Technology: Luxury brands and services get a boost from high-tech trends
Courtesy Net-A-Porter via AP
NEW YORK ? The merged luxury group Yoox Net-A-Porter Group is aiming to be as mobile as its shoppers.
Since the two joined last year, CEO Federico Marchetti has invested in new technology, added services like seaplanes to drop off rush orders to the Hamptons, and plans to expand same-day services in key markets like Dubai. Now the world?s largest online luxury retailer, the company has launched a television shopping app with Apple TV and is making a big push into the Middle East and China.
?One of my biggest objectives is to transform the company into a mobile-only company,? Marchetti, formerly CEO of Milan-based Yoox, told The Associated Press. ?It?s a new luxury conglomerate of the digital era.?
Marchetti expects business from smartphones and tablets will account for three-quarters of total sales by the end of 2020. Right now, it?s less than half. And these shoppers spend big. Its 2.6 million customers plop down an average of 335 euros ($366) per order.
The global luxury business has become increasingly competitive online. Neiman Marcus bought MyTheresa, a fashion e-commerce site last year, while Saks Fifth Avenue is offering more services for its online shoppers. And sites like renttherunway.com let customers rent designer outfits.
But Yoox Net-A-Porter is optimistic. It?s laid out plans that call for net revenue growth of 17 percent to 20 percent every year through 2020. That?s much higher than the 2 percent to 3 percent global lux...
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