Federico Marchetti, CEO and chair of the Yoox Net-a-Porter Group is set to step down as chief executive next year, after 20 years in the business.
He will remain chairman of the group, but is relinquishing the role of CEO when his contract expires in 2021. The hunt for a successor is already underway, with Marchetti staying on as chairman in order to ensure a smooth transition for his successor.
Commenting on the news, Federico Marchetti said: “As planned, we are in the early stages of implementing a succession plan for the next CEO of YNAP, with me staying on as Chairman to ensure a smooth transition and set the new CEO up for success.”
Marchetti founded Yoox in 2000 as an off-price retailer. In 2009, the business was listed on the Milan Stock Exchange and is Italy’s sole “unicorn” business. In 2015, Marchetti drove the group’s merger with luxury ecommerce site Net-a-Porter, which was in turn acquired by Richmont for €2.8bn (£2.4bn) in 2018.
The group directly employs almost 5,500 people globally.