Yoox Net-a-Porter (YNAP) posted revenues of €1.7 billion for 2015, which represented a 30.9 percent increase, or 20.8 percent at constant exchange rates, compared with 2014. The positive performance was driven by strong growth across all business lines. The Asia-Pacific was the fastest-growing region with an increase of 23 percent after adjusting for currency movements, and an even higher sales increase in the last three months of the year. The group's sales growth in China in 2015 stood in contrast to the slowdown that many luxury brands are enduring in the country, due to economic headwinds and an anti-corruption campaign that is limiting the consumers' willingness to display wealth.
Adjusted net income came in at €59.7 million and was up by 37.8 percent as compared to €43.3 million in 2014. Including €6.3 million of non-cash costs relating to share-based incentive plans and net of related tax effects, net income was €53.4 million, representing an increase of 128.5 percent against 2014. The Ebitda margin declined slightly to 8 percent of sales from 8.3 percent in 2014 due to higher marketing and logistics costs.
YNAP was created last October from the merger of Yoox, the Italian online fashion retailer founded by Federico Marchetti in 2000, with Net-a-Porter, the upmarket rival started by the former fashion journalist Natalie Massenet left last year before the merger was completed.
YNAP plans to invest €150 million this year as it works with IBM to build a single platform supporting all of the group's online stores. The company said sales this year are expected to rise in the high teens at constant currencies. The boost from exchange rates is expected to be lower.