Yoox Net-a-Porter Group (YNAP) believes it can increase sales of luxury watches and jewelry to €100 million by 2020, irrespective of Richemont completing its acquisition of the company.
Richemont, which already owns half of YNAP, launched a bid for full control of the online retailer in January, saying it could add the full portfolio of its watch brands to the platform.
The ecommerce giant has created its first dedicated online destination for fine jewelry and luxury watches having concluded there is no limit to the price its well-healed customers will not pay online.
The Net-a-Porter platform offers fine jewelry and watches from more than 40 brands, including Piaget, Cartier, Pomellato, Tiffany & Co. and Buccellati, with prices of some items topping $100,000.
The ‘destination’ is still in its infancy, but already offers editorial content on topics such as diamond purchasing.
Fine jewelry and watches is a key part of YNAP’s five-year strategy to grow its high-end luxury category in response to strong customer demand.
Current evidence from Net-a-Porter and its gentleman-focused stablemate Mr Porter shows that many customers now have no hesitation in making these exclusive luxury purchases online, the company says.
Speaking at a luxury industry conference in Portugal, Federico Marchetti, CEO of YNAP, said: “This explosion in fine jewelry and watches shows there’s no limit to what customers will buy online with us. And we are now getting a fascinating insight into who these hard luxury customers are and what they are prepared to buy online. The potential of our online platforms for branded jewellery and luxury watches is huge.”
He went on to reveal that the majority of fine jewelry and watch customers for both Net-a-Porter and Mr Porter are from the US, with the UK and Hong Kong the next biggest markets.