Marchetti speaking Friday at the Hindustan Times Leadership Summit.
Marchetti built a legacy business lifestyle online a few days before the growing influence of social media platforms like Instagram and Facebook on fashion catwalks.
YNAP is supported by Swiss luxury goods organization Richemont, which sells watches and brands such as Cartier and Montblanc to the world’s rich. Richemont acquired YNAP in 2018.
Earlier this year, Swiss luxury goods manufacturer Richemont and China’s Alibaba invested $1. 1 billion in the luxury e-commerce market Farfetch to increase their influence on China’s online luxury marketplace.
The move puts Richemont in a key position when it comes to online promotion at a time when grocery shopping behavior around the world is becoming online.
For former stores around the world, this means a replacement in what they sell.
Marchetti said at Net-a-Porter that attractive products and enduring luxury pieces were waiting for the pandemic.
“Recently, especially in the last six months, we have noticed a very marked accumulation in everything that is enduring and investment pieces. So the brands that do are those brands, the highest sensitive quality, with the maximum sumptuous touch, in terms of fabrics not necessarily the big logos, but the brands and pieces that other people can wear from generation to generation and not just from season to season, adding jewelry and watches in those categories,” he said.
Net-a-Porter, who also sells smart-eyed products from Marc Jacobs and Charlotte Tilbury, has noticed that sales of skincare products and smart looks increased for more than six months as shoppers continued to dress, albeit for virtual meetings. “Smart Looks, for example, is a category that flies in Net-a-Porter. Probably during those times covid, in the sense that other people need to look intelligently also in Zoom. In addition, intelligent male looks and skin care are one of our categories and fastest developing,” he said.
The influence of social media on the fashion industry, whether in sales and advertising, is greater with Covid driving more online consumers.
Marchetti said the company has been working hard with Instagram for years, with Net-a-Porter being one of the first stores to use Instagram’s online grocery shopping feature.
Today’s retailers, he said, can do amazing things by employing the generation to create content and entertainment to strengthen customer engagement while encouraging customers to buy attractive products or jackets online. “So, we’re not just a grocery shopping site, we’re the media, in a way, now. I think we were an “artist,” that is, a combination of artist and retailer,” he said.
The store has also noticed that sustainability sales are piling up thanks to its Net Sustain collection. The fashion industry, which did not sell the sustainable progression agenda, even though everything is catching up, he said.
“Yes, thank God, brands and consumers are increasingly aware of this factor (sustainability). For example, the recent Cyber Monday (sales), we saw a sales boom for everything that is sustainable in our offering, whether in Net-a-Poter and Yoox. I believe that the pandemic has been an accelerator of this awareness, as well as the digitization of brands, but also of the sustainability part. Fashion has probably been a little behind on detecting this, however, fashion brands and primary fashion teams are in fact catching up,” he said.
Estimates through Boston Consulting Group show a 45% drop in luxury spending this year, especially as buyers in the UK and US are in the middle of the year. But it’s not the first time They continue to see an increase in covid cases, Bloomberg reported in September. classic fashion brands that present their balance sheets in the West.
“I think we’re in a fast-changing industry that requires consistent and consistent evolution,” Marchetti said. The companies that have problems are the ones that have rejected this constant substitution in technology.
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