YNAP 2016 net revenue up 12.4%

Yoox Net-A-Porter Group has posted net revenues up 12.4% for 2016 proving the business can "deliver growth while investing in our future", according to CEO Federico Marchetti.

The group achieved net revenues of €1,870.7m in the 12 months to end December, up 17.7% on an organic basis and up 12.4% reported. Its performance accelerated in the final quarter of the year with revenue of €538m, up 19.2% on an organic basis and up 11.4% reported (this compares to organic growth of 17.1% in the first nine months).

Strong growth was achieved across all business lines and geographies. The Multi-brand In-Season business line, which includes NET-A-PORTER and MR PORTER, recorded consolidated net revenues of €263.4m, up 17.6% on an organic basis, which was an acceleration on the first nine months of the year. For the full year the division achieved net revenues of €968.6m, up 16% on an organic basis.

The Multi-brand Off-Season business line, which includes YOOX and THE OUTNET, recorded Q4 consolidated net revenues of €200.5m, up 16.3% at constant exchange rates (+14.1% reported). Full-year net revenues were up 19.5% at constant exchange rates (+16.8% reported).

Online Flagship Stores, which operates online stores for the likes of Isabel Marant and Chloé, achieved net revenues of €74.3m in Q4, up 30.8% at constant exchange rates (+27.4% reported) from net revenues of €58.3m in the fourth quarter of 2015. Gross merchandise value was up 34.6% on an organic basis (+27.7% reported).

For the year the division achieved net revenues of €205.3m, up 19% at constant exchange rates (+17.1% reported). Gross merchandise value advanced by 23.7% on an organic basis (+20.3% reported).

The UK ended the fourth quarter with net revenues of €78.2m, up 16.6% at constant exchange rates however the slump in sterling following the Brexit vote meant revenue was down 1.7% reported. The group's largest market, the US, posted fourth-quarter net revenues of €172.9m, up 18.7% on an organic basis (+14.5% reported). Europe was up 11% and APAC up 36% at constant exchange rates.

"YNAP performed robustly throughout 2016, accelerating in the last quarter compared to the first nine months on an organic basis," said Marchetti.

"This demonstrates our ability to deliver growth while investing in our future. The rapid execution of our Group's combined ecosystem is laying the foundations for a leading, solid, long-term business. Simultaneously, we've exclusively launched new top brands and been the first to move into hard luxury; mobile now accounts for almost half of our sales as the result of constant innovation and unparalleled new content and design," he added.