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Yoox Net-a-Porter Group sales climb 16% in first half

Yoox Net-a-Porter Group’s (YNAP) net revenue grew 15.8% on a constant currency basis to €897m (£761.2m) in the first half ended June 30, driven by a strong performance from off-season sites and The Outnet.

Ynap statement knit

This represented a 13.4% year-on-year increase when adjusted for current exchange rates.

Within the UK, consolidated net revenues rose 8.6% on a constant currency basis to €135.2m (£114.7m) in the first half (15.4% adjusted), despite a slowdown over the last two weeks of June ahead of the EU referendum.

The luxury etailer’s first half EBITDA rose 17.3% to €70.6m (£59.9m), while its adjusted EBITDA grew 15.2% to €76.5m (£64.9m).

YNAP had 28 million average monthly unique visitors in the first half, up from 26.1m during the same period in 2015, and 2.6 million active customers, up from 2.3.

This translated into 3.9 million orders, up from 3.3 million last year. However, its average order value declined slightly from €354 to €335 (£300 to £284).

“Yoox Net-a-Porter’s growth has accelerated, reaching the high-teens in the second quarter, despite the mixed economic environment,” said chief executive Federico Marchetti.

“The positive momentum maintained across all our business lines demonstrates the strength of our model and its significant potential for further profitable development.”

Net revenues in the multi-brand in-season division, which includes Net-a-Porter, Mr Porter, The Corner and Shoescribe and accounts for 54.6% of the group’s sales, rose 13.1% on a constant currency basis to €490.1m (£415.8m) (up 10.5% at current exchange rates).

In the multi-brand off-season business, which includes and The Outnet and accounts for 35.5% of total group sales, consolidated net revenues rose 21.5% to €318.3m (£270m) (18.6% adjusted).

The online flagship stores business, which includes the design, set-up and management of the websites of third party fashion and luxury brands and accounts for 9.9% of total sales, rose 11.4% to €88.7m (£75.3m) (10.8% adjusted).

YNAP launched a new online store for Chloé in Europe, the US and in the Asia-Pacific region, including China, on June 23.

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