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Luxury brands late in boarding online retail bus: Report
04 Sep '14
4 min read
Meanwhile, the major online pure-play and multi-channel luxury specialists have been rapidly increasing their online revenues in recent years.
Online luxury retailer YOOX Group which operates multi-brand and powers mono-brand shops of many luxury companies saw a compound annual growth rate in revenues of over 30% between 2009 and 2013.
Another pure-play, multi-brand luxury retailer Net-a-Porter, a subsidiary of Richemont, has seen growth of over 50% over the same period. Another sign of success of online retail is that luxury multi-channel retailer Neiman Marcus breached the 1 billion dollar mark in online sales in 2013.
In addition to the growing web presence of the luxury brand houses and online retailers, another group of players with increasing importance is the private luxury shopping clubs that offer luxury goods online at discounted prices through flash sales accessible to their members only.
These companies include Beyond the Rack and Editor’s Closet in North America, Privalia in Latin America, Vente Privee and Amazon Buy Vip in Europe, Reebonz and Glamour Sales in Asia-Pacific and MarkaVIP and Runway [Sale] in Middle East and Africa. (AR)
Fibre2fashion News Desk - India
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