The shaky economy isn’t deterring Yoox Group, which owns and operates international online apparel site Yoox.com, from going ahead with sizing up the market for a planned public stock offering.
“We are looking at the end of 2009 or in the first quarter of next year,” says Yoox CEO Federico Marchetti. “The company is solid and strong.” Yoox, No. 110 in the Internet Retailer Top 500 Guide, announced plans for an initial public offering on the Milan Stock Exchange in June 2008.
Since announcing its intention to seek a public offering, Yoox has been busy building up its core e-commerce business and a third-party services business. In 2008, global web sales for Yoox grew by about 57.9% to $192 million from $121.7 million. The company also recently launched TheCorner.com as an online department store featuring premium niche brands and collections from various international designers. “We grew in all of our international markets last year,” says Marchetti. “Our web sales in the U.S. were up by 47%.”
Yoox is also finding a steady stream of recognized brand names for its third-party services business. In 2008 and early this year, Yoox Services has added eight new clients to bring its total to 12, says Marchetti. Yoox Services, which provides retailers and manufacturers with a variety of third-party services such as e-commerce platform management and support, order management, content management, merchandising, marketing, and fulfillment, could add as many as six new clients this year, he says.
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