YNAP sales edge toward €2bn after 12.4% growth
YNAP (Yoox Net-A-Porter Group) net revenues increased by a reported 12.4% (17.7% on an organic basis) in 2016 taking them just shy of the €2bn mark at €1.87bn.
Sales at the luxury ecommerce giant accelerated in the final quarter of the year by 19.2% on an organic basis compared to 17.1% during the first nine months of the year. EBITDA for the full year was up 13.4% at €143m.
CEO Federico Marchetti said the group had consolidated its market leading position and was reaping the rewards of its long-term strategy to create the "luxury retail eco-system of the future".
"We continue to demonstrate our superiority across all the sectors in which we operate," he said. "Our unique service, unbeatable product selection, outstanding content and continuous innovation make us the first destination of choice for customers who trust us as a leading fashion authority."
Multi-brand In Season (which includes Net-A-Porter.com and MrPorter.com) achieved sales growth of 51.8% in the year hitting €968.6m, while Off Season (Yoox.com and TheOutnet.com) was up 37.2% at €696.8m. Its Flagship Stores division, which runs the ecommerce sites of a number of luxury brands from Armani to Isabel Marant, achieved sales of €205.3m, up 11%.
UK full year net revenues were up 15.3% on a constant currency basis at €269.9m and recovered in the final quarter after a softer second and third quarter due to jitters surrounding the Brexit vote. Its largest market, North America, was up 14.1% on a reported basis at €573.9m.
Earlier this week it was revealed that Net-A-Porter founder Dame Natalie Massenet, who left the business following its merger with Yoox in September 2015, had joined YNAP rival Farfetch as non-executive co-chairman.