YOOX Net-a-Porter chairman and CEO Federico Marchetti is to join the board of Giorgio Armani Spa as a senior non-executive director.
Marchetti, who founded YOOX 20 years ago is the first non-Armani family member to join the board of the Italian luxury brand.
He will hold the position while retaining his YNAP role, though in March of this year Marchetti said he was ready to step aside from the online luxury group when a suitable successor is found and would remain chairman to ease the transition.
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Today, in my continued capacity as Chairman and CEO of YOOX NET-A-PORTER, I’m thrilled to join the board of @giorgioarmani as Independent Non-Executive Director. Over the years Mr Armani has defined and driven quality and craftsmanship in the industry, with an approach that has promoted style over fashion. An exemplar of the excellence of Made in Italy, not only in his products, but also in his business – one of the very few designers that has remained independent and private. He has built an unrivalled legacy, but he remains a visionary. I experienced this first-hand 20 years ago, when he was among the very first to see the potential for online luxury and trusted me with his beautiful products on @YOOX and then on Armani.com and @MrPorterLive. This year, he has demonstrated this to the world in his profound and generous response to the COVID crisis: moving long before others and delivering a powerful manifesto for the future of the industry in an open letter to @wwd, with a close that read: “United, we will make it.” I am honoured to unite today with Giorgio Armani S.p.A. and its board and I look forward to what we will achieve together in the future.
Marchetti announced his latest move in an Instagram post today and praised Armani for creating one of the few remaining privately owned luxury houses in the world.
He also thanked Armani for his early support of Marchetti’s trailblazing luxury off-price venture YOOX in its early days and added that he was “honoured” to unite with the company.
Richemont-owned YNAP manages the e-commerce operations of Armani.com through its Online Flagship Stores division.