Yoox launches high-end online fashion market
High-end online fashion retailer Yoox launched its first marketplace in 30 countries across Europe on January 20, saying it will integrate small businesses and brands and improve its assortment of product offerings.
The Yoox market will expand to the United States, North Africa, Japan and the Middle East next year, according to the announcement. Yoox is part of the Richemont-owned Yoox Net-a-Porter group and sees the online marketplace as an opportunity to transition to a hybrid operating model.
“It will enhance the customer experience, allowing instant access to a wider product assortment including over 700 brands and 150,000 new items across jewelry, ready-to-wear, accessories and footwear,” Valentina said. Visconti Prasca, Managing Director of Yoox, to the publication. WWD.
Yoox will add products in new categories to the online marketplace, including used items and beauty, according to the announcement. Marketplace integration will support small businesses and brands, giving them the ability to reach and connect with the platform’s global customer base.
Additionally, partners can use Yoox’s distribution network to reduce the need for stock allocation. They will always retain control over product pricing and assortment and access to real-time sales data.
Yoox aims to have over one million products available in the market.
Related: Farfetch acquires luxury retailer Luxclusif
In December, luxury retail platform Farfetch acquired resale platform Luxclusif for an undisclosed amount, giving Farfetch control of Luxclusif’s technology platform.
The addition of Luxclusif employees to the Farfetch family gives the parent company a stronger grip on resale through automated pricing and faster expansion of the Farfetch Second Life resale service.
Luxclusif and Farfetch had worked together through Farfetch’s startup accelerator program and Farfetch Second Life, where Luxclusif authenticated, priced and sold second-hand handbags in Europe in exchange for Farfetch credit.
Luxclusif has also taken over the operation of Farfetch Second Life and will continue to sell the pre-owned products they acquire, as well as conduct white-label pre-owned sales for Farfetch Platform Solutions partners.