The newly formed Yoox Net-a-porter Group is growing in leaps and bounds, and is on track ‘to deliver on its significant potential’, said CEO Federico Marchetti in a statement.

The luxury e-commerce group, which released its financial results for the first nine months of the year for the first time since the merger, said that net profits had surged 50.4 percent to 32.4 million euros (22.9 million pounds) on revenues of 1.2 billion euros (849 million pounds), up 32.2 percent or 21.5 percent at constant exchange rates.

Marchetti said that the integration of Yoox and Net-a-porter was ‘progressing very well’, with ’the synergies of the merger’ having exceeded expectations. The company has therefore decided to raise its target from 60 million to 85 million euros.

YNAP said one of the advantages of the merger is that, by the end of summer 2016, visitors to the sites Thecorner.com and Shoescribe.com will be redirected to the group’s other webshops. “We are just at the beginning of making our vision a truly exciting reality,” said Marchetti.

 

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