- Angela Gonzalez-Rodriguez |
The Italian online fashion retailer posted a 15.4 percent rise in first-quarter sales at current exchange rates, driven by revenue growth at its flagship stores, which sales accounted for 11 percent of the company’s total revenues.
Overall sales came in at 515 million euros over the three months to March, 31st, beating Thomson Reuters’ estimate of 512 million euros. Sales rose 16 percent at constant exchange rates and 19.1 percent on a like-for-like basis.
As highlighted by the Italian online retailer, sales at Yoox-Net-A-Porter (YNAP) flagship stores made for the 11 percent of total revenues, rising 20.6 percent in the first three months of the year.
Market wise North America and Asia Pacific led the charge for the e-tailer. It’s worth noting that luxury retailers have lately enjoyed a recovery in the Asia Pacific region, after the Chinese government’s crackdown on corruption took its toll on luxury goods retailers.
The company’s CEO, Federico Marchetti, summed up the first-quarter results highlighting that "the strong growth experienced by the Italian economy, in addition to a series of strategic initiatives implemented” have positioned the company to meet the ambitious goal set any time soon.