Yoox Net-A-Porter lures high-spenders with new fine jewellery platform
Yoox Net-A-Porter has added a dedicated platform for fine jewellery and watches after determining that many customers “have no hesitation” in purchasing expensive accessories online.
The announcement comes shortly after the group launched an exclusive Bell & Ross sapphire watch on Mr Porter. Retailing at 400,000 euros, the timepiece is the most expensive item the luxury company has ever sold across its sites.
YNAP is seeing attractive growth opportunities in the fine jewellery and watches category, and has estimated it can contribute around 100 million euros by 2020. Two thirds of fine jewellery and watch sales on Net-A-Porter now come from its highest-spending clients, known by the group as EIPs (Extremely Important People).
Customers in the US are driving sales of fine jewellery and watches for both Net-A-Porter and Mr Porter, with the UK and Hong Kong the next biggest markets.
“This explosion in fine jewellery and watches shows there’s no limit to what customers will buy online with us. And we are now getting a fascinating insight into who these hard luxury customers are and what they are prepared to buy online,” said Federico Marchetti, CEO of YNAP at a luxury industry conference in Portugal.
“Fine jewellery and watches are the perfect complement to high fashion and the category is expected to create an opportunity for sales of 100m euros by 2020 for YNAP. We surprised the sector by introducing this successful category, and the potential of our online platforms for branded jewellery and luxury watches is huge.”
The destination, part of Net-A-Porter’s website, will feature fine jewellery from over 40 brands, including Tiffany & Co and Cartier, and selected items priced at over 100,000 euros. The offering will be complemented with extensive content including “how to” articles teaching customers about fine jewellery storage and care, diamond education and style inspiration.
And based on insights which have shown that a quarter of jewellery sales come via personal shoppers, the group will offer a service with personal shoppers trained by the Gemological Institute of America.
The launch is part of the group’s five-year strategy to expand its high-end luxury category in response to customer demand. Mr Porter started selling luxury watches in 2013, and has seen the category generate new customers.
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