When you think of the top luxury retailers, Net-a-Porter is the first one that comes to mind, so you might be surprised to learn that it’s actually far from where the team wants it to be. “We’re not big enough,” Johann Rupert, the chairman of Richemont (which owns Net-a-Porter) announced during a speech at the Financial Times Business of Luxury Summit in Monaco on Monday.
And just how big does the company want to be? Amazon-level big, he confirmed, noting that the annual expenditure of Jeff Bezos’s baby is “staggering.” You might think a luxury site like Net-a-Porter wouldn’t have that far to go to match it, but get this: Amazon made $89 billion in revenue last year, while Net-a-Porter and Yoox combined made only $1.5 billion. Even numbers-averse people like us can attest that that’s a gigantic gap!
In an effort to get closer to that goal, Rupert is trying to woo other luxury backers like LVMH and Kering to the company to create what would, in effect, be the luxury-shilling giant to trump them all. Only time will tell if this fashionable dream comes true…
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