YNAP's Federico Marchetti wins EY's ‘Entrepreneur of the Year’ award for Italy
The award is promoted by 'Big Four' accounting firm Ernst & Young (EY) together with Azimut Wealth Management, and is open to entrepreneurs at the helm of companies with a revenue of at least €25 million. It recognises leaders capable of creating value through innovation and strategic vision.
Federico Marchetti was awarded the prize for leveraging the opportunities offered by the internet and by technology innovation. Yoox, the company he created, has become a global leader in luxury fashion e-commerce, especially after its 2015 merger with Net-A-Porter. The YNAP group is now Italy's top digital business, with a market capitalisation in excess of €3 billion. As national winner, Federico Marchetti will have the chance of competing for the title of 'World Entrepreneur Of The Year', which will be awarded in Monaco in June 2017.
"Italy is a breeding ground for innovators and talents, a major competitive advantage we exploited to grow and expand in 180 countries worldwide. I dedicate this (…) award to young people: it is indeed possible to build a business in [Italy]," stated Marchetti.
Online fashion retailer Yoox was founded in 2000 by Federico Marchetti, and last year it merged with Net-A-Porter, creating a fashion e-commerce giant. According to the first half results press release, the YNAP group's net revenue in the first six months of 2016 reached €897million, equivalent to a 16% increase at constant exchange rates (+13% at current exchange rates) .
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