Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Yoox also reports 30.5% sales growth for Q1.
European apparel retailers Yoox SpA and PPR SA have signed an agreement to define an eventual deal for Yoox to manage e-commerce operations for six PPR luxury brands. The discussion is for Yoox to provide various e-commerce services for several well known brands including Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney and Sergio Rossi brands.
Negotiations are expected to continue for several months toward the goal of a definitive agreement, the companies say.
In addition to its own online fashion and accessories businesses, Yoox.com and Cornerstone.com, Yoox provides retailers and manufacturers with e-commerce platform management and support, order and content management, merchandising, marketing, and fulfillment services. Yoox, which is based in Italy, provides some or all such services to retailers including DolceGabbana.com, Dsquared2.com, JilSander.com and RobertoCavalli.com.
Yoox is No. 62 in Internet Retailer’s Top 500 Guide.
PPR, No. 5 in the 2012 Internet Retailer Top 400 Europe, is a French retailing holding company that owns and operates about 20 web retail brands in Europe and the U.S.
Revenue, including its e-commerce service sales, grew nicely in the first quarter.
For the first quarter ended March 31, Yoox reported:
- Total sales of 90.96 million euros ($113.7 million), up by 30.5% from 69.69 million euros ($87.1 million) in the prior year quarter. That figure includes revenue from Yoox.com and TheCorner.com and the company’s e-commerce services business.
- Sales for its Yoox.com and TheCorner.com e-commerce sites, which Yoox calls multi-brand sales, increased 20.7% to 63.82 million euros ($79.7 million) from 52.87 million euros ($66.1 million).
- Sales for its e-commerce services business, which Yoox calls mono-brand sales, increased 61.4% to 27.14 million euros ($33.9 million) from 16.81 million euros ($21.0 million).
- Sales for North America were up by 47.7% to 19.67 million euros ($24.5 million) from 13.32 million ($16.6 million).
- Sales for Europe, excluding Italy, increased by 25.7% to 44.31 million euros ($55.3 million) from 35.25 million euros ($44.0 million).
- Revenue from Italy increased 1.7% to 14.98 million euros ($18.7 million) from 14.73 million euros ($18.4 million).
Net income of 1.23 million euros ($1.5 million) a decline of about 25.5% from net income of 1.65 million euros ($2.0 million) in the prior year quarter.