H&M to close Cheap Monday brand

Established in 2000 by entrepreneur Federico Marchetti, YOOX is the off-price arm of the now Yoox Net-A-Porter group. Marchetti was part of the School of 2000 e-commerce entrepreneurs who revolutionised the market, along with Natalie Massenet of Net-A-Porter and Nick Robertson of ASOS who founded their businesses in the same year. It was floated on the Milan Bourse in 2009 and in 2015 it was merged with the UK’s Net-A-Porter.com Group, to create Yoox Net-A-Porter Group (YNAP), in a deal orchestrated by Net-A-Porter’s leading shareholder Richemont Group. Marchetti was installed as CEO of the enlarged group and Massenet had been due to be appointed at chairman but elected to stand down instead. In January of last year, Richemont bought all the share capital of YNAP, including Marchetti’s stake, but he remains at the helm.

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