LuxExperience to cut 700 jobs in YNAP overhaul
Operational and administrative teams in Italy, the United Kingdom, the United States and other jurisdictions will be affected
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
LuxExperience has announced plans to cut around 700 jobs across multiple countries as part of a wider restructuring of the Yoox Net-a-Porter (YNAP) business, which it acquired earlier this year in April.
The luxury e-commerce group said it expects the measures – which include streamlining operations and consolidating administrative functions – to help reverse years of declining performance at Net-a-Porter, Mr Porter, Yoox and The Outnet.
Operational and administrative teams in Italy, the United Kingdom, the United States and other jurisdictions will be affected, with workforce reductions dependent on the outcome of required information and consultation processes.
Despite the cuts, LuxExperience said it remains committed to its European hubs, confirming that Yoox will continue to be based in Italy and Net-a-Porter, Mr Porter and The Outnet will retain their headquarters in the UK.
In a statement, the company said the changes were “critical” to the transformation of YNAP and aimed at “regaining growth and financial strength”.
It added: “We acknowledge the impact these proposed actions may have on the people involved, and are committed to supporting all affected employees by seeking responsible and constructive solutions.”
The company said affected staff and stakeholders were being informed in line with local regulations.
The restructuring follows the group’s acquisition of YNAP earlier this year and forms part of a broader strategy that includes increased investment in marketing, buying and customer experience.
