News >Bizchina

Yoox to open 2nd site in China to boost e-luxury

2011-02-21 14:10

Yoox SpA plans to open a second e-commerce site in China in March to tap growing online demand for luxury goods, Bloomberg News reported.

The site for the Marni fashion brand will go live on March 1, after the online retailer established a Chinese Internet service for Emporio Armani in November, Yoox Chief Executive Officer (CEO) Federico Marchetti said in a phone interview with the news agency.

Marni and Armani will be the only European luxury goods brands with an e-commerce site operating from China, it reported, citing Marchetti.

According to Marchetti, about 450 million Chinese are connected to the Internet, making the country the world's most-populated online market, and the number is growing by about 100 million annually.

"Delivering to China is different from having operations in China," Marchetti said, adding that the only way to do China seriously is from China.

According to the report, the Itay-based Yoox opened an office and logistics center in Shanghai in 2010. The company operates online retailing and distribution for fashion and luxury goods brands including Valentino and Dolce & Gabbana.

Luxury goods are set to be China's fastest-growing consumer category over the next five years, according to brokerage CLSA.

Customers from the mainland may account for 44 percent of global luxury sales by 2020, CLSA estimated in a report.

According to Marchetti, Yoox will introduce two or three more e-commerce sites in China in 2011. It will also accelerate luxury brand openings over the next few years, it said.

In addition, the CEO said he expects China to become one of the company's top three markets by 2015.


Related News: