.
YNAP will hold a 60% stake in the joint venture (“JV”), which will be fully consolidated in YNAP’s accounts, while Symphony Investments will own the remaining 40%.
The JV will manage all of the Group’s existing multi-brand online stores in the region – NET-A- PORTER, MR PORTER, YOOX and THE OUTNET – as well as, in agreement with the brands, select existing and future Online Flagship Stores “Powered by YOOX NET-A-PORTER GROUP” that have significant business potential in the Middle East.
The JV will open the local office and distribution centre in Dubai by end of 2017. YOOX and THE OUTNET will debut in 2018, while NET-A-PORTER and MR PORTER will launch in 2019, followed by select Online Flagship Stores.
“The Middle East is one of the fastest growing global centres for luxury retail. The region also has a significant population of over 200 million young people who are tech-savvy and influence luxury retail decisions. With this joint venture to be based in Dubai, a global business & leisure hub, we are pioneering a never-before online luxury retail experience that integrates luxury with techno-logistics. It will redefine the retail sector, and create a brand-new way to access the world’s high-end brands brought by YNAP. A ground-breaking initiative, the JV will serve as go-to online destination for luxury retail and set new industry benchmarks in customer service, speed of delivery and diversity of choice,” said Mohamed Alabbar, Chairman of Symphony Investments.