Luxury fashion retail group YOOX Net-A-Porter (YNAP) has launched its first dedicated online destination for fine jewellery and luxury watches to serve a fast-growing customer base seeking to purchase high-value items in a single click.
The Fine Jewelry & Watch Suite, which is part of Net-A-Porter’s website, features an extensive fine jewellery collection from more than 40 brands, including Piaget, Cartier, Pomellato, Tiffany & Co. and Buccellati, and select items priced at over €100,000 (£85,000).
New and extensive content will be available for customers including “how to” on topics such as fine jewellery storage and care, diamond education, as well as style inspiration. Customers will also be able to speak to personal shoppers who have been trained by the Gemological Institute of America.
YNAP says fine jewellery and watches is a key part of the e-tailers five-year strategy to grow its high-end luxury category in response to strong customer demand.
Chief executive officer of YNAP, Federico Marchetti, said in a statement: “This explosion in fine jewellery and watches shows there’s no limit to what customers will buy online with us. And we are now getting a fascinating insight into who these hard luxury customers are and what they are prepared to buy online.”
“Fine jewellery and watches are the perfect complement to high fashion. We surprised the sector by introducing this successful category, and the potential of our online platforms for branded jewellery and luxury watches is huge.”
Swiss-based Richemont, which owns brands such as Cartier, Montblanc and Dunhill London, already had a stake in the YNAP Group, but in January made a public tender offer to buy the remaining shares for £33.50 per share,
The majority of fine jewellery and watch customers for both Net-A-Porter and Mr Morter come from the US, with the UK and Hong Kong the next two biggest markets for the e-tail group.
When Net-A-Porter introduced Cartier in 2017, it sold a £113,000 pavé limited-edition Panthère de Cartier watch on the day of launch – the most expensive item sold on the e-commerce fashion site so far.
The Group reveals two thirds of fine jewellery and watch sales on Net-A-Porter come from its most loyal customers, while a quarter of sales are pulled in via personal shoppers.
According to Reuters, YNAP hopes to command €100 million (£85m) in jewellery and watch revenue by the end of 2020.