YNAP Clicks with Customers By Launching First Dedicated Platform For Fine Jewellery
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YNAP, the world’s leading online luxury fashion retailer, has today 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 destination – 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. 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.
Fine jewellery and watches is a key part of YNAP’s five-year strategy to grow its high-end luxury category in response to strong customer demand. The Group has pioneered the category online, leveraging its first mover advantage to establish itself as the leader in online sales of hard luxury products. The success to date on both NET-A-PORTER and its stablemate, MR PORTER shows that many customers now have no hesitation in making these exclusive luxury purchases online.
Speaking at a luxury industry conference in Portuga, Federico Marchetti, CEO of YNAP, said: “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.”
“Mr Marchetti said: “Fine jewellery and watches are the perfect complement to high fashion and the category is expected to create an opportunity for sales of 100m euros by 2020 for YNAP.”
Mr Marchetti said: “Fine jewellery and watches are the perfect complement to high fashion and the category is expected to create an opportunity for sales of 100m euros by 2020 for YNAP. We surprised the sector by introducing this successful category, and the potential of our online platforms for branded jewellery and luxury watches is huge.”
Key customer insight on fine jewellery and watches from NET-A-PORTER and MR PORTER includes:
- Two thirds of fine jewellery and watch sales on NET-A-PORTER now come from the Group’s most loyal customers, known as Extremely Important People (EIPs)
- A quarter of NET-A-PORTER’s sales come via personal shoppers, demonstrating the importance of service, while the majority of customers are buying either as a gift for themselves or to wear for a special event
- The majority of fine jewellery and watch customers for both NET-A-PORTER and MR PORTER are from the US, with the UK and Hong Kong the next biggest markets
- Cartier launched on MR PORTER earlier this month, complementing its array of existing fine watch brands. MR PORTER also recently unveiled an exclusive Bell & Ross sapphire watch retailing at €400,000, the most expensive item the Group has ever carried across its sites
- NET-A-PORTER EIPs typically own around 35 pieces of fine jewellery and watches in their collection and they enjoy benefits such as EIP previews (providing early access to pieces) and one-to-one appointments with Personal Shoppers. Customers also buy after seeing something they love, even when it comes to fine jewellery
- 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
- On MR PORTER, which first started selling luxury watches in 2013, the fine watches offering is generating new customers. They are initially attracted by the watches– especially aviation and sports based watches – but they then go on to shop other categories, such as from leading designers including Tom Ford, Brunello Cucinelli and Gucci
Questions & Answers
Q.What is the new platform's purpose and what does it offer customers?
What is the new platform's purpose and what does it offer customers?
The platform is the first dedicated online destination for fine jewellery and luxury watches, designed to serve customers seeking high-value items. It offers extensive collections from over 40 brands, detailed content on care and style, and access to GIA-trained personal shoppers.
Q.Which customer groups are primarily driving sales of fine jewellery and watches on NET-A-PORTER?
Which customer groups are primarily driving sales of fine jewellery and watches on NET-A-PORTER?
Two thirds of fine jewellery and watch sales on NET-A-PORTER come from the Group's most loyal customers, known as Extremely Important People (EIPs). A quarter of sales also come via personal shoppers, highlighting the importance of service to these customers.
Q.What are YNAP's financial projections for the fine jewellery and watches category?
What are YNAP's financial projections for the fine jewellery and watches category?
YNAP expects this category to create an opportunity for sales of 100 million euros by 2020. This indicates strong growth potential for fine jewellery and watches within their broader five-year strategy to expand high-end luxury.
Q.How are customers responding to high-value purchases on these online platforms?
How are customers responding to high-value purchases on these online platforms?
Customers are showing no hesitation, with items like a €400,000 watch and a £113,000 limited-edition watch being sold. Many are buying either for themselves or for special events, and they often purchase after seeing something they like.
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