Marchetti to step down as YNAP CEO, but business as usual for now
One of the pioneers of online luxury retail, Yoox Net-A-Porter’s CEO Federico Marchetti, is to step down from his role in charge of the Richemont-owned group, although he will stay on as chair of the firm.
Richemont and YNAP are now launching a search for his successor and said Marchetti won’t hand over the helm of the firm until that person is in place.
Marchetti confirmed to FashionNetwork.com on Wednesday that the group wants to see an orderly succession with no immediate changes.
No date has yet been set for him to step down (although there have been reports that his contract expires next year) and it seems to be business as usual for now.
Marchetti was one of the e-tail visionaries who opened a giant webstore, Yoox, two decades ago in the days when there was still a large amount of scepticism about whether anyone would want to buy fashion over the internet. His Yoox launch pre-dated the iPhone but he has said that smartphone-based sales now account for €1 billion of the firm’s turnover.
The exec later oversaw Yoox’s listing on the Milan stock exchange and in 2015, its merger with Net-A-porter to create YNAP.
With Richemont now controlling the group, it comprises outlet e-stores Yoox and The Outnet, luxe in-season e-stores Net-A-Porter and Mr Porter and a growing business providing webstores for multiple luxury brands.
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