Yoox
Encyclopedia
YOOX Group S.p.A
is an Italian
internet
mail order
retailer of men's and women's multibrand clothing
and accessories. Founded by Federico Marchetti
, a former investment banker, in Zola Predosa near Bologna
in 2000, Yoox Group has become a profitable e-commerce company that serves "more than 100 countries worldwide".
The company’s concept is to buy up overstock or unsold items from previous seasons in "a direct relationship" from renowned fashion houses "including Dolce & Gabbana
, Diesel, Gucci
, Armani and Cavalli
" as well as "manufacturers and authorized dealers" and sell them online at discounted outlet prices. This is to enable "luxury brands to off-load last year's merchandise without undermining their brands or cannibalizing sales at their existing stores". Vintage designer clothing (Chanel
, Dior
, Pucci
etc.) is collected with the help of fashion editor Polly Allen Mellen
and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan
(menswear) or Alexandre Herchcovitch
. The company also sells private label
merchandise among the other brand names.
Mono-brand stores
In addition to its eponymous web site, the company, through Yoox Services (formed in 2006) , operates the full-price online stores of fashion houses Marni
(launched in 2006), Emporio Armani (2007), Diesel (2007), Stone Island
(2008), C.P. Company
(2008), Valentino SpA
(2008), Miss Sixty (2008), Costume National
(2008), Energie (2008), Emilio Pucci
(2008), Dolce & Gabbana
(2009), Moschino
(2009), Jil Sander
(2009), Dsquared (2009), Bally Shoe
(2009), Roberto Cavalli
(2009), Napapijri (2010), Coccinelle (2010), Giuseppe Zanotti Design (2010), Alberta Ferretti
(2010), Zeis House (2010), Maison Martin Margiela
(2010), Ermenegildo Zegna
(2010), Y-3
(2011), Brunello Cuccinelli and Dirk Bikkembergs
(2011), all of which are referred to as "powered by Yoox".
Multi-brand store (thecorner.com)
In 2008, Yoox launched its full-price online menswear retail store The Corner featuring established designer brands and a selection of niche fashion labels from Italy and elsewhere. September 2009 saw the launch of womenswear at The Corner.
letters linked by OO, the symbol of infinity or “the ‘zero’ from the binary code, the fundamental language of the digital age”.
firm Benchmark Capital
, YOOX was founded as a privately held company
and achieved total revenues of $26 mio in 2004. By the end of 2005 it had reached $70 mio. In 2008, they reported sales of $138 mio, "a 48% increase from 2007". 75% of Yoox were owned by private equity firms Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and Balderton Capital (former European subsidiary of Benchmark Capital), founder Federico Marchetti owned 9% and 16% were owned by senior managers. Yoox went public
at the Milan Stock Exchange on December 3, 2009, generated € 95 Mio. in revenues from the IPO
and was valued at € 217 Mio that day. Since the IPO, 51% of the stock is in the market, about 11.5% are owned by Balderton Capital, Kiwi owns 6,8%, Nestor 2000 6.3%, JP Morgan has a 5.4% stake, 4.7% belong to Marchetti and the rest to other shareholders. The company achieved a net profit of € 4.1 mio with revenues of € 152.2 mio in 2009.
From its beginnings in 2000, the Yoox internet platform was powered by Hewlett-Packard. In 2007, the web site had "three million visitors per month" and "more than one million items [were] delivered worldwide". In 2008, over 1.7 million products were shipped to 53 countries by the group.
The company’s CEO and founder is Federico Marchetti, the head of marketing and sales is Massimiliano Benedetti. Marchetti, who had worked for "Bain & Co. as a strategic consultant, Lehman Brothers
as an expert in luxury goods and as a banker in mergers and acquisitions" studied economics at Bocconi University in Milan
and holds an MBA from Columbia Business School
.
The company's US subsidiary
, YOOX CORP, is a Delaware corporation
based in TriBeCa, New York, New York, New Jersey
. For the U.S. market, YOOX partnered with Port Logistics Group (PLG) of Houston in terms of supply chain management
, such as merchandise returns
, re-packaging and shipping within the United States. The partnership also allowed for "a direct relationship with U.S. designers and U.S. branches of European designers".
In spring 2009, YOOX Group announced its plans for an initial public offering
at the end of 2009.
This initial public offering (IPO) was realised at the end of November 2009, being priced at the top of the range of its valuation
, and the deal being coordinated by Goldman Sachs
and the Milan
based investment bank Mediobanca
Yoox.com was listed among Time
magazine’s list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.
at a warehouse
in the Italian
headquarters
. “Each item is tagged with a radio frequency identification (RFID) tag, and is tracked to its exact location using a barcode
detector”. International warehouses, that serve as hubs, exist in New Jersey
and Tokyo
.
Yoox maintains "20 studios to make pictures [of the merchandise] with 25 photographers" in Italy and the US.
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
is an Italian
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
mail order
Mail order
Mail order is a term which describes the buying of goods or services by mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site. Then, the products are delivered to the customer...
retailer of men's and women's multibrand clothing
Clothing
Clothing refers to any covering for the human body that is worn. The wearing of clothing is exclusively a human characteristic and is a feature of nearly all human societies...
and accessories. Founded by Federico Marchetti
Federico Marchetti (YOOX Group)
Federico Marchetti was born in Ravenna in 1969 and is the founder and CEO of YOOX Group. After getting an MBA at Columbia and a brief career in finance and consulting, he created the Internet retailing company in 2000 in Zola Predosa....
, a former investment banker, in Zola Predosa near Bologna
Bologna
Bologna is the capital city of Emilia-Romagna, in the Po Valley of Northern Italy. The city lies between the Po River and the Apennine Mountains, more specifically, between the Reno River and the Savena River. Bologna is a lively and cosmopolitan Italian college city, with spectacular history,...
in 2000, Yoox Group has become a profitable e-commerce company that serves "more than 100 countries worldwide".
Overview
Outlet store (yoox.com)The company’s concept is to buy up overstock or unsold items from previous seasons in "a direct relationship" from renowned fashion houses "including Dolce & Gabbana
Dolce & Gabbana
Dolce & Gabbana is an Italian luxury industry fashion house. The company was started by the Italian designers Domenico Dolce and Stefano Gabbana in Milan, Italy. By 2005 their turnover was €597 million....
, Diesel, Gucci
Gucci
The House of Gucci, better known simply as Gucci , is an Italian fashion and leather goods label, part of the Gucci Group, which is owned by French company PPR...
, Armani and Cavalli
Roberto Cavalli
Roberto Cavalli is an Italian fashion designer from Florence.-Biography:Roberto Cavalli was born in Florence, Tuscany. His grandfather, Giuseppe Rossi, was a member of the Macchiaioli Movement, whose work is exhibited in the Uffizi Gallery. Cavalli decided to enroll at the local Art Institute,...
" as well as "manufacturers and authorized dealers" and sell them online at discounted outlet prices. This is to enable "luxury brands to off-load last year's merchandise without undermining their brands or cannibalizing sales at their existing stores". Vintage designer clothing (Chanel
Chanel
Chanel S.A. is a French fashion house founded by the couturier Gabrielle "Coco" Chanel, well established in haute couture, specializing in luxury goods . She gained the name "Coco" while maintaining a career as a singer at a café in France...
, Dior
Dior
Dior can mean:* Christian Dior SA, a French clothing retailer* In J. R. R. Tolkien's fictional Middle-earth legendarium:**Dior Eluchíl, a Half-elven of the First Age**Dior , a Steward of GondorDior is a surname, and may refer to:...
, Pucci
Emilio Pucci
Emilio Pucci, Marquis of Barsento , was a Florentine Italian fashion designer and politician. He and his eponymous company are synonymous with geometric prints in a kaleidoscope of colours.-Early life:...
etc.) is collected with the help of fashion editor Polly Allen Mellen
Polly Allen Mellen
Polly Allen Mellen has been a stylist and fashion editor for more than 60 years at Harper's Bazaar and Vogue. From 1991 to 1999 she was the creative director of Allure. Mellen formally retired from Conde Nast Publications in 1994 and remains a consultant on various projects. She was born and raised...
and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan
Hussein Chalayan
Hussein Chalayan MBE is a British/Turkish Cypriot fashion designer who graduated from Central Saint Martins in 1993.- Biography :...
(menswear) or Alexandre Herchcovitch
Alexandre Herchcovitch
Alexandre Herchcovitch is a Brazilian fashion designer. He's of Jewish descent, his grandparents emigrated from Poland and Romania.-Overview:...
. The company also sells private label
Private label
Private label products or services are typically those manufactured or provided by one company for offer under another company's brand. Private label goods and services are available in a wide range of industries from food to cosmetics to web hosting...
merchandise among the other brand names.
Mono-brand stores
In addition to its eponymous web site, the company, through Yoox Services (formed in 2006) , operates the full-price online stores of fashion houses Marni
Marni (clothing)
Marni is an Italian fashion label founded by Consuelo Castiglioni in 1994, who remains as the label's designer.-History:The fashion line started in 1994, when Castiglioni became known for her contributions to the design of fur, stemming from her husband's family fur business...
(launched in 2006), Emporio Armani (2007), Diesel (2007), Stone Island
Stone Island
Stone Island is an Italian Designer brand from Sportswear Company based in Bologna. The label was set up by Italian designer Massimo Osti in 1982 as a secondary line or diffusion collection of his main C.P Company label...
(2008), C.P. Company
Stone Island
Stone Island is an Italian Designer brand from Sportswear Company based in Bologna. The label was set up by Italian designer Massimo Osti in 1982 as a secondary line or diffusion collection of his main C.P Company label...
(2008), Valentino SpA
Valentino SpA
Valentino SpA is a clothing company founded in 1959 by Valentino Garavani. Nowadays it is a part of Valentino Fashion Group. New creative directors Maria Grazia Chiuri and Pier Paolo Piccioli will take Alessandra Facchinetti's seat as creative designer...
(2008), Miss Sixty (2008), Costume National
CoSTUME NATIONAL
CoSTUME NATIONAL is an Italian fashion house founded in 1986 by Ennio Capasa, Creative Director, and his brother Carlo, CEO of the Maison, which has its head offices in Milan...
(2008), Energie (2008), Emilio Pucci
Emilio Pucci
Emilio Pucci, Marquis of Barsento , was a Florentine Italian fashion designer and politician. He and his eponymous company are synonymous with geometric prints in a kaleidoscope of colours.-Early life:...
(2008), Dolce & Gabbana
Dolce & Gabbana
Dolce & Gabbana is an Italian luxury industry fashion house. The company was started by the Italian designers Domenico Dolce and Stefano Gabbana in Milan, Italy. By 2005 their turnover was €597 million....
(2009), Moschino
Moschino
Moschino is an Italian fashion design house and manufacturer of women's, men's and children's fashion.-History:The brand was originally created in 1983 by the late Franco Moschino...
(2009), Jil Sander
Jil Sander
Heidemarie Jiline 'Jil' Sander is a minimalist German fashion designer and the founder of the Jil Sander fashion house....
(2009), Dsquared (2009), Bally Shoe
Bally Shoe
The Bally Shoe company was founded as "Bally & Co" high fashion in 1851 by Carl Franz Bally and his brother Fritz in the basement of their family home in Schönenwerd in the Canton of Solothurn, Switzerland.-Business:...
(2009), Roberto Cavalli
Roberto Cavalli
Roberto Cavalli is an Italian fashion designer from Florence.-Biography:Roberto Cavalli was born in Florence, Tuscany. His grandfather, Giuseppe Rossi, was a member of the Macchiaioli Movement, whose work is exhibited in the Uffizi Gallery. Cavalli decided to enroll at the local Art Institute,...
(2009), Napapijri (2010), Coccinelle (2010), Giuseppe Zanotti Design (2010), Alberta Ferretti
Alberta Ferretti
Alberta Ferretti is an Italian fashion designer and dressmaker. She designs for Alberta Ferretti and Philosophy di Alberta Ferretti. Her showroom is in Milan, Italy but her studio is in the picturesque village of Cattolica, near Rimini, Italy....
(2010), Zeis House (2010), Maison Martin Margiela
Martin Margiela
Martin Margiela is a Belgian fashion designer. He studied at Antwerp's Royal Academy of Fine Arts along with the legendary avantgarde fashion collective the Antwerp Six. Many still consider him to be the "7th" member of the collective.- Life and work:After graduation in 1980 he worked as a...
(2010), Ermenegildo Zegna
Ermenegildo Zegna
Ermenegildo Zegna is a leading Italian fashion house, specialing in men's clothing. Founded in 1910, it is now managed by the fourth generation of the Zegna family and remains in family ownership. As well as producing suits for its own labels, it manufactures suits for labels such as Gucci, Yves...
(2010), Y-3
Yohji Yamamoto
Yōji Yamamoto , is an award winning Japanese fashion designer based in Tokyo and Paris. Yohji is considered to be among the master tailors whose work is thought to be of fashion genius and he has been described by Julie Gilhart, fashion director for Barney's New York as probably the only designer...
(2011), Brunello Cuccinelli and Dirk Bikkembergs
Dirk Bikkembergs
Dirk Bikkembergs is a Belgian fashion designer.-Early life and designer career:Dirk Bikkembergs was born in Cologne, Germany, In 1982, Bikkembergs graduated, together with other Belgian designers Ann Demeulemeester, Dries van Noten, Dirk van Saene, Walter van Beirendonck and Marina Yee...
(2011), all of which are referred to as "powered by Yoox".
Multi-brand store (thecorner.com)
In 2008, Yoox launched its full-price online menswear retail store The Corner featuring established designer brands and a selection of niche fashion labels from Italy and elsewhere. September 2009 saw the launch of womenswear at The Corner.
Name
The name, Yoox, is said to be composed of the male (Y) and female (X) chromosomeChromosome
A chromosome is an organized structure of DNA and protein found in cells. It is a single piece of coiled DNA containing many genes, regulatory elements and other nucleotide sequences. Chromosomes also contain DNA-bound proteins, which serve to package the DNA and control its functions.Chromosomes...
letters linked by OO, the symbol of infinity or “the ‘zero’ from the binary code, the fundamental language of the digital age”.
Corporate structure
Backed by venture capitalVenture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
firm Benchmark Capital
Benchmark Capital
Benchmark Capital is a venture capital firm responsible for the early stage funding of some very successful startups. In 1997, the firm invested $6.7 million in eBay, which became worth more than $5 billion by the spring of 1999. Other high-profile investments include Ariba, Juniper Networks, Red...
, YOOX was founded as a privately held company
Privately held company
A privately held company or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the...
and achieved total revenues of $26 mio in 2004. By the end of 2005 it had reached $70 mio. In 2008, they reported sales of $138 mio, "a 48% increase from 2007". 75% of Yoox were owned by private equity firms Capital Kiwi (Italy), 360 Capital Partner (Net Partners, Italy) and Balderton Capital (former European subsidiary of Benchmark Capital), founder Federico Marchetti owned 9% and 16% were owned by senior managers. Yoox went public
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
at the Milan Stock Exchange on December 3, 2009, generated € 95 Mio. in revenues from the IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
and was valued at € 217 Mio that day. Since the IPO, 51% of the stock is in the market, about 11.5% are owned by Balderton Capital, Kiwi owns 6,8%, Nestor 2000 6.3%, JP Morgan has a 5.4% stake, 4.7% belong to Marchetti and the rest to other shareholders. The company achieved a net profit of € 4.1 mio with revenues of € 152.2 mio in 2009.
From its beginnings in 2000, the Yoox internet platform was powered by Hewlett-Packard. In 2007, the web site had "three million visitors per month" and "more than one million items [were] delivered worldwide". In 2008, over 1.7 million products were shipped to 53 countries by the group.
The company’s CEO and founder is Federico Marchetti, the head of marketing and sales is Massimiliano Benedetti. Marchetti, who had worked for "Bain & Co. as a strategic consultant, Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
as an expert in luxury goods and as a banker in mergers and acquisitions" studied economics at Bocconi University in Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
and holds an MBA from Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
.
The company's US subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, YOOX CORP, is a Delaware corporation
Delaware corporation
The Delaware General Corporation Law is the statute governing corporate law in the state of Delaware. Delaware is well known as a corporate haven. Over 50% of U.S...
based in TriBeCa, New York, New York, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
. For the U.S. market, YOOX partnered with Port Logistics Group (PLG) of Houston in terms of supply chain management
Supply chain management
Supply chain management is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers...
, such as merchandise returns
Returning
In retail, returning is the process of a customer taking previously purchased merchandise back to the retailer, and in turn, receiving a cash refund, exchange for another item , or a store credit...
, re-packaging and shipping within the United States. The partnership also allowed for "a direct relationship with U.S. designers and U.S. branches of European designers".
In spring 2009, YOOX Group announced its plans for an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
at the end of 2009.
This initial public offering (IPO) was realised at the end of November 2009, being priced at the top of the range of its valuation
Financial modeling
Financial modeling is the task of building an abstract representation of a financial decision making situation. This is a mathematical model designed to represent the performance of a financial asset or a portfolio, of a business, a project, or any other investment...
, and the deal being coordinated by Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and the Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
based investment bank Mediobanca
Mediobanca
Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry.Enrico Cuccia led Mediobanca from 1946 to 1982...
Yoox.com was listed among Time
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
magazine’s list of '50 Coolest Websites 2004' in the Lifestyle and Culture category.
Logistics
All orders are dispatchedDispatch (logistics)
Dispatch is a procedure for assigning employees or vehicles to customers. Industries that dispatch include taxicabs, couriers, emergency services, as well as home and commercial services such as maid services, plumbing, HVAC, pest control and electricians.With vehicle dispatching, clients are...
at a warehouse
Warehouse
A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities and towns. They usually have loading docks to load and unload...
in the Italian
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
headquarters
Headquarters
Headquarters denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the top of a corporation taking full responsibility managing all business activities...
. “Each item is tagged with a radio frequency identification (RFID) tag, and is tracked to its exact location using a barcode
Barcode
A barcode is an optical machine-readable representation of data, which shows data about the object to which it attaches. Originally barcodes represented data by varying the widths and spacings of parallel lines, and may be referred to as linear or 1 dimensional . Later they evolved into rectangles,...
detector”. International warehouses, that serve as hubs, exist in New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
and Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
.
Yoox maintains "20 studios to make pictures [of the merchandise] with 25 photographers" in Italy and the US.
