Yoox’s founder Federico Marchetti discussed the future of the luxury e-commerce in an interview with MFF

«When I sold Yoox net-a-porter to Richemont in 2018, I anticipated consolidation in the mature market» Federico Marchetti said to MFF at the Emporio Armani Café in front of a cup of green tea. Ynap was valued at 5.3 billion back then. However, with Farfetch’s acquisition in 2022, it is worth less than 800 million now (see MFF of October 7). «Yoox is like my son, and it is distressing to see it struggle. I hope it recovers soon» Marchetti said, who has a 13-year-old daughter named Margherita with his wife, British journalist Kerry Olsen. «I did not calculate my exit strategy. As an entrepreneur and innovator, a mature market requires a capable manager to run a company». In this interview, which coincides with the release of his autobiography co-written with Daniela Hamaui, he discusses his outlook on the future of luxury, from the emergence of Italian luxury poles to compete with the French. «Not anytime soon» he replied to speculations about his potential role at Armani. «None of it is true, I am simply a board member who respects our excellent managers».

You sold your Ynap holdings at its highest value, but now the e-commerce is struggling. Did you anticipate this?

I predicted a mature market, which inevitably involves consolidations and necessitates cost and resource management. I am an innovator and entrepreneur, not a manager. It was not my desired role.

What is the future of luxury e-commerce?

We may witness a rebound. Nowadays, it is more profitable to sell on individual brand websites due to better margin, customer data, ownership, control, image and pricing. If I were Gucci, I would focus on selling on Gucci.com rather than Farfetch. As the monobrand expands, the multibrand suffers. Therefore, multibrand e-commerce must develop novel strategies to remain profitable.

Regarding your supposed appointment as CEO of Armani in the future…

There is no truth to that. I have known Giorgio Armani since the 1990s, and I hold his company and current management in high regard. They are competent and do not require my assistance. As a Board counselor, my role is merely advisory.

Who is Giorgio Armani to you?

He is a source of inspiration for me, a sort of guiding light. I have always admired his capacity to merge creativity with entrepreneurship, an exceptional talent. I am connected to him through an intimate, almost mystical tie: if our fate is predetermined, how can you explain that his birthday falls on July 11th, the exact same day as my daughter’s and my father’s?

He was an early believer in Yoox…

Along with Renzo Rosso, yes. Prada and Hermès were among the last to join. Currently, I have the privilege of working for two Kings: Giorgio Armani and Charles III.

Who is King Charles to you?

He is a sustainability pioneer that I am fully committed to after leaving my company in 2021. Currently, I serve as chairman of King Charles’ Sustainable Markets Initiative Fashion Task Force, which brings together approximately 15 Ceos dedicated to reducing our planet’s impact.

What have we achieved?

We facilitated a collaboration between various brands, including Brunello Cucinelli and Aura Blockchain Consortium, which was founded by Lvmh, Prada, Cartier, Otb, among others. Our collaboration was free of any competition. As a result, the digital passport, a label with a unique code, has already been created. This code assists manufacturers, retailers, and customers to track the traceability of each garment. This milestone is just the first step.

Did you really bring him gifts every time you met?

As someone from Romagna, I cannot go to an invitation without a gift. According to my wife, tabloids reported that he had his butler squeeze his toothpaste. I bought a toothpaste squeezer at Lorenzi’s. He could have taken it the wrong way, but he laughed and invited me to Dumfries House, one of his Scottish estates, shortly afterward.

You made a mistake with the dress code once, right?

No, not that time. However, I showed up inappropriately dressed when a tuxedo jacket was required at another event. In contrast, he has a talent for combining colors in a way that I think is daring and exceptional, a trait I have only seen in Luca Guadagnino, who I hired as an interior designer before anyone else.

Have you brought any other gifts for important individuals?

At a major technology conference in the early 2000s, I felt out of place, often feeling like an outsider. My experience was reminiscent of Peter Sellers in The Party (he is a big movie buff, ed.) However, I had the opportunity to restore Fellini’s film, Amarcord, with YOOX, which was greatly appreciated by him. This occurred while we were in the convention’s canteen enjoying sushi.

Not all outcomes were positive. Yoox initially struggled upon entering China…

You pay for your mistakes. I overestimated my ability to succeed without a local partner. Such errors have consequences. That market only functioned properly when, following several years, we returned in conjunction with a local partner.

In the book, you remember feeling embarrassed about sleeping in the same room as your parents before leaving the house…

The decision to include this information was difficult as it felt too personal to share. Then I realized that if you reveal your deepest thoughts and emotions, you should do it wholeheartedly. The process of writing the book involved a series of meetings over a year and a half, resembling a lengthy psychotherapy session. It worked. In the past, I frequently dreamt about failing an exam, but since finishing the book, the dream no longer haunts me.

The tech entrepreneur’s life now in a book

An invitation with a vintage, second-hand dress code that sounds like a groundbreaking or at least unusual appeal. Except that the one sending it is Yoox founder Federico Marchetti, for the past two years chairman of King Charles III of England’s Task Force on Sustainable Fashion. The occasion is the launch party for his book Le Avventure di un Innovatore (The Adventures of an Innovator). The all-Italian American Dream of the Founder of Yox will be held at the Triennale di Milano this evening. Published by Longanesi, the book traces the story of «the man who brought fashion to the web» that of a boy who goes to study in America, falls in love with the Internet and, with brilliant intuition, returns to Italy to found Yoox, a company later merged with Net-à-Porter Group, which Marchetti left in 2021. Andrea Marchetti, self-proclaimed “innovator,” details his life and career in his book co-written with Daniela Hamaui featuring a foreword by Giorgio Armani, in which Group Marchetti sits as a Board member. Marchetti’s success stems from his courage to take risks and his commitment to hi-tech innovation and sustainability. In 2000, when the Internet was still a novelty, Marchetti put all his eggs in that basket, ready to change the rules of the fashion game. (All rights reserved)