Headlines

Online Luxury Retailer Launches Jewelry Portal, Targets $120M+ in Sales

Published

6 years ago

April 19, 2018

INSTORE Staff

It will feature Tiffany, Cartier and other brands.

Yoox Net-A-Porter Group, an online luxury fashion retailer, has launched its first dedicated online destination for fine jewelry and luxury watches.

The destination, part of Net-A-Porter’s website, features products from more than 40 brands, including Piaget, Cartier, Pomellato, Tiffany & Co. and Buccellati. Select items are priced at over 100,000 euros (US $123,410).

The Milan, Italy-based company said in a press release that fine jewelry and watches are “a key part of YNAP’s five-year strategy to grow its high-end luxury category in response to strong customer demand.”

“Fine jewelry and watches are the perfect complement to high fashion and the category is expected to create an opportunity for sales of 100 million euros [US $123.4 million] by 2020 for YNAP,” said Federico Marchetti, CEO of YNAP. “We surprised the sector by introducing this successful category, and the potential of our online platforms for branded jewelry and luxury watches is huge.”

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”