Yoox Net-A-Porter Group reports fast growth in first combined results
The new expanded Yoox Net-A-Porter Group
has reported fast growth in its first results as a combined company.
The standalone Yoox group said net revenues rose to €439.4m (£310.2m) in the nine months to September 30, 20% ahead compared to the same time in the previous year. When Net-A-Porter's figures were added in, sales rose to €1.2bn (£0.8bn), 32.2% ahead of last time.
Earnings before interest, tax and asset writedowns came to €29.6m (£20.9m), 5.5% ahead of last time, for the standalone Yoox business. For the combined business, the figure was €82.2m (£58.0m), 40.7% up on last time.
The company now aims to expand to serve a wider audience, creating a shared virtual global inventory that will underpin sales across the group's online stores and markets and save money at the same time. It also plans to extend Net-A-Porter's editorial and brand marketing capabilities across the group.
Chief executive Federico Marchetti said integration work was progressing very well, and Yoox Net-A-Porter Group is exceptionally positioned to deliver on its significant potential.
"The synergies of the merger
have exceeded our expectations and based on the detailed work of our teams we have raised our target from €60m to €85m. I am thrilled with this result as it is testament to the strategic rationale of this game-changing merger. We are just at the beginning of making our vision a truly exciting reality."Image: supplied by Yoox Group