After 20 years, Federico Marchetti, the chairman and CEO of luxury e-tailer Yoox Net-a-Porter steps
away from the CEO role. He founded Yoox in 2000 in the very early days of online fashion.

 

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A post shared by Federico Marchetti (@federicomarchetti) on Mar 4, 2020 at 8:35am PST

“As planned with Richemont, we are in the early stages of implementing a succession plan for the next CEO of YNAP, with me staying on as Chairman to ensure a smooth transition and set the new CEO up for success,” said Marchetti in a memo sent to staff on Wednesday. “There will be no changes in the way we operate for the time being — hence, it is very much business as usual for us all.”

In 2015, the site merged with Net-a-Porter, another luxury e-tail site that was purchased by luxury conglomerate Richemont in 2010. Under the original deal, Richemont owned 50% of the combined site. Three years later, Richemont purchased the remaining stake to become its sole owner.