- Prachi Singh |
Approving the draft financial statements for fiscal 2015, Yoox Net-A-Porter Group confirmed that pro-forma net revenues were up 30.9 percent or 20.8 percent on constant exchange rates to 1.7 billion euros (1.8 billion dollars). A positive performance was also achieved in the fourth quarter of the year, with pro-forma net revenues up 27.8 percent or 19.2 percent at constant exchange rates to 483.3 million euros (530.4 million dollars).
The group recorded a monthly average of 27.1 million unique visitors, up 14.7 percent compared to 2014, which translated into 7.1 million orders, up 21.9 percent compared to the previous year. The Average Order Value excluding VAT increased 10.9 percent and the number of active customers increased 19.3 percent.
Financial and other highlights of the fiscal
In 2015, the multi-brand in-season business line, which includes Net-A-Porter.com, Mr Porter.com, Thecorner.com and Shoescribe.com, recorded pro-forma net revenue rise of 36.9 percent and 31.9 percent in the fourth quarter driven by excellent performance of Net-A-Porter.com and Mr Porter.com, which, over the course of 2015 launched several brands such as Tom Ford, Tod’s, Brunello Cucinelli, Pomellato, Portofino by Dolce & Gabbana, Cashmere Trench by Burberry London and the Sun and Ski Capsules by Chloé, Moncler and Brioni. The multi-brand in-season business line accounted for 53.7 percent of the Group’s pro forma net revenues.
The multi-brand off-season business line, which includes Yoox.com and The Outnet.com, recorded pro-forma net revenue rise of 26.1 percent in 2015 and 24.7 percent in the fourth quarter compared to the same period of the previous year. Overall, the multi-brand off-season business line accounted for 35.8 percent of the Group’s pro-forma net revenues.
The mono-brand business line includes the design, set-up and management of the online flagship stores of some of the leading global fashion and luxury brands. In 2015, this business line achieved pro-forma net revenue increase of 19.2 percent, while the pro-forma gross merchandise value was up 27.5 percent. In the fourth quarter of the year, pro-forma net revenues increased 20.8 percent and gross merchandise value grew by 29.2 percent. During 2015, the Group launched the new online flagship stores Lanvin and McQ in Europe, the United States and in the Asia-Pacific region, including China, and the Karl Lagerfield online flagship store in Europe, the United States and Japan. Finally, in July 2015, the REDValentino online flagship store was extended to China. The mono-brand business line accounted for 10.5 percent of the Group’s pro-forma net revenues with 40 online flagship stores.
Strong growth across geographies
In 2015, Yoox Net-A-Porter Group recorded strong growth in all its key markets. Revenues in Italy and the UK, following the merger announcement at the end of March, benefitted from an increase in brand awareness for Net-A-Porter among Italian customers and for Yoox in the British market, respectively. In particular, Italy posted net revenue rise of 19.7 percent, confirming strong revenue growth also in the fourth quarter of 23.1 percent. Excellent results were posted in the UK, which registered net revenue rise of 37.3 percent or 23.6 percent at constant exchange rates, and up 35 percent or 22.9 percent on constant exchange in the fourth quarter.
Positive performances were also achieved in Europe (excluding Italy and the UK), up 17 percent and 21.2 percent at constant exchange in 2015 and 16.5 percent or 19.2 percent at constant exchange in the fourth quarter driven by growth in all markets such as France, Germany, Spain and Russia. In 2015, North America registered growth of 43.3 percent or 19.8 percent at constant exchange rates. The fourth quarter also had good growth, up 33.5 percent and 15.4 percent at constant exchange rates.
A particularly positive performance was also achieved in Asia Pacific, growing by 36.9 percent and 22.6 percent at constant exchange rates and by 34.3 percent or 23.2 percent at constant exchange in the last quarter. The main countries that contributed to the Group’s results in this region were Hong Kong, China, Australia and Japan. Finally, Rest of the World registered growth of 25.7 percent and 14.5 percent at constant exchange during the year.
EBITDA and outlook for 2016
Pro-forma adjusted EBITDA increased 25.7 percent in 2015 and pro-forma adjusted net income increased 37.8 percent. In the fourth quarter of 2015, EBITDA was up 19.2 percent.
In light of the Group's leadership position in luxury fashion e-commerce and of the positive outlook for the online retail market, the company expects that in 2016 it will achieve further revenue growth and an improvement in the adjusted EBITDA margin. All of the Group’s business lines and key markets are expected to positively contribute to this result.