Yoox

[Ypuh]

Final sale, no returns isn't legal for online retailers in EU countries I believe? Only for customized items and the like, but that's not Yoox.

My experiences (2-3 orders) with Yoox are fine though. Very low prices occasionally, and returns (once) are fine too.

 

[type-r]

I think that's right. In the UK, i never see items marked as FINAL SALE - NO RETURNS. Every item bought is returnable.

Also the returns window for the UK is just 14 days - 60 days is AMAZING for the US market!

 

[trndsttr]

But how can you return when the item is marked as "final sale, no return"? So I assume it's defective.

It's because it's not final sale in some parts of the world. In the UK for example, it's against the law to sell items online as final sale. What you saw is most likely in item in their Italian warehouse that was purchased by someone in the UK (or another country with no final sale) and then returned.

 

[trndsttr]

Interesting reading about the Superstar status - I thought it was just myself and my spend that had me removed (silently) from this program. But looks like it is across the board and customer retention is not a priority for them. It's a shame as since around May when I first noticed my Superstar status had suddenly disappeared, I have placed just 3 orders - the £9 return fee and £9 shipping charges for sub £200 UK orders feels like a needless psychological barrier that my orders have substantially dropped. But it's also linked to the new pricing YOOX looks like it has adopted (see below).

New pricing strategy? Some prices have gone up (instead of the usual down) which if I was to guess probably means they aren't buying as much new stock in (if any). I might be wrong but in all my time on YOOX prices have only ever gone on in one direction and that is down.

Prices on most pieces are still going down (over time) but the price reduction feels like a lot less than previously.

Appreciate people aren't buying as much as they were before due to worldwide economic conditions but this pricing strategy (if my suspicions are true) does feel counterintuitive to get people spending.

Really hope YOOX do continue to sell obscure brands as the quality of some items are often on par or in some rare cases actually exceeds some of the top fashion houses who have mega marketing budgets, often at a fraction of the price. But perhaps part of the "clean-up" by the new potential buyer to ensure YOOX has a profitable future similar to MyTheresa may need to weed out these obscure brands unfortunately.

Have definitely seen an increase in prices by ~30%. Not sure why they are doing this, as their inventory is also valued at liquidation value on the books. Would make more sense to try to maximize cash.

Think them getting rid of superstar is to reduce complexity during the sale. Hope they find a buyer, it's an awful market out there right now.

 

[type-r]

Saw this story from 6 weeks ago about a possible bid by Frasers Group for Yoox. Entering into an NDA by the looks of it.

Exclusive: Frasers Group mulls Yoox Net-a-Porter bid

Mike Ashley's retail empire Frasers Group is mulling a potential takeover bid of Yoox Net-a-Porter from Swiss luxury group Richemont, Retail Week can reveal.

www.retail-week.com

If you are not familiar with the Frasers Group, it's run by UK billionaire Mike Ashley (although I think he's handed the reins over to his son-in-law). He founded the UK company Sports Direct and over time acquired many British sporting brands like Dunlop, Slazenger etc. He then bought famous British high street stores like House of Frasers, Jack Wills, Evan Cycles and Game - all of which were in administration.

He also recently purchased MatchesFashion 9 months ago for £52m and just 3 months later, it went it adminstration!! So if he does succesfully bid for Yoox, will be interesting what he does with it.

 

[trndsttr]

From today: MyTheresa buying YNAP. Looks like Yoox / Outnet will survive.

Updated: Net-a-Porter owner YNAP snapped up by MyTheresa - Retail Gazette

Luxury conglomerate Richemont has agreed to sell its Yoox Net A Porter business to German ecommerce platform MyTheresa in exchange for a 33% stake, it confirmed on Monday.

www.retailgazette.co.uk

 

[styleforumfan]

From today: MyTheresa buying YNAP. Looks like Yoox / Outnet will survive.

Survival is one thing but what about the obscure brands deals that Yoox is known for?

 

[harlemriver]

Survival is one thing but what about the obscure brands deals that Yoox is known for?

Hope and pray YOOX continues on more or less the same. The off-price portion isn’t profitable though so I’m not sure how they will reimagine it.

I imagine some things could help: shorten the return window, increase the return fee (where they can), weed out and block unprofitable customers meticulously.

In return a lot to YOOX but I also buy a lot (in terms of dollar value). Probably just be more transparent with customers that are in the danger zone.

 

[single_origin]

From today: MyTheresa buying YNAP. Looks like Yoox / Outnet will survive.

That's no good. Mr Porter and MyTheresa were direct competitors. Mr Porter was more generous with discounts compared to MyTheresa, and with MyTheresa confident they can increase profitability, guess it's good bye to that now.

 

[styleforumfan]

Prices have gone up across the board after the announcement. Looks like they did away with the weekly extra 10-30% on select items as well. No more deep discounting. RIP Yoox.

 

[harlemriver]

Prices have gone up across the board after the announcement. Looks like they did away with the weekly extra 10-30% on select items as well. No more deep discounting. RIP Yoox.

I would give it more than a week. YOOX often raises prices just before their ‘sale’ season.

 

[type-r]

The article says it will focus on 3 distinct brands: MyTheresa, Net-a-Porter and Mr Porter. It then goes on to say it will SEPERATE Yoox and Outnet away from the 3 luxury brands. Makes sense guven the Average Order Values stated by Forbes here:

Richemont Lends A Helping Hand For Mytheresa To Acquire Yoox Net-A-Porter

Richemont has come to an agreement for Mytheresa to acquire its online YNAP business, including Net-A-Porter, Mr Porter, Yoox and Outnet brands.

www.forbes.com

 

[styleforumfan]

The article says it will focus on 3 distinct brands: MyTheresa, Net-a-Porter and Mr Porter. It then goes on to say it will SEPERATE Yoox and Outnet - that to me means those will DISAPPEAR and eventually be wound down or maybe sold off to someone else. Check out the quotes by the CEO in the article; he only mentions the main 3.

The writing is on the wall because there hasn't been any new inventory on Yoox since forever.

 

[harlemriver]

The article says it will focus on 3 distinct brands: MyTheresa, Net-a-Porter and Mr Porter. It then goes on to say it will SEPERATE Yoox and Outnet - that to me means those will DISAPPEAR and eventually be wound down. Check out the quotes by the CEO in the article; he only mentions the main 3.

They probably don’t even know what they will do but as of now. The current thinking is that YOOX and the Outnet will combine and stay on the existing YNAP platform tech. NAP and MP will transition to MT platform tech and there will be much more brand. And customer segmentation: MT super high-end while MP and NAP focus on more accessible luxury.

It’s really too soon to speculate. It will still be heavily financed by Richemon. Off-price is a good business it’s just not profitable lately due to complexity.

 

[type-r]

Sorry - I read the Forbes article (posted in my edited post above). Looks like they may well survive (for now) but given the AOV's and total revenues of the Porter businesses, we can probably guess where MyTheresa's main focus will be.