Like Zalando and many others, Yoox Net-a-Porter is talking about building up a platform. In this case, under the theme “Fast Forward to 2020”, it is not entirely clear what exactly the company thinks a platform is. (back-end integrations of suppliers (here brands) don’t automatically form a platform just because one works with outside partners; company-wide systems aren’t platforms either) From the presentation (PDF):
Yoox Net-a-Porter is still in an interesting position. (It is big enough to move and mold a siginificant share of the market it is in.) The numbers could be stronger:
The problem with Yoox Net-a-Porter is though that the merger may have looked good on paper (for some stakeholders) but it doesn’t seem to work properly well in reality. One part of this, and this goes back to the mechanics behind the merger, is that what Net-a-Porter brings to the table doesn’t seem to be as much appreciated in the newly formed company as it should be. Hence the exodus of Net-a-Porter people.
The most recent troubling sign can be found in the Capital Markets Day presentation (PDF) itself -always look at how companies present themselves-: There is a picture of the Yoox staff at Yoox’ IPO (slide 6) and a picture of a building representing the merger of Yoox and Net-a-Porter (slide 7). So, main people from Yoox pictured, main people from Net-a-Porter not pictured. That doesn’t look like a sign of a healthy company culture to me.
Until the company gets its house in order, I wouldn’t bet on it pulling off bold moves.
Maybe that is why the company’s platform strategy reads like gibberish.
- Behind The Scenes of The Merger of Net-a-Porter And Yoox
- Capital Markets Day ’16: Zalando sees Itself as the Spotify of Fashion
- Gap CEO Would Consider Using Amazon to Reach Customers
- Zalando’s Platform is, Unfortunately, Closer to Rocket Internet than to Amazon
- Amaze, The ‘Tinder For Fashion’, Brings Fashion Data To A New Level