As online shopping and e-commerce prove ever more prevalent, luxury brands and its’ consumers are rapidly embracing this revolution, with the luxury industry slowly but surely penetrating the online market realm. Competition with bricks and mortar and instore retail experiences means more are opting to go online to run their businesses.
A fresh emerging pure play online fashion retailer that is gaining traction as a power player that crosses luxury and online is YOOX. YOOX was created after the merger between YOOX Group and The NET-A-PORTER Group in 2015. The name is comprised of the male (Y) and female (X) chromosome, with the OO representing the infinity (∞) symbol, all signifying the fundamental language of the digital age.
Unlike other luxury online retailers, YOOX’s concept is a little bit different. Instead of selling the newest products or the latest trends, the retailer buys overstocked or unsold items from previous seasons and sells them at discounted outlet prices.
This may seem like the greatest insult to the devoted luxury customer, but for these luxury brands, YOOX is enabling them to off-load past merchandise without damaging their brand reputation or impacting current sales.
YOOX is successfully contributing to the new era of online luxury retail by creating new systems to circulate products as well as providing a more convenient way for consumers to shop for premium goods.