Online high-end fashion retailer Yoox launched its first marketplace in 30 countries across Europe on Jan. 20, saying it will integrate small businesses and brands and enhance its assortment of product offerings.
The Yoox marketplace will expand into the U.S., North Africa, Japan and the Middle East next year, per the announcement. Yoox is part of Richemont-owned Yoox Net-a-Porter Group and is looking at the online marketplace as an opportunity to transition to a hybrid operating model.
“It will enhance the customer experience, allowing instant access to a wider product assortment including over 700 brands and 150,000 new items across jewelry, ready-to-wear, accessories and footwear,” Valentina Visconti Prasca, managing director at Yoox, told the publication WWD.
Yoox will add products in new categories to the online marketplace, including pre-owned items and beauty, the announcement said. The marketplace integration will support small businesses and brands, giving them the chance to reach and connect with the platform’s global customer base.
Additionally, partners can use Yoox’s distribution network to reduce the need for stock allocation. They will always maintain control over product prices and assortment and access to real-time sales data.
Yoox is aiming to have more than 1 million products available in the marketplace.
Related: Farfetch Acquires Luxury Reseller Luxclusif
In December, luxury retail platform Farfetch acquired resale platform Luxclusif for an undisclosed sum, giving Farfetch control of Luxclusif’s technology platform.
Adding Luxclusif’s employees to the Farfetch family gives the parent company a stronger hold on the resale through automated pricing and faster expansion of the Farfetch Second Life resale service.
Luxclusif and Farfetch had worked together through Farfetch’s startup accelerator program and Farfetch Second Life, where Luxclusif authenticated, priced and sold pre-owned handbags in Europe in exchange for Farfetch credit.
Luxclusif has also taken over operation of Farfetch Second Life and will continue to sell the pre-owned products they acquire, as well as making white-label pre-owned sales for Farfetch Platform Solutions partners.
