YOOX Bil Sost 12 ENG 04

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2012 SUSTAINABILITY REPORT
YOOX GROUP
CONTENTS
Sustainability highlights ....................................................................................................................................... 3
Chairman’s letter to the stakeholders ................................................................................................................. 4
Guide to the report ................................................................................................................................................ 5
1.
Business approach and identity .................................................................................................................. 7
1.1 YOOX profile and activities ........................................................................................................................ 7
1.2 International growth strategy ..................................................................................................................... 9
1.3 Mission, values and principles ................................................................................................................. 10
1.4 Strategy, markets and business model .................................................................................................... 11
1.5 Sustainability management ...................................................................................................................... 12
1.6 Relations with stakeholders and key sustainability topics ....................................................................... 13
1.7 Corporate governance ............................................................................................................................. 15
2.
Economic performance ............................................................................................................................... 19
2.1 Economic and financial highlights ............................................................................................................ 19
2.2 Creating and distributing value ................................................................................................................ 21
3.
Social performance...................................................................................................................................... 22
3.1 YOOX people ........................................................................................................................................ 22
3.1.1 Human resources management policies ....................................................................................... 22
3.1.2 Breakdown of workforce................................................................................................................ 23
3.1.3 Hiring policies ................................................................................................................................ 25
3.1.4 Diversity and equal opportunities .................................................................................................. 26
3.1.5 Compensation policy and incentive and appraisal schemes ........................................................ 26
3.1.6 Development and training policies ................................................................................................ 28
3.1.7 Workplace health and safety ......................................................................................................... 29
3.1.8 Industrial relations ......................................................................................................................... 30
3.1.9 Internal communication ................................................................................................................. 30
3.2 Customer relations............................................................................................................................... 32
3.2.1 Customer relations management policies ..................................................................................... 32
3.2.2 YOOX’s customers: the figures ..................................................................................................... 32
3.2.3 Services designed to provide an innovative and exclusive shopping experience ........................ 33
3.2.4 Focus on the customer in the shopping process .......................................................................... 35
3.2.5 Communication and marketing ..................................................................................................... 36
3.3 Partners ................................................................................................................................................. 37
3.3.1 Managing relationships with mono-brand online store Partners ................................................... 37
3.4 Suppliers ............................................................................................................................................... 38
3.4.1 Sustainability of Supplier relationships ......................................................................................... 38
3.4.2 Attention to quality ......................................................................................................................... 38
3.5 Shareholders and Lenders .................................................................................................................. 39
3.5.1 Protection of Shareholders and the financial community .............................................................. 39
3.5.2 Relations with Lenders .................................................................................................................. 44
3.6 The community, the local area and Government Authorities .......................................................... 45
3.6.1 YOOX and its relations with the community.................................................................................. 45
3.6.2 Relations with organisations, institutions and associations in the industry ................................... 48
4.
Environmental performance ....................................................................................................................... 50
4.1 YOOX and the environment ................................................................................................................ 50
4.2 Management and use of resources .................................................................................................... 51
4.2.1 Energy consumption and atmospheric emissions......................................................................... 51
4.2.2 Purchasing and consumption of paper ......................................................................................... 53
2012 SUSTAINABILITY REPORT | 1
YOOX GROUP
4.2.3 Water consumption ....................................................................................................................... 53
4.2.4 Waste ............................................................................................................................................ 53
4.3 Environmental policy and sustainable conduct ............................................................................... 55
4.3.1 The environmental impact of mobility ........................................................................................... 55
4.4 YOOXYGEN: paving the way for environmental responsibility ...................................................... 56
Objectives for improvement ............................................................................................................................... 58
Index of GRI G3 indicators ................................................................................................................................. 59
Independent Auditors’ Report on the Sustainability Report ........................................................................... 63
YOOX GROUP
HIGHLIGHTS
594
employees, of whom 83% are permanent. The
number of employees has risen by 60% since
2010 and by 27% since 2011
57%
4,794
of our employees are female,
with women representing
44% of managers
hours of training
provided in 2012
YOOX Group activities
YOOXYGEN, the YOOX Group’s permanent
eco-friendly programme which was launched in
2009, aims to raise environmental awareness
by teaming up with international brands,
designers and celebrities
13 million
AVERAGE NUMBER OF MONTHLY UNIQUE VISITORS
947 thousand
NUMBER OF ACTIVE CUSTOMERS AT 31 DECEMBER
2012
100+
NUMBER OF COUNTRIES WHERE YOOX GROUP
DELIVERS
2,330 thousand
ORDERS DELIVERED WORLDWIDE IN 2012
YOOX GROUP
CHAIRMAN’S LETTER TO THE STAKEHOLDERS
Constant commitment to economic, social and environmental sustainability, and therefore listening closely to
and ensuring transparent relations with all our stakeholders (customers, employees, partners, suppliers,
environment and local communities), are part of YOOX’s DNA.
The heartbeat of YOOX’s sustainability drive is our people: a formidable team of 600 women and men working
tirelessly across every time zone, whose number and expertise continue to grow. Indeed, the workforce
expanded by 27% in 2012. We have a young and hugely multicultural team who are the lifeblood of the Group
and in whom we continue to invest heavily: in 2012, we provided nearly 5,000 hours of total training with a view
to fostering a culture of excellence and meritocracy.
We are proud to have created a young and dynamic working environment, in which around 40% of our
employees are under 30 and the average age across the Group is just 32. In 2012, we continued our strong
commitment to women and equal opportunities as we increasingly seek to establish ourselves as a benchmark
for the sector. Women now make up 57% of our total workforce, with their average pay closer to – or, for some
positions, higher than – that of their male counterparts. We are aware of the importance of having a happy and
settled team, which is why in 2012 we continued to favour permanent contracts over more flexible employment
arrangements: 83% of our employees are now permanent, and we believe this has helped to reduce
absenteeism by 20%.
It goes without saying that YOOX would not even exist without our loyal male and female customers. They are
our raison d’être, and we do everything we can to surprise them, listen to them and understand their needs –
everything is aimed at satisfying our customers and building a trusted relationship with them over the long term,
the key to a sustainable strategy.
We achieved solid financial results in 2012, but our health, safety, security and environmental, performance was
no less significant. By carefully managing all areas, we reduced our direct emissions and obtained important
certifications; in addition, in 2012 around 20% of the electricity we used was generated from certified renewable
sources.
YOOX has always been an advocate of sustainable fashion, spreading the environmental message through the
sector. In 2009, this stance gave rise to YOOXYGEN, an environmental-sustainability programme that involves
day-to-day action as well as special partnerships with international brands, designers and celebrities to raise
environmental awareness among all our stakeholders.
We do not see this Sustainability Report as the culmination of our work; it encourages us to listen more to our
stakeholders and immerse ourselves even deeper into the areas that affect our extraordinary people, our loyal
customers, the environment and the relationships we enjoy with all the areas where we operate. We do not just
pay lip service to sustainability; it is part of our DNA and drives us on to be ever more innovative and
competitive.
Chairman of the Board of Directors
Federico Marchetti
YOOX GROUP
GUIDE TO THE REPORT
The Sustainability Report (hereinafter also the “Report”) of the YOOX Group (hereinafter also the “Company”,
the “Group” or “YOOX”) presents aspects of financial, social and environmental performance to the various
stakeholders (employees, customers, suppliers, commercial partners, shareholders, lenders, government
authorities, communities and environmental agencies). The Company intends to use the document to publish
the results it achieved and the major projects it carried out in 2012, promoting the monitoring over time of social
and environmental impacts.
This Report was prepared according to the Sustainability Reporting Guidelines issued by the Global Reporting
Initiative (GRI) in 2006 (G3), which currently represent the leading international standard for sustainability
reporting.
The Report will be published annually; the level of application of the GRI G3 Guidelines is B+.
This 2012 Sustainability Report has been presented to the Board of Directors and to the Shareholders’ Meeting
following an audit by the Independent Auditors, KPMG S.p.A., whose report is attached hereto.
GRI Guidelines levels of application
The heads of the various corporate departments were involved in the preparation of the Sustainability Report in
order to determine the content of the document and to identify the projects carried out, performance indicators
and targets for the future.
The data and information in the Report refer to the year ended 31 December 2012 and to some big projects
started during the first few months of 2013. Where possible, the trends of the two previous years have also been
included to make it easier to compare data over time. Unless indicated otherwise, the reporting scope for the
Sustainability Report is the same as for the 2012 Consolidated Financial Statements, from which the economic
and financial data included in this Report are taken.
This Report was prepared in accordance with the principles of the GRI, including materiality, stakeholder
inclusiveness, sustainability context and completeness.
The importance of the information included in the Report has been defined according to the Group’s economic,
social and environmental impacts and responsibilities, the regulatory framework and the specific features of the
sectors in which it operates, and the requirements and expectations of its stakeholders.
YOOX GROUP
In order to ensure that the information given is as reliable as possible, priority has been given to directly
measurable quantities. Where estimates were required, this has been indicated in the document.
In terms of preparing the Sustainability Report, the Company wants to gradually broaden the reporting scope of
certain social and environmental indicators, specifically those mentioned in the “Environmental performance”
section.
With regard to the involvement of stakeholders, the Company is committed to further extending dialogue and
engagement.
Content of the Sustainability Report
The YOOX Sustainability Report is broken down into the following sections:
Identity and business approach: this describes the main activities carried out by YOOX in terms of business
lines and markets served. It also outlines the Company’s business approach in terms of mission, values and
management of social and environmental issues.
Economic performance: this presents YOOX’s main economic and financial results as well as a statement
showing the value created by the Company and distributed to its stakeholders.
Social performance: this describes the Company’s policies for managing stakeholder relations and also
includes a selection of quantitative indicators.
Environmental performance: this describes YOOX’s approach to managing the environmental issues and
impacts resulting from its activities.
The “Objectives for improvement” section outlines the areas for particular attention in the coming years with a
view to continually improving the Company’s approach to sustainability issues. This highlights the Group’s
commitment to following a course that can guarantee continual improvement in its activities.
YOOX GROUP
1. BUSINESS APPROACH AND IDENTITY
1.1 YOOX profile and activities
YOOX Group is the global Internet retailing partner for leading
fashion & design brands. It has established itself amongst the
market leaders with the multi-brand online stores yoox.com,
EMPLOYEES AT 31 DECEMBER 2012
thecorner.com and shoescribe.com, as well as with numerous
mono-brand online stores all “Powered by YOOX Group”. The
Group is also a partner of PPR, with which it has created a joint
venture dedicated to the management of the mono-brand online LOCAL OFFICES IN ITALY, THE UNITED
stores of several of the PPR Group's luxury brands.
STATES, JAPAN, FRANCE, SPAIN,
594
7
CHINA AND HONG KONG
yoox.com, established in 2000, is the world’s leading virtual store
for multi-brand fashion, design and art. Thanks to long-standing
direct relationships with designers, manufacturers and official
retailers worldwide, yoox.com offers a never-ending selection of
products that are hard to find elsewhere, including: an edited range
of end-of-season clothing and accessories from the world’s most
prestigious designers, exclusive capsule collections, eco-friendly
fashion, a unique assortment of home design objects, rare vintage
finds, books and a curated selection of compelling and collectable
artworks.
5
TECHNO-LOGISTICS CENTRES IN
ITALY, THE UNITED STATES, JAPAN,
CHINA AND HONG KONG
8
CUSTOMER CARE CENTRES
Launched in 2008, thecorner.com is the luxury online boutique devoted to creating distinctive style and
showcasing an eclectic and selective assortment of high fashion, and directional designers for men and women
from around the globe through dedicated mini-stores.
shoescribe.com, launched in 2012, is the online destination for women, dedicated entirely to shoes and
everything that surrounds them: a wide-ranging and carefully edited assortment including everything from top
designer names to researched brands, complemented by unique and interesting editorial content and exclusive
shoe-related services.
Since 2006, YOOX Group designs and manages mono-brand online stores for fashion brands looking to offer
their latest collection on the Internet. Thanks to years of experience and online shopping expertise, YOOX
Group offers its brand-partners a complete solution including the ideation and implementation of the creative
concept, innovative interface design, a customized technological platform, global logistics, excellent customer
care and international web marketing.
From 2012, YOOX Group is partnering with PPR in a joint venture
dedicated to managing the mono-brand online stores of several luxury
brands: Bottega Veneta, Saint Laurent, Alexander McQueen,
Balenciaga, Sergio Rossi and Stella McCartney.
“YOOX”
The name itself reveals the nature
of YOOX, a human touch that
fuses with technology: X and Y, the
male and female chromosomes,
embrace the zero of the binary
code, the fundamental language of
the information age.
As at 31 December 2012, there are 33 active mono-brand online stores:
marni.com,
emporioarmani.com,
diesel.com,
cpcompany.com,
stoneisland.com, valentino.com, emiliopucci.com, moschino.com,
bally.com,
dsquared2.com,
jilsander.com,
robertocavalli.com,
coccinelle.com,
giuseppezanottidesign.com,
napapijri.com,
albertaferretti.com,
zeishouse.com,
maisonmartinmargiela.com,
zegna.com, y-3store.com, brunellocucinelli.com, bikkembergs.com, dolcegabbana.com, moncler.com,
armani.com, trussardi.com, barbarabui.com, pringlescotland.com, pomellato.com, alexanderwang.com,
sergiorossi.com, bottegaveneta.com and stellamccartney.com.
The YOOX Group has always prioritised global customer service of the very highest quality, marked by rapid
and reliable delivery, fast and easy returns, secure payments, a total privacy warranty, and customer service via
phone and e-mail. The Group is always seeking new ideas to guarantee its customers a unique and innovative
shopping experience.
In order to make sure that its customers enjoy a fully localised shopping experience and excellent service
worldwide, YOOX adopts a strong tailored local approach in spite of its global reach. The Group is active in
YOOX GROUP
more than 100 countries through five logistics centres located strategically on three continents – in Italy (where
the central unit is the Bologna logistics centre), the United States, Japan, China and Hong Kong – and eight
customer care centres in various countries.
YOOX Group provides its online stores with site content in 11 languages, local payment systems, five
currencies and size conversion.
Headquarters in Italy
5 Logistics Centres:
Italy, USA, Japan, China, Hong Kong
7 Local Offices:
Italy, USA, Japan, France, Spain, China, Hong Kong
4 Digital Production Facilities:
Italy, USA, Japan, China
8 Customer Care Centres
11 languages
5 currencies
The YOOX Group had a total of 594 employees at 31 December 2012, working at seven local offices in Bologna
and Milan (Italy), Paris (France), Madrid (Spain), New York (USA), Tokyo (Japan), Shanghai and Hong Kong
(China). The Group’s team is characterised by a high female presence (57% of employees) and an average age
of just 32.
In 2012, the YOOX Group continued its sharp growth in all the major international markets and in both its
business lines. As of 31 December 2012, consolidated net revenues, net of returns and customer discounts,
amounted to Euro 375.9 million, up 29.1% from 2011.
In 2012, the Group had an average of 13 million monthly unique visitors, compared with 10.4 million in 2011.
The number of active customers totalled 947 thousand, rising by around 17% compared with 808 thousand in
2011. The number of orders increased from 2,055 thousand in 2011 to 2,330 thousand in 2012, up by around
13% and equal to one order processed every 14 seconds, with the average order value (AOV) equal to Euro
206 (excluding VAT).
During 2012, approximately 99% of orders were dispatched within the scheduled delivery times requested by
the customers. Thanks to automated picking, which improved the order handling management process, peak
demand during the Christmas period was managed very efficiently and the punctuality of deliveries to end
customers reached record levels.
YOOX GROUP
1.2 International growth strategy
YOOX began with the June 2000 opening of its first
the multi-brand online store, yoox.com, which was
initially operational in Italy and other European
Union countries. Continual growth has been
achieved through the desire to always favour
international expansion by way of entering new
markets. Indeed, foreign markets represented more
than 80% of total consolidated net revenues in
2012. The strong experience built up over the years
has enabled rapid growth of the Group’s business
lines, including through major commercial
partnerships.
YOOX’S GROWTH STRATEGY IS BASED ON
FORMING PARTNERSHIPS AND ENTERING NEW
MARKETS
The stock market flotation in 2009 made it possible
to raise funds for use in accelerating international
expansion strategy. The IPO also made it possible
to further reinforce technological expertise in order
to offer the highest-quality service to customers and
to fashion and design brand-partners. The
partnership with PPR, which began in 2012, is
testament to the market’s appreciation of YOOX
Group’s 13 years of experience in fashion ecommerce, as well as its consolidated expertise at
global level in powering mono-brand online stores
and developing e-tailing strategies for major fashion
brands.
YOOX intends to continue along the path of
constant innovation that has made it a market
leader. In its 13 years of business, the Company
has helped to bring the fashion and luxury-goods
sectors closer to the world of e-commerce, while
creating value for its commercial partners.
YOOX GROUP
1.3 Mission, values and principles
The YOOX Group always strives for improvement, relying on its passion and creativity to help create value for
its end customers and partners. Building relationships of trust with the Company’s various stakeholders is one of
the core elements of the YOOX business model.
Company activities are carried out in
accordance with fundamental and
indispensable values shared across all
areas and all levels. The Company is
committed to continually spreading its
corporate values among its employees,
paying particular attention to staff
training. Understanding and complying
with these values as part of business
management involves ethical conduct
– in both internal and external relations
– and helps the Group to assert itself in
terms of economic growth and
credibility.
The Code of Conduct was drawn up to
ensure that the fundamental ethical
values are clearly defined and
represent the cornerstone of the
corporate culture as well as the
standard for the behaviour of all Group
employees when conducting business
and, more generally, performing their
duties. In addition, the Company has
identified the following professional
ethical virtues: impartiality and equal
opportunities; legality and honesty;
professionalism and trust; preventing
potential conflicts of interest; accuracy
and transparency.
The Group has internal regulations that
govern specific corporate conduct in
line with its core values: honesty, ethics
and transparency. All employees are
required to comply with these
regulations.
YOOX’s system of values guides
business operations and is the basis
for future growth strategies, taking into
account the importance of a solid
business culture.
The core values of YOOX
Soul
The soul of the YOOX Group is the people who work there. Their hearts, talent and brains
are the drivers that create value for the whole YOOX team.
Ethics
YOOX Group’s success is based on honesty, transparency, integrity and confidentiality in
respect of customers and relations between people, and on its capacity to translate a
shared ethical vision into credibility and results.
Innovation
The YOOX Group is different and creates a specific and distinctive identity with its quality,
creativity and innovation.
Excellent performance
The YOOX Group aims to achieve excellence in speed and quality of results, through
recognition of its staff and optimisation of their performance and potential.
Listening to customers
One of the strengths of the YOOX Group is our ability to listen to customers and put
ourselves in their shoes.
Internationality
The international expansion of the YOOX Group requires the ability to accept and respect
differences in various countries by integrating with local cultures and identities.
Italian DNA
YOOX Group was born in Italy, from where it draws its aesthetic sensibilities, world
renowned fashion and design products and its capacity to combine flexibility and
complexity.
Fertile growth
The growth of the YOOX Group is fuelled by constant improvement through the elimination
of waste and optimisation of energy efficiency in order to protect our environment; YOOX
Group firmly believes that the energy for the ideas of the future is green.
Source: corporate website.
YOOX GROUP
1.4 Strategy, markets and business model
Online retail continued to grow steadily in 2012 in nearly all geographical areas and major product categories.
This growth was much faster than in the traditional retail market, which enabled the online channel to further
increase its penetration into the overall retail market, demonstrating the growing trend to use the Internet as a
complementary shopping channel to physical stores.
Forrester Research estimates that the online retail market, excluding the travel, motor vehicle and prescriptionmedicine sectors, recorded sales in 2012 of around Euro 97 billion in Western Europe, an increase of 19%
compared with 20111, around USD 231 billion in the United States, an increase of almost 14% compared with
20112, and Yen 5,091 billion in Japan, up 13% compared with the previous year3. Forrester estimates growth of
15% for the online retail market in Western Europe in 2013, 12% in Japan and 13% in the United States.
Within the online retail market, the YOOX Group operates in the fashion sector (defined as a combination of the
clothing, footwear, jewellery and watches markets), which according to data from Forrester Research
represented approximately 21% of the online retail market in Western Europe and the United States in 2012,
growing by 23% and 16% respectively compared with 2011. Forrester forecasts a CAGR in this category of
around 16% in Western Europe and 10% in the United States. The online fashion market in Japan (defined as a
combination of the clothing, accessories and footwear markets) represents about 21% of the entire online retail
market, having grown by 11% compared with the previous year, with an estimated CAGR for 2012-2016 of
about 9%.
According to estimates published by Forrester Research in May 2012, the online fashion market in China
(defined as a combination of the clothing, accessories and footwear markets) generated sales of around CNY
229 billion (approximately Euro 28 billion) in 2012, up by 40% on the previous year. Even though this market is
still smaller than the others mentioned above, Forrester estimates a much higher CAGR for 2012-16 of around
21%.
There are many reasons for the strong growth forecasts for the online retail market throughout the world. These
include the wider selection of products offered on the Internet, the desire for convenience and the growing
perception of the web as a safe place to make purchases. In addition, the number of Internet users and people
making online purchases continues to grow, together with the higher average annual expenditure per user, this
confirms the emergence of a new, increasingly digitally native generation.
A growing number of fashion, design and luxury companies have further embraced the Internet, aware of the
strategic role it can play in helping them expand their visibility and product offering globally and establish a
direct relationship with their customers. This has led to more companies investing in improvements to the
shopping experience, online content and alternative channels, such as social and mobile commerce, thus
sustaining the growth of online sales over the long term.
YOOX’s strategic priorities for further consolidating its leading market position include:
 Further global expansion, with a strong local approach.
The YOOX Group intends to continue along its path of international expansion, without overlooking Italy
where its roots are based and which will always remain a strategic market where YOOX intends to further
consolidate its leading position;
 Increase of in-season offering through further development of the Mono-brand business line and of
thecorner.com and shoescribe.com in the Multi-brand line;
 Continuing to innovate in order to remain at the cutting edge of the industry, with the ultimate aim of
guaranteeing our customers and brand-partners an innovative and impeccable shopping experience and
services. Within the YOOX Group, there is a real culture of innovation, taking different facets and permeating
into each business area.
1
2
3
Calculations based on Forrester Research data – “Online retail forecast, 2012 to 2017 (Western Europe), Forrester Research Inc., 1 February 2013”.
Calculations based on Forrester Research data – “Online retail forecast, 2012 to 2017 (US), Forrester Research Inc., 18 February 2013”.
Calculations based on Forrester Research data – “Online retail forecast, 2011 to 2016 (Asia Pacific), Forrester Research Inc., 7 May 2012”.
YOOX GROUP
1.5 Sustainability management
YOOX has embarked on a mission to highlight sustainability as part of the management of its business,
including by communicating its economic, social and environmental performance.
As YOOX expands in the global e-commerce market, it wants to create an ever-widening system of relations
with its sector and increase the skills and development opportunities of all its people.
The Company creates value by adopting corporate policies and a management approach in line with the various
requests it receives from its stakeholders.
The Company’s business model uses the corporate
mission and values in order to encourage a balance THE APPROACH TO SUSTAINABILITY MANAGEMENT
between financial targets and economic growth on the IS BASED ON THE CORPORATE VALUES SET OUT IN
THE CODE OF CONDUCT AND THE DEVELOPMENT
one hand and the various social and environmental OF TRANSPARENT RELATIONS WITH
issues arising from its core business on the other.
Indeed, the corporate mission, values and conduct criteria established in the Code of Conduct define the
guidelines on how the Company should act, establishing a strategic and cultural framework for operations.
As the macroeconomic climate and market dynamics become more complex, YOOX intends to stand out from
the crowd through a constant attention to innovation and by focusing on aspects such as: valuing its people;
listening to customers’ demands; respecting the environment; developing stable relations with partners and
suppliers; listening to requests from shareholders and investors; and committed to fair competition. The
Company’s approach to sustainability management also manifests itself in behaviour aimed at ensuring that
market activities are conducted properly through transparent relations.
In order to favour the adoption of an approach governed by transparent relations with third parties, the Group
has embarked on a mission to gradually integrate sustainability issues into its management and strategic
processes. This involves using tools that harmonise existing approaches in a single responsible-management
process. This Sustainability Report is proof of YOOX’s commitment to encouraging transparent communication
with stakeholders and its desire to establish a structured approach to sustainability management.
The dimensions of YOOX’s approach to sustainability
Social dimension
Promote ethical working and
business conduct in order to meet
legitimate stakeholder
expectations in accordance with
shared values
Environmental dimension
Minimise the direct and indirect
environmental impact of our
commercial activities in order
to preserve the environment for
future generations
Economic dimension
Operate in such a way that
corporate choices not only
increase the value of the business
in the short term but also ensure
the continuity of the business in
the medium-to-long term
YOOX GROUP
1.6 Relations with stakeholders and key sustainability topics
For YOOX it is becoming increasingly important to analyse the various requests from stakeholders in order to
create mutually beneficial relations based on transparency, trust and consensus. A sustainability-driven
approach allows the Company to consider the legitimate expectations of its different stakeholders as part of the
decision-making process, in accordance with a balanced perspective and with broader company strategies.
This is why YOOX is committed over the coming years to creating opportunities for a structured dialogue with its
key stakeholders and to communicating its activities in this area via the Sustainability Report. Indeed, careful
management of stakeholder relations is key to creating and sharing the social and economic value that arises
from these activities.
In this context, stakeholder identification is an essential part of the more general approach to sustainability,
partly for the purposes of identifying specific improvement actions in relation to social and environmental
reporting.
YOOX stakeholders’ map
End customers
Environment
Employees
Government
authorities
Suppliers
Communities and media
Partners
Shareholders
Analysts and
Lenders
YOOX GROUP
In order to facilitate the implementation of a sustainable business practice, YOOX has identified the most
important sustainability issues, taking into account their significance for both the Company, in relation to its
values, mission and strategy, and the major stakeholders. These issues are reported in the specific sections of
the Report.
Stakeholder
Issue
Training and development
Employees
Health and safety
Equal opportunities
Communication and dialogue
Quality of products and services offered
End customers
Service innovation
IT and transaction security
Listening to customers’ demands
Economic performance
Shareholders and lenders
Integrity and transparency
Transparent relations
Suppliers
Fairness in transactions
Partners
Service excellence
Communities and media
Support of the community
Regulatory compliance
Honesty in relations
Climate change
Monitoring of environmental impacts
Development of eco-friendly projects
Government authorities
Environment
YOOX GROUP
1.7 Corporate governance
As well as the Parent Company YOOX S.p.A., with its registered office at Zola Predosa (BO), the YOOX Group
has five foreign subsidiaries to serve local markets: the US companies YOOX Corporation and Y Services;
YOOX Japan; Hong Kong-based YOOX Asia Limited; and Mishang Trading in Shanghai. The business model
dictates that the Italian Parent Company serves as a product purchasing centre for the entire Group and
guarantees the supply of products and services to the foreign subsidiaries by way of commercial relations
governed by intercompany agreements.
Corporate governance
Corporate governance is the combination of tools, rules and mechanisms designed to ensure the best possible
corporate decision-making process in the interests of the various stakeholders.
It is also one of the crucial elements in improving economic efficiency and growth and in increasing investor
confidence. This involves a series of relations between managers, the Board of Directors, shareholders and
other interested parties, defining the structure used to set corporate objectives, the resources for meeting these
objectives and the results already achieved.
When it defined its governance structure, YOOX S.p.A. adopted the principles and criteria recommended by the
updated December 2011 version of the Italian Stock Exchange’s Corporate Governance Code.
The Company has adopted a traditional management and control model (as provided for by Italian law pursuant
to Articles 2380-bis et seq. of the Italian Civil Code) based on a Shareholders’ Meeting, the Board of Directors,
Board of Statutory Auditors and Independent Auditors.
The Board of Directors of YOOX S.p.A.
The members of YOOX S.p.A.’s Board of Directors are appointed by the Shareholders’ Meeting, taking into
account the eligibility, professionalism and good-standing requirements provided by law and by other applicable
provisions. Before making the appointments, the Shareholders’ Meeting must determine the number of directors
and the term of office of the Board. Specifically, the number of directors can range from five to fifteen, and their
term of office can be no longer than three financial years. There must also be an appropriate number of
independent directors as specified by law and, given that the Company is listed on the STAR segment of the
MTA electronic exchange, in compliance with the Instructions for Stock Exchange Regulation.
Unless already decided by the Shareholders’ Meeting, the Board of Directors elects the Chairman from among
its members; it may also elect one or more Vice Chairmen, who will remain in their respective post(s) for the
duration of their directorship(s), which expire(s) on the date of the Shareholders’ Meeting called to approve the
financial statements of the last year of their term.
The Board of Directors is vested with all powers to manage the Company and, to this end, may pass resolutions
or carry out any measures that it deems necessary or useful to fulfil the corporate purpose, with the exception of
matters reserved for the Shareholders’ Meeting pursuant to the law or the Company Bylaws.
The curriculum vitae of every director is filed at the registered office and is available in the “Corporate
Governance” section of the Company’s website, www.yooxgroup.com.
Lead Independent Director
The Lead Independent Director, who is appointed by the Board of Directors pursuant to the Corporate
Governance Code, is responsible for dealing with and coordinating requests from the non-executive directors
and, in particular, the independent directors.
The Lead Independent Director, an independent director with appropriate accounting and financial expertise, is
also Chairman of the Director Appointments Committee, a member of the Compensation Committee, Chairman
of the Control and Risk Committee and Chairman of the Committee for Related-Party Transactions.
Board committees
The following committees have been set up within the Board of Directors:
 Director Appointments Committee: comprising three non-executive directors, two of whom must be
independent, the functions of this committee include recommending that the appointment of directors is
governed by methods that ensure transparency and a balanced composition of the Board, making sure in
particular that there is a sufficient number of independent directors.
 Compensation Committee: comprising three non-executive directors, two of whom must be independent,
this committee has an advisory and recommendatory role, and its main duty is to submit proposals to the
Board of Directors regarding the compensation of the Chief Executive Officer and of directors holding
YOOX GROUP
specific positions, as well as, at the suggestion of the Chief Executive Officer, the determination of criteria for
the compensation of management personnel with strategic responsibilities.
 Control and Risk Committee: comprising three non-executive directors, all of whom must be independent,
this committee advises and makes recommendations to the Board of Directors and to the executive director
with responsibility for the internal control and risk management system; in particular, it helps to define the
guidelines for the internal control and risk management system and to periodically assess the suitability,
efficiency and functionality of said system.
 Committee for Related-Party Transactions: comprising independent directors, as specified by the
“Related-Party Transactions” Procedure, this committee helps the Board to evaluate and approve such
transactions.
The internal control and risk management system
The internal control and risk management system is the combination of rules, procedures and organisational
structures that allow the Company, through an appropriate process of identification, measuring, management
and monitoring of the main risks, to be run in a sound and correct manner, in line with established objectives. An
efficient internal control and risk management system helps to ensure the protection of company assets, the
efficiency and effectiveness of corporate transactions, the reliability of financial reporting, and compliance with
laws and regulations.
The structured and formalised models that the Company has put in place to manage internal controls and
corporate risks are as follows:
 Model pursuant to Law 262/05 referring to the organisation, formalisation and verification of adequacy and
functionality of the administrative and accounting procedures and the active procedures for financial
reporting;
 Organisation and management model referring to the prevention of offences pursuant to Legislative Decree
231/2001 as subsequently amended;
 Workplace health and safety management system conforming to British Standard OHSAS 18001:2007;
 Group control and planning model, with the aim of ensuring that the Company is being managed in line with
the objectives set by senior management;
 Information security management system based on International Standard ISO/IEC 27001 for managing
risks relating to the confidentiality, integrity and availability of corporate information (including the
management of risks pursuant to Legislative Decree 196/2003 as subsequently amended).
In addition to the above, the Company’s control environment includes:
 the Code of Conduct, which defines all the values recognised, accepted and shared across the entire YOOX
community during the performance of company business, and outlines appropriate conduct in line with these
values;
 the objectives, responsibilities and roles defined and formalised as part of the organisation of the Group;
 powers and authorisations consistent with organisational responsibilities;
 a training model for the major regulatory topics, for the Group and the individual business lines;
 a body of procedures to govern the major corporate processes.
Although they are not mentioned above, the Company departments play a key role in the management of
internal controls and corporate risks by performing second- or third-level controls on corporate processes or by
supporting and advising other departments (e.g. Legal Department, Internal Auditing).
Organisational model pursuant to Legislative Decree 231/2001 and the Code of Conduct
YOOX S.p.A. adopted an organisational, management and control model to prevent the offences mentioned in
Legislative Decree 231/2001 (hereinafter also “Model 231”), as subsequently amended, on 3 September 2009
with a view to ensuring that corporate activities are conducted correctly and transparently, and to protecting its
position and image and those of Group companies, shareholders’ expectations and the work of its employees,
formulated on the specific requirements determined by the entry into force of Legislative Decree 231/2001.
By resolution of the Board of Directors on 16 December 2010, and in view of regulatory changes, the Company
adopted a new version of the organisational, management and control model pursuant to Legislative Decree
231/2001 and of the Group’s Code of Conduct. The new model consists of a general part describing, among
other things, the general principles for the adoption of the model, and identifying the activities where there is a
risk of offences being committed: relations with government authorities; corporate obligations; workplace health,
safety and accident prevention; managing commercial and financial activities at risk of money laundering;
managing IT systems and electronic documents; confidential information; managing the publication of online
editorial content; managing commercial activities at risk of industrial, commercial or counterfeiting crimes.
The specific part of the model covers the various categories of offence mentioned in Legislative Decree
231/2001 and considered to be a risk for the activities carried out by the Company. Among other things, its
YOOX GROUP
function is to identify crimes that could be committed at the Company and methods of preventing them, and to
recommend a code of conduct.
An update to the model is scheduled for the first half of 2013. In 2012, the Company began the risk
assessments and preparatory work required to update the model with all the offences currently included in
Legislative Decree 231/2001. Updating the corporate procedures, including those relating to Legislative Decree
231/2001, is an ongoing process.
Model 231 introduces an appropriate system and adequate punitive measures for conduct in violation thereof.
The Code of Conduct is an integral part of this model. It outlines the ethical principles and conduct that should
be followed by Company employees and other recipients, helping to create a control environment that can
ensure the Company’s activities are always based on the principles of fairness and transparency, and reducing
the risk of the crimes mentioned in Legislative Decree 231/2001.
Compliance with the Code of Conduct and with Model 231 is formally monitored by the Group’s Internal Auditing
department, which covers all the various parts of the business.
During 2012, the audits aimed at ensuring compliance with Legislative Decree 231/2001 were carried out in
conjunction with the other control activities provided for by the department’s business plan as approved by the
YOOX S.p.A. Board of Directors.
Specifically, controls were carried out pursuant to Legislative Decree 231/2001 in conjunction with annual
monitoring pursuant to Law 262/05 of the six macro business cycles that have an impact on the financial
statements. In addition, four “231-related” audits were conducted in 2012 on specific corporate processes (store
purchases, supplier returns and recovery of costs, powers of attorney for bank transactions, overview of the
workplace health and safety management system). These audits did not reveal anything that significantly
compromised the adequacy or functionality of Model 231 and of the Code of Conduct.
The audit schedule for 2013, which was approved by the Board of Directors on 5 March 2013, includes specific
audits on certain areas at risk of crime (gifts and sponsorship, consultancy, recruitment, use of public funds).
Supervisory Body
The YOOX S.p.A. Supervisory Body, which is appointed by resolution of the Board of Directors and comprises
three members (two of whom are external), has independent powers of initiative and control, oversees the
functionality of and compliance with Model 231, and is responsible for updating said Model. Specifically, the
Supervisory Body is charged with checking the efficiency of Model 231 and compliance with its methods and
procedures, and with making recommendations to the Board of Directors on any updates and amendments to
the Model. The Supervisory Body produces half-yearly reports for the Board of Directors on its audit and control
activities and the outcomes thereof. As a member of the Supervisory Body, the head of Internal Auditing plays a
proactive role in helping to understand corporate changes and phenomena, and in implementing the
recommendations of the Supervisory Body within the Company.
During 2012, the Supervisory Body was always invited to meetings of the Control and Risk Committee, for their
full duration, and thus participated in and became aware of all topics for discussion in these meetings potentially
pertaining to Legislative Decree 231/2001.
The Supervisory Body also holds regular meetings with the management of the Company to ensure agreement
on risk profiles, the evolution of the business and organisational structures.
No critical aspects arose during the year, and there were no indications of any potential violations of Model 231.
Communication and training in relation to Model 231 and the Code of Conduct
Raising awareness of Model 231 and the Code of Conduct takes place internally through communication to, and
training activities for, employees. New hires are notified in their employment contract and during introductory
training programmes. Model 231, the Code of Conduct and corporate procedures are available on the
Company’s intranet, which is open to all employees. E-mail notification is given when changes are made to
Model 231.
In order to ensure compliance with the provisions of Model 231 and the Code of Conduct, third parties (e.g.
suppliers, partners, business customers, consultants) are required to agree to specific clauses in their contracts
providing for termination in the event of non-compliance.
Model 231 and the Code of Conduct are available in the “Corporate Governance” section of the Company
website, www.yooxgroup.com.
YOOX GROUP
Board of Directors
Chairman and Chief Executive Officer
Federico Marchetti
Vice Chairman
Stefano Valerio
Non-executive director
Mark Evans
Independent non-executive director
Catherine Gérardin-Vautrin
Elserino Mario Piol
Massimo Giaconia
Raffaello Napoleone
Board of Statutory Auditors
Chairman
Filippo Tonolo
Auditor
David Reali
Auditor
Patrizia Arienti
Alternate Auditor
Edmondo Maria Granata
Alternate Auditor
Salvatore Tarsia
2012
2011
2010
Total members of the Board of Directors (no)
7
7
7
Executive directors on the Board of Directors (no)
1
1
1
Independent directors on the Board of Directors (no)
4
3
3
10
8
11
Average attendance of directors at Board meetings (%)
87%
91%
87,2%
Meetings of the Director Appointments Committee (no)
-
-
-
Meetings of the Compensation Committee (no)
6
6
5
Meetings of the Control and Risk Committee (no)
4
4
4
Meetings of the Committee for Related-Party Transactions (no)
1
-
-
Meetings of the Board of Statutory Auditors (no)
7
9
12
Corporate Governance
Meetings of the Board of Directors (no)
YOOX GROUP
2. ECONOMIC PERFORMANCE
2.1 Economic and financial highlights
The YOOX Group continued to
experience strong growth in
2012 in all its key international
markets and in both its business
lines. These results confirm the
strength of the Group’s business
model and of the actions
implemented increasingly during
the year to be close to its
partners and customers.
2012
2011
375,924
291,188
EBITDA
32,085
24,081
Operating profit
18,911
16,423
Consolidated net income (loss)
10,183
10,000
2012
2011
Summary of results (Euro thousands)
Consolidated net revenues
Reclassified consolidated statement of financial position
(Euro thousands)
Consolidated net revenues, net
32,061
32,998
of
returns
and
customer Net working capital
55,472
36,911
discounts, amounted to Euro Non-current assets
375.9 million in 2012, an Non-current liabilities (excluding financial liabilities)
-340
-296
increase of 29.1% on the
Net
invested
capital
87,193
69,613
previous year.
The Group’s net invested capital Shareholders’ Equity
101,762
82,554
went from Euro 69,613 thousand Net debt/(Net financial position)
-14,569
-12,941
at 31 December 2011 to Euro
87,193
69,613
87,193
thousand
at
31 Total sources of financing
December 2012, an increase of
25.3%. This increase was due to the Group’s continuing policy of investment in its techno-logistics platform and
in technology. Despite this investment, the net financial position improved from Euro 12,941 thousand at 31
December 2011 to Euro 14,569 thousand at 31 December 2012, thanks to cash flows.
The Multi-brand business line, which includes yoox.com, thecorner.com and shoescribe.com, recorded
consolidated net revenues of Euro 262.0 million, an increase of 23.1% compared with Euro 212.8 million at the
end of 2011. A significant contribution to this performance
Consolidated net revenues by business line (Euro millions)
came from the growth of yoox.com, which experienced a
marked acceleration in sales in the fourth quarter and
375.9
whose Chinese version was also launched during the same
period. 2012 was also an extremely positive year for
291.2
thecorner.com and for shoescribe.com, which, following its
launch in March 2012, is proving to be a destination of
70%
214.3
choice in the footwear sector.
In the fourth quarter of 2012, net revenues of the Multi73%
brand business line were 25.5% ahead of the previous year
76%
at Euro 75.7 million.
Overall, the Multi-brand business line accounted for 69.7%
30%
27%
of the Group’s consolidated net revenues as of 31
24%
December 2012.
2010
2011
2012
The Mono-brand business line includes the set-up and
Multi-brand
Mono-brand
management of the online stores of some of the leading
global fashion and luxury brands. In 2012, this business line
posted consolidated net revenues of Euro 113.9 million, an increase of 45.3% compared with Euro 78.4 million
at 31 December 2011 thanks to the performance both of the online stores that were already active at the start of
2012 and of those launched during the year.
YOOX GROUP
In terms of geographical areas, Consolidated net revenue by geographical area (Euro millions) 2012
2011
North America was once again the
59
57.7
Group’s biggest market, with sales Italy
180.2 141.6
of Euro 81.5 million, corresponding Europe (excluding Italy)
to 21.7% of consolidated net North America
81.5
59.7
revenue and up by 36.5%
31.1
19.8
compared with 2011. The other Japan
14.6
6.1
major markets also performed Other countries
extremely well in 2012. Net Not country related
9.5
6.3
revenue in Italy rose by 2.4%
375.9 291.2
compared with the previous year Total
(+11.8% in the fourth quarter
alone). The results for the rest of Europe were also excellent, with growth of 27.3%. The main countries that
contributed to the Group’s sales in Europe in 2012 were France, Germany and the UK, all showing increases
compared with 2011, and Russia, which continued to post excellent results.
Japan, with growth of 56.8% compared with 2011 (+44.8% at constant exchange rates), and the Other
Countries area, with China-dominated growth of 139.7% compared with 2011, performed extremely well.
Capital expenditure in 2012 amounted to Euro 30.3 million. Investment continued in the new highly automated
global logistics platform. Specifically, given the success of previous investments in improving operating leverage
and considerably increasing efficiency, the Group decided to bring around Euro 3 million of investments forward
to 2012 in order to accelerate the automation of the Bologna logistics centre, a project that was completed
successfully at the end of February 2013.
The Group also continued to invest in innovation and consolidation of multi-channel technology, with a view to
staying ahead of the game in a fast-growing channel such as mobile. Indeed, customers will increasingly be
exposed to both fixed and mobile channels.
More information on the main features of YOOX Group operations in 2012 can be found in the directors’ report
on operations, which is available on the Group’s website as part of the consolidated financial statements.
YOOX GROUP
2.2 Creating and distributing value
Calculating directly generated economic value gives an indication of the YOOX Group’s ability to create wealth
and distribute it to its various stakeholders. In accordance with GRI guidelines, the statement below
distinguishes between three types of economic value: generated, distributed and retained.
Economic value generated and distributed (Euro thousands)
2012
2011
Change
Economic value generated by the Group
389,176
302,371
28.7%
Consolidated net revenues
375,924
291,188
29.1%
14,747
10,591
39.2%
135
59
126.5%
Other income
Financial income
Value adjustments to financial assets
(366)
-
Write-down of receivables
(50)
-
Exchange rate differences
(1,212)
533
-327.5%
Economic value distributed by the Group
365,501
284,525
28.5%
Operating costs
324,655
250,886
29.4%
33,187
26,510
25.2%
726
428
69.9%
-
-
6,898
6,648
3.8%
35
54
-35.7%
Economic value retained by the Group
23,676
17,845
32.7%
Depreciation and amortisation
13,174
7,659
72.0%
318
186
70.8%
10,183
10,000
1.8%
Employee compensation
Payments to lenders
Payments to investors
Payments to government authorities*
Gifts to third parties
Provisions
Reserves
* payments to government authorities include deferred taxes.
YOOX GROUP
3. SOCIAL PERFORMANCE
3.1 YOOX people
3.1.1 Human resources management policies
YOOX encourages the professional development and growth of its people, fully aware of how important they are
to the success of the business. Managing people involves maximising their potential and creating a collaborative
and growth-driven working environment.
The underlying principles of YOOX HR management
Impartiality and
equal
opportunities
Fairness and
transparency
Prevention of
potential conflicts
of interest
Legality and
honesty
Professionalism
and trust
Striving for excellence in the pursuit of corporate goals involves teamwork and a constant focus on
professionalism, passion and motivation.
As it enjoys rapid international growth, YOOX implements a series of principles underpinning its people
management. These involve developing relationships that are fair, transparent, impartial and honest.
YOOX also encourages diversity in its people management in the belief that considering different points of view
can create added value and help to enhance professional and personal relationships.
YOOX complies with existing Italian legislation and promotes the standards of human resources management
and the principles set out by the Group’s Code of Conduct to ensure that the rights enshrined in the Universal
Declaration of Human Rights and the principles of the conventions of the International Labour Organisation are
upheld in each country in which it operates. These principles underpin selection, management and
development, training and internal-communication processes, relationships with trade unions and the focus on
health and safety issues.
YOOX GROUP
3.1.2 Breakdown of workforce
YOOX’s people play a key role in achieving the
corporate objectives.
Adopting a long-term outlook with a view to the overall
sustainability of the Company involves investing in the
development of human resources and creating a
collaborative and motivational working environment that
can meet the requirements of each individual and
maximise their various professional and personal
qualities.
Human resources management involves trying to strike
the right balance between various aspects such as
growth, respect, safety, well-being and dialogue.
At the end of 2012, the YOOX Group had 594
employees in total, an increase of 27% compared with
2011 and 60% on the figure at the end of 2010, in line
with the strong business growth of recent years.
The Company remains firmly rooted in Italy, with 88% of
its employees based at the two Italian offices and the
remaining 12% based abroad.
Change in total number of employees
594
469
372
2010
2011
32
AVERAGE AGE OF YOOX EMPLOYEES
83%
PERCENTAGE OF EMPLOYEES ON PERMANENT
CONTRACTS
YOOX wants to encourage stable and long-term
employment relationships, which is why 83% of its employees are on permanent contracts.
Breakdown of employees by age range - 2012
8%
39%
<30
30-40
>40
53%
2012
YOOX GROUP
The average age of YOOX employees is 32, which is evidence of a particularly young and dynamic working
environment. The average seniority in 2012 was 2.7 years.
Total workforce (no of employees and contract workers)
Employees
2012
Male Female
2011
Male Female
2010
Male Female
255
339
206
263
163
209
Temporary workers
1
4
19
43
15
17
Project workers
-
2
2
10
-
1
Total by gender
256
345
227
316
178
227
Total
601
543
405
2012
2011
2010
YOOX people
Employees by status (no)
Male Female
Male Female
Male Female
Managers
15
6
20
4
14
2
Junior managers
24
25
17
17
15
15
194
257
155
207
128
174
22
51
14
35
6
18
255
339
206
263
163
209
Office workers
Workers based abroad
Total by gender
Total
594
469
372
NB: the headcount does not include the Chief Executive Officer of YOOX S.p.A., interns or contract workers.
2012
2011
2010
Permanent
492
392
317
Fixed-term
102
73
48
-
4
7
594
469
372
2012
2011
2010
Full-time
558
437
345
Part-time
36
32
27
594
469
372
2012
2011
2010
<30
226
184
157
30-40
318
247
192
50
38
23
594
469
372
Average seniority (years)
2012
2011
2010
Average seniority
2.71
2.67
2.60
Employees by type of contract (no)
Apprenticeship
Total
Part-time and full-time employees (no)
Total
Employees by age range (no)
>40
Total
YOOX GROUP
Employees by geographical area (no)
Italy
Abroad
Total
2012
2011
2010
521
420
346
73
49
26
594
469
372
The YOOX workforce is characterised by a wide range of education, professional experience and cultural
backgrounds. The Group employs 29 different nationalities.
3.1.3 Hiring policies
YOOX is committed to developing and implementing transparent hiring policies founded on the principles of
equal opportunities and diversity. Candidates are selected based on their professional qualities and how suited
they are to the role.
Total Group headcount increased by 125 employees, up 27% compared with 31 December 2011. More than
79% of new hires were made at the Italian offices. More than 72% of new recruits were Italian, with around 53%
under 30 years of age.
Fixed-term contracts converted into permanent contracts (no)
Number of contracts converted
2012
2011
2010
53
29
25
Owing to the highly innovative and technological nature of its business, YOOX makes targeted appointments of
people with specific expertise in new technologies. This is why the Group attributes particular importance to
recruiting, selecting and successfully integrating people into the company.
YOOX looks for dynamic people driven by change and innovation.
The main tools and channels used to recruit candidates, particularly young graduates, are the Group website,
social media such as LinkedIn and relations with partner schools and universities.
The selection and recruitment process aims to find the most talented people who can show that they have the
aptitude and the specialist technical expertise necessary for the roles.
The selection process features a first phase dedicated to an aptitude and motivation assessment, as well as a
second one focusing more on technical and professional aspects.
The soft-skill assessment, in particular, covers both the key skills expected of all YOOX staff and the candidates’
affinity with the Group’s corporate values.
New recruits are integrated carefully through a detailed induction process which, by balancing training and
practical experience, introduce them to the organisation of the Group on a global scale and to the situations in
which it operates.
There is a lot of room for internal career progression. In general, the search for a candidate to fill a vacant
position begins internally through a job-posting system. If this is not successful, the net is cast outside the
Group.
With a view to strengthening the ‘global’ identity of YOOX people, the Company’s various internal-mobility
programmes aim to promote and encourage international career development.
YOOX has also always set a good example on the use of internships: young candidates have the possibility to
experience the work life at the company through a six-month internship, at the end of which they may be offered
an employment contract, and therefore the chance to start a career at the Group, if they perform well. During
2012, 18 interns were given employment contracts.
YOOX GROUP
Relations with universities
YOOX remains committed to working with the academic world. Specifically, YOOX has maintained relationships with the
University of Bologna (at its various faculties and sites), Bocconi University, SDA Bocconi and the Politecnico di Milano
by way of meetings, presentations and case studies.
Moreover, in line with the Group’s international development, we have increasingly looked to the international market in
recent years both for highly qualified specialists and for new graduates, managing relationships and working together
with leading business schools such as INSEAD (France), IESE (Spain) and IUM (Monaco).
It is not Group policy for YOOX to favour candidates living locally to its corporate offices. Where possible, it tries
to consider proximity to operational sites, especially for technical and operational positions. Specifically, 48% of
people hired at the Milan site in 2012 live in the same municipality, while 57% of new starters at the Interporto
logistics centre and Zola Predosa site live in Bologna.
Staff turnover, i.e. the number of employees who left in 2012 as a percentage of the total headcount at the end
of the year, was unchanged on the 2011 figure at 17%.
Turnover (%)
Turnover
2012
2011
2010
17
17
8
NB: employees who left during the year / total employees at 31 December 2012.
3.1.4 Diversity and equal opportunities
The equal treatment that YOOX offers to its people manifests itself in the policy of non-discrimination on the
grounds of race, gender, nationality, sexual orientation, social status, physical appearance, religion and political
orientation, both in the selection process and in all of the Group’s activities.
The fact that the majority of the workforce (57%) is female further confirms the Group’s commitment to equal
opportunities. Moreover, women accounted for 44% of the managerial positions at the end of 2012.
One of the seven members of the Board of Directors is female (14%). As the Board was appointed prior to 12
August 2012, YOOX is currently in compliance with the provisions of Law 120/2011.
In addition, YOOX has always strived to identify ways of improving the work-life balance of its employees,
particularly working mothers. For example, 12 requests to go part-time were granted in 2012. Under the current
employment contracts, offering a switch to part-time work is a useful way to provide employment flexibility and
meet the needs of employees. The switch to part-time is voluntary, reversible and compatible both with the
technical, organisational and production needs of the business and with the needs of employees.
In addition, 22 optional maternity and paternity leave requests were granted. YOOX has also started to offer
teleworking contracts. There were two instances of this in 2012: one in Zola Predosa and the other in Milan.
By entering into formal agreements with the relevant government authorities, YOOX is gradually adjusting to
legal provisions relating to the employment of persons belonging to legally protected categories.
3.1.5 Compensation policy and incentive and appraisal schemes
The compensation policy aims to fairly and tangibly reward our people’s commitment and contribution to the
success of the Company. In 2012, policies were specifically aimed at ensuring competitiveness in the labour
market, in line with the objectives of attracting and developing human resources and making them loyal, as well
as differentiating the tools in order to ensure internal consistency based on shared objective criteria.
The fixed component of compensation is the monthly salary, which is paid on the basis of contractual provisions
and of meritocratic rewards such as bonuses and increases. Pay levels vary according to position held,
responsibilities assumed, skills acquired, performance and individual targets achieved. The external market is
also a hugely important benchmark.
YOOX’s pay systems are based on total compensation and designed to reward individuals differently in
accordance with the scale and importance of the position, the strategic nature of the person’s skills and their
personal value, in line with market practice.
YOOX GROUP
In accordance with the Group’s strategic guidelines, the fixed component of compensation is managed based
on increasingly selective criteria.
The variable component of compensation has increasingly become a differentiator and a way of aligning pay
with Company profits and performance, using the following plans:



Management by Objectives (MBO) – these plans foster employee involvement and motivation to help
achieve individual performance objectives;
Stock Option – these plans encourage senior management to reach corporate financial results targets
by awarding stock options if targets are achieved;
Retention – these plans award shares to key employees, encouraging them to stay with the Group and
retaining a competitive pay structure.
In 2012, managers at the Italian offices were awarded a free healthcare policy integrating the national industrywide FASDAC plan. The policy covers healthcare costs incurred following an illness suffered by or an injury to
the manager or members of his/her immediate family.
Average gross annual pay of women compared with that of
men by employment status – Italian offices
Managers
Junior managers
Office workers
2012
2011
2010
88%
87%
88%
102%
98%
100%
91%
88%
88%
In 2012, YOOX used performance evaluation to appraise employees, encourage their development and ensure
clear and continual dialogue between managers and their staff throughout the year.
Performance evaluation analyses the value created by each employee during the performance of their duties.
The system has two different methods of evaluation:


evaluation of goals;
evaluation of achievements (MBO).
This system provides the Company with objective, shared and transparent input data with which to calculate the
variable component of compensation for eligible employees, as well as the most important indicators for starting
staff management and development plans.
YOOX GROUP
3.1.6 Development and training policies
Training plays an increasingly important role at YOOX.
There were numerous training events in 2012, with
various specific targets:



Inductions for new starters: introduction to the
YOOX business model, presentation of the
Company’s procedures and structure, on-the-job
digital-production training and customer care
training, lasting a total of two months;
Specialist and managerial training courses
(English,
project
management,
time
management, public speaking, leadership and
team management);
Mandatory training courses on Model 231, the
Code of Conduct, privacy and data security,
workplace health and safety, first aid and fire
safety.
4,794
HOURS OF TRAINING PROVIDED IN 2012 AT GROUP
LEVEL
8.1
AVERAGE NUMBER OF HOURS OF TRAINING
PROVIDED TO EACH EMPLOYEE IN 2012 (NO OF
EMPLOYEES AT 12/31/12) AT GROUP LEVEL
Hours of training by subject area - 2012
5%
21%
31%
Integration and internal processes
Regulatory
Managerial development
Languages
16%
Organisational development
A total of 4,794 hours of training was provided in 2012, with
27%
a prevalence of induction (31%), regulatory (27%) and
language class sessions (21%). An average of 8.14 hours of
training was provided to each employee in 2012. Specifically, the average per capita training hours by employment
status were: 10 for managers, 12.8 for junior managers and 5.3 for office workers5. In view of the growing
importance of training as part of staff development and growth activities, as well as to comply with mandatory
regulations, YOOX has set up a team dedicated to training within the Human Resources & Organisation
department.
Employees can provide feedback on training modules using evaluation questionnaires distributed at the end of each
training session, covering both the content and the teaching methods used. Training modules in 2012 were widely
appreciated by participants.
The YOOX Group launched a pilot mentoring programme in its Italian offices in 2012, aiming to provide a group of
talented young employees with the chance to be accompanied in their professional development by more
experienced colleagues who have been trained as mentors. Both sides benefit from the programme: the mentee
gains a better knowledge of the YOOX culture and organisation as well as the chance to expand their internal
network, while the mentor gains exposure to a new way of thinking and working as well as the chance to develop
new skills and managerial experience. In the second half of 2013, the pilot mentoring programme will be extended
to foreign offices and to new mentors and mentees (who will be chosen from the Group’s talented young
employees).
Ethics and regulatory compliance are part of the Group’s values and are reflected in all its main policies, including
safety, data management and adoption of the organisational, management and control model pursuant to
Legislative Decree 231/2001 and of the attached YOOX S.p.A. Code of Conduct. In 2012, new starters received a
total of 105 hours of training on these subjects. Training will be spread more widely to all Group employees in 2013
following an update to Model 231.
2012
Hours of training by employment status
Managers
211
Junior managers
626
Office workers + abroad
2,779
Total
3,616
NB: this does not include the 1,178 hours of workplace health and safety training.
4
5
Calculated based on the number of employees at the end of 2012 including workplace health and safety training hours.
Calculated based on the number of employees at the end of 2012 excluding workplace health and safety training hours.
YOOX GROUP
3.1.7 Workplace health and safety6
The workplace health and safety of all YOOX people, in accordance with applicable legislation and the
principles laid down in the Code of Conduct, is a priority. Specifically, the Group strives to provide working
conditions that ensure respect for the physical and moral integrity of its workers.
There were 10 accidents across the Italian offices in 2012, of which eight occurred during commuting (80%).
The two people involved in the non-commuting accidents requested corrective measures to equipment, and
these were carried out promptly.
There were no fatal accidents during 2012, nor were there any accidents involving contractors working at YOOX
sites. There were also no cases of occupational disease.
In order to ensure continual focus on workplace health and safety, YOOX pays particular attention to training
activities in these areas, drawing up targeted training programmes for the various positions at the Company. A
total of 1,178 hours of workplace health and safety training was provided in 2012, of which 128 hours was
conducted via e-learning.
The training was provided in accordance with the Accordo Stato-Regioni (agreement between the state and the
regions) and reported in the training schedule. Separate specific training content was provided for department
heads, managers, workers and workers’ safety representatives.
Accidents
Accidents
commuting
2012
2011
2010
10
10
2
8
9
1
2
1
1
73
265
4
35
6
29
no.
at work
Absence caused by accidents
commuting days
at work
Frequency rate
-
11.9
16.4
3.9
Severity rate
-
0.13
0.45
0.06
Notes for calculation:
Frequency rate: (total number of accidents / total number of hours worked) x 1,000,000.
Severity rate: (total number of days lost as a result of accidents / total number of hours worked) x 1,000.
Absence rate
2012
2011
2010
Absence rate
5.61
6.98
10.81
2012
2011
2010
173
232
64
64
-
-
Notes for calculation:
Absence rate: (days of absence / working days for whole workforce) x 200,000.
Number of people receiving workplace health and safety training
Employees
Other
NB: these figures do not include first-aid courses (12 hours), first-aid refreshers (4 hours), fire safety and evacuation (8 hours), workers’
safety representatives (32 hours), refreshers for workers’ safety representatives (8 hours) and refreshers for health and safety managers (28
hours). “Other” includes workers who have started a training course but have yet to complete it.
OHSAS 18001:2007 certification
In 2011, YOOX S.p.A.’s Italian offices were OHSAS 18001:2007 certified, and the six-month inspection in February 2012 by
independent body CERMET revealed no indications of non-compliance.
In relation to the workplace health and safety management system, internal inspections were carried out on all areas and
functions specified by applicable regulations.
The main risks to workplace health and safety are monitored regularly to ensure that safety levels are maintained over time.
The main objectives for 2013 are:
• to reduce the number of accidents;
• to complete training activities for workers, managers and department heads in accordance with the Accordo Stato-Regioni;
• to make the training programmes more accessible by using e-learning tools;
• to monitor the compliance of contracted work and services with safety standards;
• to implement software for managing health and safety obligation deadlines.
6
Information concerns YOOX S.p.A. excluding the Madrid and Paris offices.
YOOX GROUP
3.1.8 Industrial relations
YOOX encourages continual collaboration and dialogue with trade union organisations on the main topics
pertaining to HR management and business activities.
Employees who are union members (%)
Employees who are union members
2012
2011
2010
2.5
3.13
3.51
There were no Company strikes or union complaints during 2012. At present, there are no second-level
collective agreements in force.
Participation in union activities (hours)
Hours of absence for union meetings and authorised leave
Hours of absence for national or industry-wide strikes
2012
2011
2010
17
26
40.25
230
226
68
3.1.9 Internal communication
Internal communication activities are aimed at
fostering a culture based on corporate values,
increasing commitment and sense of belonging, and
encouraging the sharing of information.
Dialogue with employees
YOOX stages regular meetings with employees in order
to share with them the major aspects of operations and
life at the Company.
In addition, 2012 saw the launch of the “Summer
cleaning” programme for employees to make suggestions
and propose solutions of interest to the Company. The
best ideas were selected and rewarded, and are now
being implemented.
The Intranet, electronic newsletters, internal instantmessaging platforms and corporate notice boards are
just some of the many different tools and media that
enable a constant and targeted flow of communication
aimed at encouraging a shared corporate culture and
engagement among all Group employees. Through
these channels, employees are always kept up to date on the Company’s main issues, strategies, results and
events.
YOOX has always facilitated internal communication and interaction by way of its Intranet, the primary aim of
which is to share Company objectives, communicate changes, disseminate knowledge, promote staff
involvement, and answer questions. The Intranet contains a wide range of detailed information, from the
Welcome Kit section (corporate mission and values, announcements, communication on organisational
processes, manuals, internal rules, etc.) to the section on the main corporate procedures, as well as official
presentations and news and press releases. In addition to this information, the Intranet has plenty of tools
enabling better integration between the various Company departments and more efficient operations with regard
to specific projects and activities.
In order to improve productivity and collaboration, the Group uses an instant-messaging system with integrated
functionalities for audio, video and web conferencing, voice calls and document sharing. Instant messaging
encourages employees to communicate and share information, and it also ensures that dialogue between
teams in different offices is always available.
In terms of internal communication, YOOX has highlighted the importance of expanding and reinforcing
communication activities and channels for expressing and exchanging opinions. It has therefore set up a
dedicated unit within its Communication department. In order to improve the sharing, consistency and
dissemination of information and the involvement of workers with a view to improving integration and
transparency, in 2012 YOOX stepped up its employee communication initiatives via electronic newsletters and
the Intranet, promoting the main corporate activities and initiatives.
YOOX GROUP
Employee involvement
YOOX Birthday – an annual Company event
One of the most important events for internal communication and teamwork is YOOX Birthday, when Group
employees from across the globe are involved each year (usually in June) in celebrating the Company’s
birthday. Employees always look forward to the event, which helps to strengthen relationships between
colleagues working in different offices, enabling them to put faces to the names of the people that they e-mail on
a daily basis. In 2012, more than 500 employees attended the party at Punta Marina in Ravenna, with famous
DJs from Ibiza among the international musical guests.
Company Christmas tree contest
Another event which encourages teamwork and creativity is the Xmas Tree Contest, which was staged for the
third time in 2012. Employees are asked to design and create the Company Christmas tree following simple
rules, one of which is that groups must consist of people from different teams across the Company.
Since 2012, with a view to improving employees’ working days and providing them with more appealing and
useful services, a restaurant and bar area has been added to the Zola Predosa YOOX site and is open
throughout the working day. The site now also includes a gym exclusively for YOOX employees, who go there
during their lunch break or at the end of the working day.
The YOOX Group headquarters in Zola Predosa, Bologna, Italy.
YOOX GROUP
3.2 Customer relations
3.2.1 Customer relations management policies
“Listening to the customer” has always been one of the
Group’s core values. Placing our customers at the heart
of our activities so that we can listen to and understand
their needs has been part of YOOX’s strategy since day
one, as we strive to offer customers an innovative
shopping experience and an ever higher level of service.
947 thousand
Over the years, the Group has developed a series of
initiatives aimed at finding out customers’ opinions,
expectations and day-to-day experiences with a view to
fostering a culture based on customer feedback across all
the Group’s divisions.
NUMBER OF ORDERS IN 2012
NUMBER OF ACTIVE CUSTOMERS AS AT 31
DECEMBER 2012
2,330 thousand
1 order every 14 seconds
ORDER FREQUENCY
These include the “Voice of the Customer” scheme, which was launched upon the Group’s creation to gather
feedback and suggestions from customers which are regularly passed on to the Group’s management. The
most significant feedback is often used to devise measures to improve customers’ shopping experience, both
online and offline. The Group is also currently developing a new project that will see various corporate
departments taking part in workshops on listening to customers.
The Group’s customer base is two-thirds female and has an average age of around 30. These people are active
users of the Internet and lovers of fashion, design and art.
In line with its corporate values and overall strategy, YOOX has defined a series of guidelines to underpin its
commitment to its customers:







foster stable relationships based on trust and mutual respect;
act with honesty, courtesy and transparency;
provide high-quality products and services;
ensure the highest degree of security in the use of payment systems;
listen to customers’ needs;
promote corporate social responsibility at all levels of the Group;
innovate services.
3.2.2 YOOX’s customers: the figures
Overview
Number of active customers (thousands)
Number of orders (thousands)
Average Order Value (Euro)
Number of unique visitors per month (millions)
2012
2011
2010
947
808
612
2,330
2,055
1,523
206
180
179
13.0
10.4
8.6
NB: key performance indicators refer to yoox.com, thecorner.com, shoescribe.com and the other mono-brand online stores “Powered by
YOOX Group”. Business metrics related to the joint venture with PPR are excluded.
In 2012 the Group had an average of 13 million unique visitors per month, compared with 10.4 million in 2011.
The number of orders rose from 2,055 thousand in 2011 to 2,330 thousand in 2012, an increase of 13% and
equal to one order processed every 14 seconds, with the average order value (AOV) rising sharply to Euro 206
(excluding VAT).
During 2012, approximately 99% of orders were dispatched within the scheduled delivery times requested by
customers. Thanks to automated picking, which improved the order handling management process, peak
demand during the Christmas period was managed very efficiently, and the punctuality of deliveries to end
customers also reached record levels.
The number of active customers totalled 947 thousand as at the end of the year, rising by 17% compared with
the 808 thousand recorded in 2011.
YOOX GROUP
3.2.3 Services designed to provide an innovative and exclusive shopping experience
The YOOX Group is home to a real culture of innovation that manifests itself in many different ways and
permeates every corporate division – from technology, web design and user experience to logistics, marketing
and sales – to offer our clients and partner brands an innovative shopping experience with impeccable service.
One of the most significant examples of the Group’s
technological innovation in 2012 is the recent launch of the
“NEW yoox.com”. The site has a totally new look, not only in MONTHLY AVERAGE NUMBER OF UNIQUE
terms of graphics, browsing and structure, but also thanks to VISITORS FOR THE MULTI-BRAND BUSINESS LINE
the introduction of major new functions and content.
5.7 million
The release is totally new, not only in terms of graphics, browsing and the structure of the website, but also
through the introduction of significant functions and content, guaranteeing a completely new shopping
experience. Specifically, the new yoox.com introduces advanced instant searches, which allow you to find what
you want easily and quickly, and ‘Speak & Shop™’, a
LOVIE AWARDS: Silver Award for Retail /
revolutionary function in online fashion, introduced for the
Shopping and Bronze Award for Lifestyle
first time by YOOX Group and developed from the
convergence of voice recognition and text-based searches.
yoox.com won the Silver award in the
The millions of visitors to yoox.com can search for their
Retail/Shopping category and the Bronze award in
favourite outfit, shoes, accessories or design objects by
the Lifestyle category at the 2012 Lovie Awards, a
major European awards scheme that recognises
simply clicking or writing their favourite colour of the season,
excellence and innovation on the internet.
or by using the feature ‘Speak & Shop™’, which allows them
to state their preferred colour in any one of nine languages.
The NEW yoox.com
The design of the NEW yoox.com was based on the essential criteria of immediacy and user-friendliness with a
view to achieving a balance between technology and design, driven by strong innovation and careful attention to
users’ desires. It was initially designed for browsing on tablets and later adapted for desktop computers, in line
with the Group’s strategy to fully leverage the trend of sharp growth from mobile channels (smartphones and
tablets) and to provide its customers with the best service at any time of day, on any device.
The YOOX Group has always researched and developed
new and innovative solutions for online product
presentation. It was one of the pioneers of the interactive
shopping experience, giving customers the chance to buy
or reserve a selection of debut items directly from catwalk
videos. YOOX now offers this method of shopping through
special collaborations with its brands and partners on
yoox.com, the corner.com and its many mono-brand
online stores.
WEB MARKETING ASSOCIATION Outstanding
Website
The WebAwards, the prestigious international
competition held by the Web Marketing Association,
named thecorner.com Outstanding Website 2012 in
the Fashion category. The site beat more than 2,000
competitors from 42 countries.
Multi-channel shopping and social media
In line with consumers’ growing preference for multi-channel shopping, YOOX is always keen to incorporate
innovative and revolutionary technological solutions into its services.
The YOOX Group has been working with mobile channels since 2006 and was one of the very first to offer
shopping via the iPhone, launching its first yoox.com app in 2009, before releasing its iPad app on the same
day that the iPad was officially launched in the US. The need to offer customers the possibility to choose which
device they prefer to use for shopping has prompted YOOX to develop increasingly advanced and complex
mobile solutions.
The Group has been working hard on such solutions over the last 12 months, developing eight new mobile sites
for its multi-brand and mono-brand online stores and optimising the browsability and user-friendliness of all its
other online stores for use via tablets.
December 2012 saw a number of changes introduced to the native mobile apps for iPhone and Android, which
can be downloaded directly from the Apple App Store and Google Play respectively:

The new YOOX.COM app for iPhone and Android includes the revolutionary “Speak & Shop™” function,
introduced for mobile devices for the first time following the success of the launch on the desktop
version of yoox.com. Thanks to this innovation, users can search for their favourite clothes, accessories,
YOOX GROUP
shoes and home furnishings simply by saying out loud their preferred colour. The new YOOX.COM app
displays a unique selection of fashion and design products in the user’s preselected colour.

Another new feature introduced last year is the SHOESCRIBE.COM app for iPhone and Android. In line
with the innovative concept of the online destination, the app offers customers a 360° shopping
experience, including unique services dedicated to the world of footwear that they can use directly from
their phone. Not only can users buy shoes whatever the time of day and wherever they are, they can
also photograph and catalogue their shoes using the “My Shoe Closet” section of the app.
Thanks to its continuing investment in researching and developing new mobile solutions, the Group has seen an
increase in traffic from smartphones and tablets. All the “Powered by YOOX Group” online stores are currently
accessible and fully optimised for mobile devices.
In light of the continuing rise of multi-channel shopping and the increasing importance of social media as a way
of interacting with its customers, in the last few years YOOX has worked on defining and implementing a
specific social-media strategy, which is aimed at increasing both brand awareness and customer satisfaction
and acquisition.
By taking advantage of the specific features of the various social media and defining different approaches for
each of them, in the last year YOOX has seen a considerable increase in traffic from the main social-networking
platforms. The “Powered by YOOX Group” multi-brand online stores are currently present on all the main socialmedia sites, such as Facebook, Twitter, Pinterest, Google+, Instagram, YouTube and Tumblr. Always keen to
tailor its customer relations to each of its local markets, the Group is also active on Chinese social networks
such as Douban and Weibo.
shoescribe.com: outstanding customer service
shoescribe.com, the online store dedicated entirely to women’s shoes that was launched by the YOOX Group in
March 2012, is unique in offering an exclusive customer service that is fully focused on footwear. Customers
can not only receive suggestions on taking care of their purchases from the Shoe Valet section, but also have
the chance to print labels featuring a photo of their shoes or buy premium stackable shoeboxes to help them
organise their wardrobe.
The site’s other unique features include the
Shoescribe Programme subscription scheme, which
offers extra benefits such as the chance to receive an
exclusive shoe care kit, free delivery for a whole year,
free repairs, a dedicated customer care service and a
range of other advantages, including the “Cinderella
day”, which offers customers the chance to buy a pair
of shoes at half price on their birthday.
LOVIE AWARDS: Gold Award for Fashion and Beauty
shoescribe.com won the Gold award in the Fashion and
Beauty category at the 2012 Lovie Awards, a major
European awards scheme that recognises excellence and
innovation on the Internet.
YOOX GROUP
3.2.4 Focus on the customer in the shopping process
The YOOX Group is committed to offering its customers extremely high-quality service and pays close attention
to all stages of the shopping experience, from online product presentation and purchasing to packaging and
delivery. The Group focuses in particular on guaranteeing customers an excellent shopping experience
wherever they are, offering a fully localised service in the different markets in which it operates. The service it
offers differs from country to country in terms of:







language used for web content;
payment systems;
sizing conventions;
currency;
language used for customer care;
couriers and delivery services;
ad hoc services for some specific markets (e.g. the “butler service” in China).
An exclusive service for the Chinese market
In order to provide the best possible shopping experience, YOOX offers its Chinese customers a fully localised premium
service, which includes fast, reliable deliveries to more than 400 towns and cities in China through FedEx, free returns
with the exclusive “butler service” (the courier waits while the customer tries on their purchases in case any items need
to be returned), localised site content, customer care in Chinese via e-mail and telephone, size conversions, prices in
yuan, secure payments via cash on delivery or using various local payment systems (such as Alipay), and anti-fraud
microchip tagging using the latest radio-frequency identification (RFID) tracking technology to guarantee the authenticity
of every product.
YOOX’s customer service
YOOX provides its customers with a tracking service for despatch and returns and, if required, a dedicated
customer care service for handling any problems during delivery.
The customer care service is organised on two levels:
 the first level is outsourced via external contact centres coordinated by YOOX;
 the second level is managed by YOOX operators, who have access to the internal systems and
resources and can therefore provide a better and faster solution to complex issues (e.g. logistics,
payments). As well as intervening directly in the order management and returns process, second-level
operators can change the solutions or methods of handling the various problems relating to any
operational area.
Customers can contact YOOX in the following ways:
 e-mail: customers can complete an online form, which generates an e-mail to the customer care team of
the relevant store (available on all sites);
 telephone: customers can call the customer care team.
In order to guarantee a high level of service for its end customers, YOOX places a special emphasis on training
its customer care centre operators, providing them with targeted training courses.
Transaction security and data protection
YOOX is committed to using state-of-the-art security systems and standards to guarantee the security of
transactions carried out on its sites and to protect its customers’ data. The Company complies fully with the
personal data protection regulations in force and uses cutting-edge technology and coding systems for
purchases made via its online stores.
In order to protect the confidentiality, integrity and availability of information on its customers, employees and
partners, in 2011 YOOX launched a project aimed at creating an information security management system
(ISMS) based on the ISO/IEC 27001 standard. This framework aims to guarantee a high level of security
through the introduction of a formal information risk analysis process based on internationally recognised
methods. The risk analysis allows the Information Risk Committee established as part of the framework to carry
out quarterly assessments of information risks and take any necessary preventive measures.
The system was designed to incorporate and satisfy all regulatory requirements concerning information that are
applicable to the Company, whilst also maximising security by sharing the technological solutions and
techniques adopted.
YOOX GROUP
The entire framework is based on a cyclical approach aimed at continual improvement, in order to guarantee a
high level of efficiency and ensure that the Company continues to meet the security challenges facing all
modern information systems.
Order processing and returns
Order processing is particularly significant in guaranteeing a high
level of customer service and forms an important part of
customer relations. YOOX therefore places a great deal of PERCENTAGE OF ORDERS DELIVERED
emphasis on innovation, with a view to ensuring efficient internal WITHIN SCHEDULED DELIVERY TIMES
operations, timely deliveries and environmental protection.
99%
Aiming to continually improve the service it offers its customers and fuel its future growth, in late 2010 the YOOX
Group embarked upon a major project to automate its techno-logistics platform, which became fully operational
in September 2011. The project was successfully completed at the end of February 2013.
In addition to considerably improving internal operating efficiency, the new automated platform improved the
order handling process thanks to automated picking, which not only made it possible to manage peak demand
during the Christmas period very efficiently, but also enabled the punctuality of deliveries to end customers to
reach record levels.
The project was also developed within an eco-sustainable framework, in line with YOOX policies.
All the containers used in the plant are made from recycled material and are 100% recyclable, while the
technology used allows a considerable energy saving compared with the traditional process.
In addition to the protection afforded to consumers by legislation in force in EU countries, the procedure for
returning goods is based on the type of products sold and the Group’s sales policies, which emphasise the
possibility and the ease with which customers can return goods they have purchased.
The returns management phase includes receiving products at the Group’s logistics centres and effecting
refunds to end customers. All YOOX websites have a specific area dedicated to returns, which gives clear,
detailed instructions on the applicable terms and conditions and on how to return a purchase.
3.2.5 Communication and marketing
The YOOX Group’s marketing activities in 2012 focused on three main aspects: acquiring new customers,
increasing the retention rate of customers acquired through customer relationship management (CRM) and
direct marketing operations, and increasing brand awareness.
In order to acquire new customers, campaigns in the major performance areas were optimised, with a particular
focus on search engine marketing (SEM) activities (the acquisition of sponsored links on the main search
engines), network affiliation management, price comparison websites and behavioural targeting.
Direct marketing operations aimed at increasing the profitability of customers acquired were expanded (with a
strong focus on purchasing frequency); these operations were implemented mainly by sending dedicated, highly
targeted communications to different types of customers.
Activities were also pursued regarding the purchase of online advertising space on websites devoted to fashion
and online versions of the main daily newspapers worldwide, the negotiation and implementation of new
marketing agreements, and the development of new partnerships in general.
In 2012, the Group designed and promoted web campaigns that allowed the Multi-brand business segment to
reach about 40 thousand sites in more than 50 countries. Around 258 million newsletters, translated into the
languages managed by the Group, were sent to subscribed users for the Multi-brand segment.
In its management of web marketing investments on behalf of strategic partners of the Mono-brand business
segment, the Group is offering support and consulting services to online stores, especially in the fields of SEM
management, affiliation marketing and display advertising campaigns.
The Branding & Communication team oversaw the development and promotion of a number of special projects
on yoox.com, thecorner.com and shoescribe.com, and also participated in the online stores’ communication
activities, in close collaboration with the press offices of the respective brands.
YOOX GROUP
3.3 Partners
3.3.1 Managing relationships with mono-brand online store Partners
Since 2006, YOOX Group designs and manages mono-brand
online stores for fashion brands looking to offer their latest
collection on the Internet.
NUMBER OF MONO-BRAND ONLINE STORES
33
YOOX Group provides brands with its unique experience and
infrastructure to create an online store that delivers great
results in terms of sales and transforms shopping into a true
brand experience.
YOOX Group offers its brand-partners a complete solution including:
 An effective team of Internet Retailing professionals with full command of e-commerce dynamics and an
extensive knowledge of fashion and its means of communications
 A customized technology platform that has been handling millions of orders annually for over a decade
 A logistics system designed specifically for fashion merchandise, with hubs in three continents and
delivery to over 100 countries
 A complete mobile offering
 Premium customer care service
 A unique combination of creative skills, web usability and user interface design for the planning and
design of online flagship stores
 Unique competences in web & social media marketing on a global level, thanks to an international team
handling everything from search engine marketing to social network acquisition campaigns
YOOX pays special attention to managing relations with its partners in order to develop stable, long-term
relationships based on trust and the sharing of specific experience and competencies. The constant attention to
its partners’ needs is one of the distinctive aspects of YOOX’s online store management. Partner relationships
are managed in line with YOOX’s Code of Conduct.
With a view to constantly engaging in dialogue and sharing experiences, YOOX held several meetings with its
partners during the year in order to assess the results of their online stores in comparison with industry
benchmarks and to propose strategies aimed at improving the online performance.
Community support through online social initiatives
A number of dedicated initiatives launched by mono-brand online stores aim to provide social support to the wider
community:
•
•
Marni at H&M: a range of eight unique hats in parallel with the launch of the Marni for H&M collection, the proceeds
of which supported the Vimala Association.
Maison Martin Margiela AIDS T-Shirt: an annual collection of T-shirts, with part of the proceeds being donated to
AIDES France.
YOOX GROUP
3.4 Suppliers
3.4.1 Sustainability of Supplier relationships
YOOX has spent time developing stable supplier relationships
aimed at creating and sharing value. It therefore plays a key
role in fostering a culture of sustainability, paying close
attention to social and environmental aspects of relationships
with its suppliers. The values and principles adopted across
the entire Company are also applied to the management of
relations with all stakeholders, namely suppliers and, more
generally, all parties involved in any part of the supply chain.
What YOOX expects from its suppliers
In managing relations with its suppliers, YOOX
pays particular attention to the following aspects:
• the quality of the supplies;
• the ethical conduct of the supplier in carrying
out its activities;
• its compliance with workplace health and
safety practices.
YOOX is committed to guaranteeing compliance with highquality standards in relation to the supply of goods and the
provision of services by its partners, basing this commitment on trust and mutual respect. It has adopted an
approach to supplier relations management that is based on the following Group-wide commitments:
 to act with transparency, probity, integrity and fairness in the contractual relationship;
 to ensure impartiality in the selection of suppliers;
 to promote a focus on good sustainability practices;
 to comply with the agreed payment terms and procedures.
YOOX also expects its suppliers to conduct themselves in an ethical manner. It therefore asks that its suppliers,
as part of the agreements entered into by both parties, sign its Code of Conduct, which sets out its corporate
values. The Group’s supply contracts also contain specific clauses that provide for compliance with the rules
and principles set out in the organisational, management and control model pursuant to Legislative Decree
231/2001.
Furthermore, buyers are required to sign an affidavit letter, which specifically commits them to complying with
the regulations, the Code of Conduct and the procedures that the Company has adopted for managing
commercial relations with its suppliers.
The process of selecting suppliers and defining conditions of procurement is based on the criteria of legality,
competition, objectivity, probity, impartiality, fair pricing, and quality of goods and/or services. Aspects such as
suppliers’ service guarantees and the respectability and legitimacy of suppliers’ operations are also assessed, in
keeping with legislation on the prevention of money laundering and receiving stolen goods. More generally,
before establishing a supply relationship, YOOX obtains commercial information and references that allow it to
carry out a preliminary analysis on the supplier in question.
Its attention to the topic of sustainability, with a particular focus on the environment, has led it to define a series
of specific agreements aimed at promoting the use of recyclable packaging materials for its deliveries. For more
information, please see the section on environmental performance.
3.4.2 Attention to quality
Attention to quality is extremely important to YOOX. For that reason, it uses procurement processes that are
both economical and compliant with specific criteria relating to quality, originality, authenticity and saleability.
Thanks to its long-standing direct relationships with designers, manufacturers and authorised retailers, the
YOOX Group is able to offer its online store customers a selection of authentic, high-quality products.
Before going on sale, all products are subject to rigorous checks by a team of experts to ensure that they meet
the Group’s high quality standards. In fact, YOOX has developed a specific set of Group-wide guidelines to be
used for product quality checks. These guidelines set out the methods and criteria to adopt and the specific
aspects to be assessed when carrying out checks on the various product types.
Once they have successfully undergone these strict checks, the items are security tagged to protect them
against attempted counterfeiting.
YOOX GROUP
3.5 Shareholders and Lenders
3.5.1 Protection of Shareholders and the financial community
In the context of Italian listed companies, which are often
YOOX STANDS OUT AS A TRULY PUBLIC
characterised by the presence of a dominant shareholder or a COMPANY WITH A WIDESPREAD
controlling family, YOOX Group is a rare example of truly public SHAREHOLDER BASE AND A FREE FLOAT OF
company in Italy. In light of this distinctive feature, the Group AROUND 76%
recognises the financial community as an extremely important
stakeholder and therefore strives to engage in constant, positive dialogue through its top management and its
Investor Relations division, which was established even before the Group’ stock market debut.
Shareholder composition
The Group’s ownership structure is characterised by a widespread shareholder base. With a free float of
around 76% at 31 December 2012, YOOX ranked first in 2012 among the companies in the FTSE Italia Mid Cap
Index, excluding the financial and insurance sector.
2010 As at 31 December 2012, the Company’s
share capital was Euro 573,127.88,
Total number of shares
57,312,788 53,074,112 51,763,556 represented by 57,312,788 ordinary shares
Number of treasury shares
130,662
162,000
62,000 with no indication of nominal value, including
130,662 treasury shares. Over 46% of the
share capital was held by 10 major shareholders, which directly or indirectly held a stake of 2% or more each,
while the remaining 53.7% was held by other institutional investors and private shareholders.
Number of shares
2012
2011
Breakdown of shareholder structure by investor type
100%
Based on an analysis carried out as at 29 June 20127, the
Group’s shareholder structure is also characterised by a
strong presence of institutional investors, which hold
more than 60% of the share capital, with a significant
component of international investors. In terms of
geographic breakdown of institutional investors, the US
and UK represent the first and the second countries by
origin, while Italian institutional investors represent less
than 5% of the total.
Key
shareholders
26.8%
80%
60%
Institutional
investors
62.2%
40%
20%
0%
Treasury
shares
0.3%
Retail
investors
10.7%
Breakdown of institutional shareholders by geographical market8
Italy
4.8%
Rest of
Europe
12.7%
RoW
1.6%
Italy
4.8%
USA
43.7%
UK
37.2%
International
95.2%
Source: Georgeson, Intelligence sugli Assetti Proprietari del Gruppo YOOX [Information on the YOOX Group’s Ownership Structure] (June 2012).
7
8
Source: Georgeson, Intelligence sugli Assetti Proprietari del Gruppo YOOX [Information on the YOOX Group’s Ownership Structure] (June 2012). The
shareholder structure analysis was based on the deposit certificates submitted for the purpose of attending the YOOX S.p.A. Shareholders’ Meeting held on
29 June 2012 and corresponding to 72.045% of the share capital. The remainder of the share capital, which was not represented at the Shareholders’
Meeting, was estimated based on the average figures recorded for Companies with a similar market capitalisation and ownership structure. For the purposes
of analysing the shareholder geographic breakdown, the 62.2% of the share capital held by institutional investors was analysed. As at the publication date, no
shareholder agreements are in place between Federico Marchetti, Balderton Capital, Red Circle S.r.l. Unipersonale and Red Circle Investments S.r.l., which
are referred to as “Key shareholders”.
Excluding Balderton Capital.
YOOX GROUP
Share performance
The initial public offering (IPO) of shares of YOOX
S.p.A. (ISIN no. IT0003540470) was successfully
completed in December 2009. The Company’s shares
were first listed on the STAR segment of Borsa Italiana
on 3 December 2009, and on 20 September 2010
YOOX joined the FTSE Italia Mid Cap index, which
comprises the country’s 60 largest companies by
market capitalisation and liquidity outside the FTSE
MIB index.
Share and stock exchange data
2012
Closing price at year end (€)
11.92
Highest closing price (€)
12.58
Lowest closing price (€)
Market capitalisation at year end (€ million)
7.32
683.2
Data: closing price at year end and market capitalisation at year end
as at 28 December 2012; the highest closing price refers to 26
March 2012, while the lowest closing price refers to 6 January 2012.
On 28 December 2012, the last trading day of the year, YOOX shares closed at Euro 11.92. During the course
of the year, the Group’s share price varied between a low of Euro 7.32 and a high of Euro 12.58, and recorded
growth of 42.9% compared with the closing price on 30 December 2011 (the last trading day of that year),
outperforming all the benchmark indices (the FTSE MIB, FTSE Italia STAR, FTSE Italia Mid Cap and luxury9
and e-commerce10 sector indices).
YOOX share performance compared with the main benchmark indices in 2012
160
150
42.9%
42.0%
140
31.8%
130
120
16.6%
110
7.8%
100
-0.4%
90
80
70
28/12/12
7/12/12
21/11/12
2/11/12
Italy FTSE Mid Cap
16/10/12
28/9/12
7/9/12
FTSE MIB
22/8/12
3/8/12
Luxury index
17/7/12
29/6/12
8/6/12
E-commerce index
23/5/12
4/5/12
17/4/12
30/3/12
9/3/12
22/2/12
3/2/12
17/1/12
30/12/11
YOOX S.p.A.
Italy FTSE STAR
Source: Factset. Reference period: 30 December 2011 – 28 December 2012.
Furthermore, between its stock market debut on 3 December 2009 and 28 December 2012, YOOX saw its
share price rise by 177.2% compared with its IPO price (Euro 4.3) and largely outperform the Italian FTSE MIB,
FTSE Italia STAR and FTSE Italia Mid Cap indices, as well as the benchmark indices in the e-commerce and
luxury sectors. As further proof of the success of its IPO, YOOX continues to be the best performer among all
the companies on the FTSE Italia STAR index in terms of share performance since its public debut on the
Milan stock exchange11 (+155.8%).
9
10
11
The luxury sector index includes LVMH, PPR, Compagnie Financière Richemont, Hermès, Brunello Cucinelli, Prada, Ferragamo, Tod’s, Geox, Poltrona Frau,
Luxottica and Safilo.
The e-commerce sector index includes ASOS, Amazon, Blue Nile, eBay and Start Today.
Reference period: 3 December 2009 – 28 December 2012. Source: Factset (for the stock market data) and Borsa Italiana (for the composition of the indices).
YOOX GROUP
YOOX share performance compared with the main benchmark indices since IPO
300
275
155.8%
250
225
109.7%
200
91.9%
175
150
125
100
-1.6%
75
-28.2%
-28.0%
-28.0%
-28.2%
0
50
28/12/12
1/11/12
6/9/12
12/7/12
17/5/12
Italy FTSE Mid Cap
22/3/12
26/1/12
1/12/11
FTSE MIB
6/10/11
Luxury index
11/8/11
16/6/11
21/4/11
E-commerce index
24/2/11
30/12/10
4/11/10
9/9/10
15/7/10
20/5/10
25/3/10
28/1/10
3/12/09
YOOX S.p.A.
Italy FTSE STAR
Source: Factset. Reference period: 3 December 2009 – 28 December 2012.
Relations with the financial community
Through its Investor Relations division, the YOOX Group
maintains a constant dialogue with the financial community YOOX’S FINANCIAL COMMUNICATION IS
(sell-side analysts, buy-side analysts, shareholders and fund BASED ON THE PRINCIPLES OF TIMELINESS,
TRANSPARENCY AND EQUAL ACCESS TO
managers) based on the principles of transparency, INFORMATION
timeliness, accuracy and equal access to information, with
a view to providing all stakeholders with the tools they need to become familiar with the Company and properly
understand its business and strategy. Since its IPO, through the participation in conferences and dedicated
roadshows, the Investor Relations division has been committed both to consolidating the relationships with
investors met during the pre-listing roadshow in Milan, London, New York, Boston, Paris, Frankfurt and Geneva
and to promoting the Group’s equity story in new financial markets such as Edinburgh, Stockholm,
Copenhagen, Madrid, Vienna, Zurich and Dublin.
Periodically during the year, the team is also involved in announcing the Group’s quarterly results to the market
and organising dedicated conference calls following meetings of the Board of Directors to approve the Group’s
results. In addition to the publication of the quarterly results, 2012 saw the announcement of several significant
business developments, such as the launch of shoescribe.com, the new multi-brand online store dedicated
entirely to women’s shoes, and the creation of a joint venture with PPR S.A. dedicated to managing the monobrand online stores of several Group’s luxury brands (Bottega Veneta, Saint Laurent, Alexander McQueen,
Balenciaga, Stella McCartney and Sergio Rossi).
Proving that dialogue with the financial community is of strategic importance to YOOX, its Founder and Chief
Executive Officer and its Chief Financial Officer are always present alongside the Investor Relations division
during the conference calls with analysts and institutional investors that are held upon publication of the
quarterly results.
YOOX GROUP
Analyst coverage
Since the IPO, the Investor Relations division has
YOOX confirmed in Goldman Sachs Conviction Buy List
been committed to increasing the number of analysts
that follow the YOOX stock, which, despite the major
In March 2013, Goldman Sachs confirmed YOOX shares
restructuring processes occurred in the banking
in their Pan-Europe Conviction Buy List for the 24th
sector in recent years, still has wide analyst
consecutive month.
coverage consisting of 11 domestic and international
brokers. In particular, in addition to the global coordinators for the IPO, Goldman Sachs International and
Mediobanca, the analyst coverage at 13 March 2013 included Equita, Intermonte, Gruppo24Ore, Bank of
America Merrill Lynch, Centrobanca, Deutsche Bank, Citi, Cheuvreux and N+1 Singer. Fidentiis also began to
cover the stock in early 2012, but has not yet issued a rating.
Over 120 reports, previews and updates were published on YOOX’s stock during 2012. At the end of the year,
the majority of the analysts (64%) had a positive recommendation on the stock, and the average target price
was Euro 12.7. Finally, it is worth mentioning that Goldman Sachs confirmed YOOX in their Pan-Europe
Conviction Buy List for the 24th consecutive month.
2012
2011
2010
Italian (no.)
5
5
5
International (no.)
6
7
4
11
12
9
positive
negative
7
4
6
4
5
0
neutral
0
2
4
min.
9.0
8.5
7.2
max.
21.5
16.8
11.5
average
12.7
11.7
8.9
Analyst coverage
Recommendations (no.)
Target price (€)
Dividend policy
The YOOX Group believes that investing in the consolidation and innovation of its multi-channel technology and
global logistics platform is essential to achieve its goal of affirming its leadership position in its sector in the
coming years. The Group has therefore decided, since its IPO, to reinvest its cash to improve and consolidate
its position, and believes that the return for shareholders under this policy will be considerably higher than what
they would receive if dividends were distributed. Moreover, in the current macroeconomic environment, in which
access to credit can be difficult and costly, the Company believes it is prudent and in the interests of all
stakeholders to maintain the flexibility of using its cash and cash equivalents to finance business operations or
other investment projects.
Indicators
2012
2011
2010
Earnings per share (€)
0.18
0.19
0.18
Price-to-earnings ratio
67.09x
44.26x
54.62x
YOOX GROUP
Communication activities with the financial community
The Group’s communication activities with the financial
community begin each year with the publication of its
financial calendar in January. This enables the community
to know well in advance the dates of the Group’s major
events, such as the Shareholders’ Meeting, the publication
of financial results, its main roadshows and the
conferences that it plans to attend.
YOOX roadshows
In order to raise awareness of the YOOX Group and
promote its equity story among new potential
investors, YOOX intends to add new financial
centres to its list of roadshow destinations. The
Group held roadshows in Dublin, Vienna and Zurich
for the first time in 2012, while Milan, London, New
York, Boston, Paris, Geneva and Frankfurt are
already well established markets.
The Investor Relations division promptly makes all
significant information and documentation available to the
market, in compliance with the division’s core principles of
transparency, timeliness and accuracy, the laws and regulations on the disclosure of privileged information, the
procedures for the disclosure of confidential information, the Consob procedures for the disclosure of pricesensitive information and the regulations on internal dealing. All communications are then published in real time
on the “Investor Relations” section of the Group’s website in order to guarantee easy access to important
corporate information and prevent information asymmetry.
The Group also holds dedicated conference calls with analysts and institutional investors following the Board of
Directors’ meetings held to approve the financial statements and interim results as at 31 March, 30 June and 30
September. The details of these conference calls are subsequently published in a press release.
Each year, the Company organises and participates in a
number of conferences, roadshows and meetings, which
As part of its relations with the financial community
in 2012, YOOX attended:
are often attended by YOOX’s Founder and Chief
 the Star Conference organised by Borsa Italiana
Executive Officer and other members of the top
in Milan, for the third consecutive year;
management, such as the Chief Financial Officer, General
 the Deutsche Bank Global Consumer and Luxury
Manager and Chief Operating Officer. In 2012, the
Conference in Paris and the Bank of America
Company increased the number of meetings and
Merrill Lynch Global Consumer & Retail
roadshows it organised, both in Italy and abroad, with
Conference in London, for the second consecutive
an increasing top management involvement: YOOX
year.
visited new financial centres, including Dublin, Zurich and
Vienna, and attended traditional conferences such as the
STAR Conference organised by Borsa Italiana in Milan, the Deutsche Bank Global Consumer and Luxury
Conference in Paris and the Bank of America Merrill Lynch Global Consumer & Retail Conference in London.
The Group also ensures constant dialogue with buy-side and sell-side analysts thanks to the large number of
conference calls, one-to-one and group meetings organised at its offices in Milan and Bologna, as well as
thanks to the daily availability of the Investor Relations division via e-mail and telephone.
Contacts with the financial community
Conference calls on quarterly results
International conferences
Roadshows
of which: in Italy
internationally
Individual and group meetings
Conference calls and meetings with
analysts
Conference calls with investors
NB: data on contact numbers have been rounded off.
2012
2011
Number
No of
contacts
4
175
2010
Number
No of
contacts
Number
No of
contacts
4
160
4
130
6
160
5
110
7
130
14
220
10
150
6
95
4
65
4
45
2
40
10
155
6
105
4
55
30
35
30
80
95
65
65
60
40
YOOX GROUP
The YOOX Group counted
more than 1,800 contacts
over the last three years, of
which 700 contacts in 2012
alone.
100%
24%
31%
28%
52%
42%
45%
24%
27%
27%
80%
60%
40%
20%
0%
2012
Conference call quarterly results
2011
Roadshows & conferences
2010
Meetings and calls with analysts & investors
3.5.2 Relations with Lenders
The Group aims to maintain appropriate levels of liquidity and available funds to sustain the growth of the
business and ensure the timely fulfillment of its obligations. Its financial-management policy involves an
appropriate balance between investing capital and borrowing, with a view to guaranteeing sustainable
development in both the short and the medium-to-long term.
Rather than being concentrated within one specific lender, its committed and uncommitted credit lines are
distributed among the main Italian and foreign banks that the Group deals with on a daily basis, testifying to its
good relations with the banking sector.
Due to the dynamic nature of the business in which it operates, the Group adopts a flexible approach by using
revolving credit lines that are indexed to Euribor and give YOOX the possibility to repay individual drawdowns,
thereby restoring its available cash.
On the other hand, medium- and long-term investments in intangible and tangible assets are financed by
dedicated fixed-rate credit lines, in order to prevent interest rate risk.
YOOX ended 2012 with a positive net financial position of Euro 14.6 million and liquidity of Euro 35.7 million.
YOOX GROUP
3.6 The community, the local area and Government Authorities
3.6.1 YOOX and its relations with the community
YOOX is committed to establishing positive relations with the area in which it operates by gaining an
understanding of the needs of its various stakeholders so that it can engage in proactive, transparent dialogue.
It is extremely important to YOOX to share its growth with the region and the community in which operates.
For this reason, the Company adopts an approach based on respect and probity in its dealings with the
community, and supports solid initiatives and projects aimed at:




supporting endangered communities and victims of natural disasters, sustaining the local area and
promoting artistic and cultural heritage;
promoting ethical fashion initiatives that benefit emerging economies;
researching, promoting and supporting emerging brands around the world as part of YOOX’s on-going
commitment to developing new talent in the fashion industry, both in Italy and abroad;
supporting communities in difficulty by creating special communication sales and projects in
collaboration with international not-for-profit organisations.
Over the years, YOOX has been committed to supporting social initiatives, selecting projects based on their
compliance with its corporate values and objectives and taking into account criteria such as quality and social
value. When choosing initiatives intended to benefit the community, YOOX also takes into consideration its
knowledge of the partner organisations in question, so as to ensure that the project will be carried out
professionally.
Below is a list of initiatives in which the Group is involved, broken down into each area in which it is active:
Supporting endangered communities and victims of natural disasters, sustaining the local area and
promoting artistic and cultural heritage
Art at yoox.com and Francesco Vezzoli for FAI
In support of the areas affected by the earthquake in the EmiliaRomagna region, yoox.com teamed up with Francesco Vezzoli, one of
Italy’s most internationally renowned contemporary artists, to produce a
limited-edition work that was sold exclusively on yoox.com in December
2012. The entire proceeds of the sale were donated to FAI (the Italian
Environment Fund) to go towards rebuilding the town hall of Finale
Emilia, which was damaged in the earthquake. This project is particularly
important to YOOX, since it is keen to support and promote the artistic
heritage of the Emilia-Romagna region, where its headquarters are
based.
The piece, entitled CON AMORE, FRANCESCO VEZZOLI
(FRANCESCO BY FRANCESCO), is the first multiple-copy work that the
artist has produced, issued in 399 editions, all numbered and signed,
which were sold exclusively on yoox.com for Euro 399 each.
CON AMORE, FRANCESCO VEZZOLI
(FRANCESCO BY FRANCESCO) for FAI,
exclusively for art at yoox.com .
YOOX GROUP
yoox.com, Naomi Campbell and Fashion for Relief in support of Care for Children
In November 2012, yoox.com, Naomi Campbell and Fashion for Relief teamed up with some of the biggest
names in fashion to create a capsule collection of T-shirts inspired by China, with the proceeds going to support
the collaboration between Fashion for Relief and Care for Children.
Six T-shirts, six designers and one theme: China. Internationally renowned brands and Chinese designers
including 3.1 Phillip Lim, Dolce & Gabbana, Masha Ma, Moschino, Qiu Hao and Fashion for Relief joined forces
to create six special T-shirts for sale exclusively on yoox.com, with the proceeds going to Care for Children, an
Asia-focused not-for-profit organisation that places abandoned children and orphans with local families, in close
collaboration with the Chinese government. Care for Children has found homes for over 200,000 children over
the last 10 years.
Naomi Campbell and Fashion for Relief, exclusively for yoox.com. Credits: Gisela Torres.
The World (and Wardrobe) of Margherita Maccapani Missoni on yoox.com for OrphanAid Africa
In November 2012, yoox.com presented its fourth initiative in collaboration with OrphanAid Africa: a collection of
over 70 vintage items, including daywear, evening wear and accessories, selected from the personal wardrobe
of Margherita Maccapani Missoni. All proceeds from the sale of the items will be donated to OrphanAid Africa, a
not-for-profit organisation that specialises in helping abandoned children from orphanages to settle in safe
family environments, preventing the abandonment of children and protecting children’s rights in Africa.
Promoting ethical fashion initiatives that benefit emerging economies
Discovered in Africa by Vogue Italia
In May 2012, in collaboration with Vogue Italia, yoox.com presented an ethical fashion initiative to promote and
develop “Made in Africa” fashion, dedicating a special area of its website to a selection of collections by 10
African designers: Kofi Ansah (Ghana), Lemlem (an Ethiopian label founded by model Liya Kebede), Tiffany
Amber (Nigeria), Sabahar (Ethiopia), Koshie O. (Ghana), Braghetterosse (Ethiopia), Lanre Da Silva Ajayi
(Nigeria), Crea (Kenya), Le Collane di Betta (Kenya) and Global Mamas (Ghana). Thanks to yoox.com’s
presence in more than 100 countries, these talented Africans and their collections have been able to reach a
global audience.
YOOX GROUP
Researching, promoting and supporting emerging brands around the world as part of YOOX’s ongoing
commitment to developing new talent in the fashion industry, both in Italy and abroad
Providing support to young designers in the industry is one of YOOX’s core values, and this is backed up by a
number of initiatives focused on talents from around the world.
Who is on Next? Who is on Next?/Uomo
Proving its commitment to supporting young talent in the world of fashion, yoox.com has been the online retail
and media partner of five editions of the Who is on Next? competition and of Who is on Next?/Uomo (its
menswear equivalent) since 2012. These prestigious competitions, created and organised by Alta Roma and
Vogue Italia, aim to find new Italian or Italian-based talents in the fashion industry, providing the best possible
launchpad for young stylists and offering scouts the chance to spot the fashion designers of the future.
Every year, yoox.com awards a YOOX prize to one of the finalists and offers the winner the chance to present
an online preview of his/her creations, making them available for yoox.com’s global audience to view and to buy.
Through this initiative, yoox.com aims to use its global reach and international communication network to
showcase creative innovation and up-and-coming businesses in fashion, a global industry that is full of homegrown Italian talent.
In the 2012 Who is on Next? competition, yoox.com awarded its prize to the Suzanne Susceptible brand. In
September 2012, to coincide with Milan Fashion Week, Soo Jung Cha, the South Korean designer behind the
brand, presented an exclusive preview of a selection of Spring/Summer 2013 items on yoox.com and designed
a cocktail dress especially for the occasion, which was available exclusively on the website.
For the 2012 Who is on Next?/Uomo competition, which was created and organised by Pitti Uomo in
collaboration with Alta Roma and L’Uomo Vogue, yoox.com chose to award its prize to Andrea Cammarosano.
The young designer presented a selection of pieces from his Spring/Summer 2013 collection on yoox.com in
September, together with three items that he had created exclusively for the website.
The Vogue Talents Corner
thecorner.com also launches a number of initiatives each year dedicated to the discovery and promotion of
emerging designers from around the world via the Vogue Talents Corner, in partnership with Vogue. Combining
their respective expertise in e-commerce and publishing, thecorner.com and Vogue launch wide-ranging and
innovative scouting projects to discover new talents.
At the second edition of the project, in February 2012, 11 designers from around the world, handpicked by
Vogue Italia and thecorner.com, showed their clothing, accessories and jewellery collections in a special slot at
Milan Fashion Week. The designers and labels featured in the project were: AI by Andrea Incontri, Pedro
Lourenço, Leitmotiv (designed by Fabio Sasso and Juan Caro), Benedetta Bruzziches, C.B. Made in Italy
(designed by Cecilia Bringheli), Mungo Gurney, Vernissage (designed by Ilenia Corti and Matteo Mena), Joanne
Stoker, Shourouk (designed by Shourouk Rhaiem), Hexa by Kuho (designed by Kuho Jung) and Ricostru
(designed by Riko Manchit Au).
The show, which was open to everyone, gave all the guests at Fashion Week the chance to view and buy the
designers’ creations in real time via a dedicated area of thecorner.com. The event was extremely successful and
high profile thanks to the attendance of thousands of guests, including journalists, designers, celebrities and
fashion industry insiders from around the world.
thecorner.com, in collaboration with Vogue China, also presented the Vogue Talents Corner in China for the
second consecutive year, showcasing the work and creativity of two young Chinese designers, Masha Ma and
Qiu Hao. An ultra-exclusive event dedicated to the project took place on 30 October 2012, attended not only by
famous guests from the Chinese fashion scene, but also by a number of international celebrities and other
personalities.
For the second year running, thecorner.com – in its capacity as the online retail partner of the prestigious
CFDA/Vogue Fashion Fund initiative, sponsored by the Council of Fashion Designers of America and Vogue
America – presented an area dedicated to the 10 American designers chosen as finalists for the project, giving
shoppers a chance to buy a selection of items in an exclusive preview.
ANDAM Fashion Award
In another of the Group’s initiatives aimed at promoting and supporting young talent within the fashion industry,
thecorner.com is the exclusive online retail partner of the famous ANDAM Fashion Award, dedicating a special
area to the finalists (Julien David, Vika Gazinskaya, Cédric Charlier, Calla Haynes, Thomas Tait and Nicolas
Andreas Taralis), where their creations can be viewed and purchased. Thanks to thecorner.com’s global shop
window, these young designers have the opportunity to make a name for themselves and reach an international
audience.
YOOX GROUP
Media relations
Over 8,000 articles dedicated to the YOOX Group appeared in the Italian and international offline and online media last
year, equivalent to an average of 22 articles per day. This significant exposure has been cultivated thanks to the press
office’s constant engagement with the media. In addition to making daily contact with and supporting the media, last year
the YOOX Group issued over 70 press releases (both in Italy and abroad) and organised three events and nine press
days. The Group also provides news and comments of a financial nature, along with any details requested by journalists.
3.6.2 Relations with organisations, institutions and associations in the industry
YOOX promotes dialogue with various organisations and institutions, with a view to establishing positive
relations that will help to support the growth of its business and of the wider sector in which it operates. The
Group monitors regulatory developments, so as to guarantee full compliance, and is committed to correctly
managing its relations with government authorities. It also pays special attention to analysing important issues
concerning the fashion and e-commerce sectors, including by participating in working groups and round tables
organised by the main industry associations. In this respect, the action YOOX takes through both internal
initiatives and external collaborations to raise awareness about socio-environmental issues in the fashion
industry is particularly important.
Managing relations with government authorities
YOOX is committed to guaranteeing the utmost integrity and probity in the management of its relations with
government authorities, always complying with applicable legislation and regulations.
In keeping with the principles of the Group’s Code of Conduct and in compliance with the law – a prerequisite
for the Company to play a positive role in society – YOOX conducts its relationships with government authorities
with the utmost honesty, transparency and probity.
Both in Italy and abroad, YOOX adheres to the values of democracy and political pluralism, and condemns any
form of support or tolerance of terrorism in all its manifestations or any form of subversion of the democratic
order.
The Group conducts its relationships with public officials in compliance with the applicable regulations and with
the provisions of the Code of Conduct and the organisational, management and control model pursuant to
Legislative Decree 231/2001, and on the basis of the mandates set forth by the Board of Directors.
YOOX at the round table for sustainable fashion
Confirming its commitment to environmental sustainability, as
expressed via the YOOXYGEN initiative since 2009,
yoox.com teamed up with the National Chamber for Italian
Fashion to write the “Manifesto for Sustainability in Italian
Fashion”.
The manifesto was developed both under the scope of the
work of the “Ecology and Environment” Commission,
overseen by the National Chamber for Italian Fashion Vice
President Anna Zegna, and through the efforts of a specific
round table that brought together various representatives of
the fashion industry, including yoox.com as the sole retailer
and only online player.
The manifesto aims to pave the way for sustainability in Italian
fashion by identifying the global challenges to sustainability
and setting out a series of wide-reaching guidelines that any
company in the sector can adopt in a competitive context in
which environmental and social factors play a fundamental
role.
It takes into account the entire value chain in the sector and is
based on 10 key points, ranging from design, choice of raw
materials and the manufacturing process (which is the focus
of special attention) to supporting the country’s economy and
innovation. The manifesto also covers distribution, marketing,
corporate ethics and, finally, communication and education
both within the industry and with regard to consumers.
Key points of the “Manifesto for Sustainability in
Italian Fashion”
The manifesto takes into account the entire value chain
in the sector and is based on the following points:
1. DESIGN. Design quality products that can last for a
long time and can minimize their impact on
ecosystems;
2. THE CHOICE OF RAW MATERIALS. Use raw
materials, materials and fabrics with a high
environmental and social value;
3. PROCESSING OF RAW MATERIALS AND
PRODUCTION: reduce the environmental and
social impacts of activities and acknowledge
everyone’s contribution to the product value;
4. DISTRIBUTION, MARKETING AND SALES:
Include criteria of sustainability throughout the
journey of your product towards the customer;
5. MANAGEMENT
SYSTEMS:
Committed
to
continuous improvement in company performance;
6. FASHION AND THE NATIONAL ECONOMIC
SYSTEM: Support your territory and “Made in Italy”
products;
7. BUSINESS ETHICS: Integrate universal values
into your brand;
8. TRASPARENCY: Communicate to stakeholders
your commitment to sustainability in a transparent
way;
9. EDUCATION: Promote ethics and sustainability
with consumers and all other stakeholders;
10. Make the Manifesto come alive.
YOOX GROUP
The manifesto came into being because the entire Italian fashion industry came together to write it. The round
table that devised the document was made up of major textiles and clothing companies, research centres,
universities, retailers and industry associations. Contributors included Salvatore Ferragamo, Gucci, Ermenegildo
Zegna, Simonetta, Limonta, Taroni, yoox.com, Material ConneXion, the Politecnico di Milano technical
university, Bocconi University, Avanzi and Sistema Moda Italia (an industry federation). The manifesto therefore
represents a unique project, in that it includes every aspect of the fashion industry and fosters a sense of
solidarity and belonging under the “Made in Italy” banner.
The manifesto was approved by the Board of Directors of the National Chamber for Italian Fashion on 13 June
2012 and has been adopted by all the Chamber’s members, including the major fashion houses that show their
collections at the Milano Moda Donna event, and by Sistema Moda Italia, which, together with the Chamber,
represents the entire fashion and textiles industry.
To further celebrate this significant “solidarity and unity” in the fashion industry, on 19 September 2012, at the
beginning of Fashion Week, Milan’s Piazza del Duomo hosted an artistic performance by Michelangelo
Pistoletto that used the artist’s “The Third Paradise” symbol to present the Italian fashion Manifesto for
Sustainability to the assembled crowd.
yoox.com supports the Italian fashion Manifesto for Sustainability by using exclusive web content and videos to
help spread its message throughout the world. The limited-edition iconic t-shirt dedicated to the manifesto and
signed by Michelangelo Pistoletto can be purchased exclusively at yoox.com, from the eco-friendly YOOXYGEN
section. The entire proceeds of sales of the t-shirt will be donated to Cittadellarte, a not-for-profit foundation.
YOOX GROUP
4. ENVIRONMENTAL PERFORMANCE
4.1 YOOX and the environment
YOOX has chosen to embark on a path of environmental responsibility in the form of YOOXYGEN, a permanent
eco-friendly initiative launched on Earth Day 2009 with the aim of raising awareness about the environment
among both its internal and its external audience.
YOOXYGEN’s approach to environmental responsibility involves various initiatives implemented across the
entire Group, with a view to minimising its environmental impact.
YOOX shows its commitment to protecting the environment by constantly monitoring the direct and indirect
environmental impact of its activities. The various projects and initiatives launched over the years have helped
to foster a culture of preventive environmental-risk analysis and proactive management within the Company,
with an emphasis on continual improvement.
The company supports the logic of “sustainable fashion”
by promoting among fashion industry players the
concept of innovative eco-friendly fashion.
YOOX takes the challenges caused by climate change
into consideration when planning its general corporate
strategy. It is therefore important to develop a policy for
identifying clear, shared targets for improvement and
implementing specific actions.
YOOX’s commitments to the environment
YOOX has identified a series of commitments to the
environment, with a view to constantly improving its
performance and fostering an eco-friendly culture
within the Company.
These commitments are:
 to manage its activities in such a way as to minimise
its environmental impact;
 to take environmental risks into consideration when
making corporate decisions;
 to improve internal eco-efficiency;
 to raise employees’ awareness in order to
strengthen the culture of sustainability;
 to promote the development and dissemination of
eco-friendly projects and products;
 to raise customers’ awareness regarding the choice
of eco-friendly products.
As proof of its desire to adopt a structured approach to
environmental management, YOOX, having already
obtained OHSAS 18001 certification for occupational
health and safety management, is now aiming to achieve
the ISO 14001 standard. Its environment and safety
policy, which defines the Group’s approach to
environmental issues and forms the basis for its planned
integrated environment and occupational health and
safety management system, is currently awaiting
approval. More specifically, the policy is based on the identification of the express and implicit needs of internal
and external stakeholders with regard to the environment and safety, and is the starting point for the definition of
specific, measurable targets for improvement. The Group thus plans to continually improve its environmental
performance, particularly with regard to aspects such as reducing energy consumption, increasing the
percentage of separated waste collected and adopting mobility management policies. In order to cement the
Company’s commitment to these factors, management will use annual review sessions to assess achievement
of the targets set each year and adjust these targets if necessary.
YOOX’s approach to environmental issues can be seen through the launch of projects that go beyond mere
compliance with rules to promote the development of sustainable business practices.
In order to ensure that the entire Group is focused on achieving its environmental goals, it is important to
promote the involvement of YOOX’s employees. The promotion and sharing of good practices is the first step in
the process of helping the Group to improve its environmental performance. To this end, as part of the
YOOXYGEN initiative, YOOX has drawn up an eco-sustainable conduct manual for the promotion of ecofriendly practices among employees, particularly with regard to five broad areas: paper, water, energy, waste
and mobility.
YOOX also respects and protects the environment by identifying specific measures aimed at energy efficiency,
reducing consumption and thereby reducing its environmental impact, using energy sustainably, reducing the
impact of transportation, using low-consumption lighting systems and computer components, and using
renewable energy sources.
YOOX GROUP
4.2 Management and use of resources
4.2.1 Energy consumption and atmospheric emissions
Energy efficiency is one of the most important aspects of environmental-impact management. YOOX is
committed to seeking tools and solutions aimed at monitoring energy consumption, with a view to improving its
energy efficiency.
Electricity consumption by source - kWh
3,688,301
3,100,000
100%
20%
80%
Renewable sources
Non-renewable sources
2011
2012
YOOX’s offices are responsible for the Group’s electricity consumption (direct energy consumption). Following
the expansion of its premises and the growth in business volumes, consumption increased in 2012, due in
particular to the energy expenditure of the automated techno-logistics platform, though this was still
considerably lower than the consumption of a traditional logistics structure with the same capacity. In fact, all the
actions carried out at the Group’s offices and on the automated techno-logistics platform over the last few years
have been designed to save energy.
Automated logistics platform by the YOOX Group at the Interporto logistics centre in Bologna –
Credits: Toby Smith Reportage by Getty Images.
YOOX GROUP
Confirming the attention the Company pays to reducing the environmental impact of its activities, as of 2012,
20% of the total electricity it consumes comes from renewable sources. This renewable electricity is procured
via a green-energy contract with Lifegate, a supplier certified under the renewable-energy certificate system
(RECS). The Company intends to further increase the percentage of renewable energy it uses as part of its
wider policy to respect the environment.
It has also installed a 6 kWp photovoltaic facility at its Zola Predosa headquarters for the production of energy
and hot water for the Company’s use.
The Group’s direct energy consumption concerns a single energy source, natural gas, which is used exclusively
for heating its offices.
For YOOX, paying attention to environmental issues has also involved identifying eco-friendly employee mobility
solutions. All of the Group’s company cars are hybrid vehicles, which enables it to reduce fuel consumption and
atmospheric emissions.
It is impossible at the moment to provide precise data on the company cars’ consumption, since there is no
specific monitoring system in place. However, based on a calculation of the number of kilometres covered by
the cars, we can estimate that they emitted over 72 tonnes of CO₂ in 2012 due to petrol consumption alone.
Over the coming years, YOOX plans to define a more structured system for monitoring its environmental
performance, so that it can set targets for improvement and continually reduce the impact of its activities. The
Group’s ISO 14001 environmental certification, which it is expected to receive in 2013, will further contribute to
achieving this goal. The tables below list data relating to the Group’s direct and indirect energy consumption and
emissions.
Direct energy consumption (m3)
2012
2011
47,892
56,159
2012
2011
Consumption for electricity and heating
Natural gas
NB: These data are estimated and refer to YOOX S.p.A., excluding the Milan, Madrid and Paris offices.
Indirect energy consumption (kWh)
Electricity purchased
3,688,301 3,100,000
of which:
from renewable sources
from non-renewable sources
752,444
-
2,935,857
-
2012
2011
CO₂
101
CO₂
118
72.43
56.49
-
14.21
173.43
188.7
NB: These data are estimated and refer to YOOX S.p.A., excluding the Milan office.
Total direct emissions (t)
Consumption for electricity and heating
Natural gas
For driving
Petrol
Diesel fuel
TOTAL
NB: These data are estimated based on direct energy consumption. A coefficient of 2.1 kg CO2/m3 was used to calculate CO2 emissions
from natural gas (Source: Carbon Trust). Emissions from driving were calculated using the coefficients given by the manufacturers of the
company cars.
Total indirect emissions (t)
2012
2011
CO₂
CO₂
Electricity purchased from third parties
1,483
1,246
NB: These data are estimated based on indirect energy consumption. A coefficient of 402 g CO2/kWh was used to calculate CO2 emissions
from electricity (the emission factor used was that which was published by Terna in the document “2010 international comparisons”; source:
Enerdata).
YOOX GROUP
4.2.2 Purchasing and consumption of paper
YOOX has carried out a number of activities to promote
respect for the environment through economical use of
raw materials. Cardboard consumption for deliveries
represents a significant part of the Group’s total paper
and cardboard consumption, and is directly linked to
sales volumes. In light of the environmental impact of
its deliveries to end customers and in order to further
spread the message of sustainability promoted by its
YOOXYGEN initiative, since 2009 the YOOX Group has
used a new packaging system known as the “ecobox”.
YOOX is also keen to ensure that the paper used at its
operational sites does not contribute to deforestation.
To that end, for all internal uses and in-house materials,
it uses paper produced using cellulose from certified
forests, which means that they are managed properly
and
responsibly
in
accordance
with
strict
environmental, social and economic standards.
The ECOBOX for deliveries
The YOOX Group has always
used recyclable materials for its
packaging, which has borne the
RESY symbol since 2009. With a
view
to
further
improving
environmental
sustainability,
yoox.com, thecorner.com and
shoescribe.com
now
make
deliveries
worldwide
using
specially designed packaging
YOOXYGEN Ecobox. known as the “ecobox”, which is
internationally certified by RESY, FSC, PEFC and SFI.
The box and all packaging materials are made using
cellulose, produced in compliance with eco-friendly
criteria.
Consumption of paper and cardboard (kg)
2012
A4 paper
7,151
A3 paper
83
Cardboard for deliveries
878,000
Total
885,234
NB:
• These data are estimated and refer to YOOX S.p.A., excluding the Madrid and Paris offices.
• The data relating to cardboard for deliveries were estimated based on the number of boxes used for deliveries (including, where
applicable, shopping bags and delivery notes) to customers of multi-brand online stores yoox.com, shoescribe.com and thecorner.com
and of the mono-brand stores (excluding the Marni and Diesel stores), as well as for deliveries to peripheral warehouses (in the US,
Japan and Hong Kong).
• Of the total A4 and A3 paper consumed, 82% is FSC certified, while 18% is PEFC certified. 19% of the paper consumed bears the Ecolabel symbol.
4.2.3 Water consumption
Most of the Group’s water comes from the mains supply. There are no water sources from which it makes
significant withdrawals. The Group’s water consumption is mainly used for hygiene and sanitation purposes and
for operational needs. YOOX is committed to fostering good water consumption practices among its employees
so as to prevent waste and gradually reduce consumption.
Consumption of water (m³)
2012
Water for ordinary consumption
2,486
NB:
These data are estimated and refer to YOOX S.p.A., excluding the Milan, Madrid and Paris offices.
4.2.4 Waste
YOOX’s desire to continually improve its environmental performance is also reflected in its waste management
policy. The Group is committed to complying with the provisions of law on waste management and takes a
proactive approach to encouraging its employees to adopt good practices.
Thanks to the daily contribution of its employees, YOOX separates the waste generated at its premises into
paper, plastic and all the other categories listed in the table below, in order to reduce the quantity of waste sent
to landfills and make it easier to set aside waste that can be recovered. The paper bins throughout the
Company’s premises are equipped with a padlock and a slot for the proper disposal of sheets of paper, with the
aim of not only recycling the paper, but also preserving data confidentiality and destroying documents in a
secure manner.
YOOX GROUP
The Company has also launched a programme aimed at reusing electronic devices for educational purposes
once all data archiving components have been removed.
Type of waste (kg)
Paper and paper/cardboard packaging
Plastic
Electronic devices
2012
2011
236,120
228,770
4,170
27,660
418
-
66,290
60,620
Other
320,440
241,930
Total waste produced
627,438
558,980
Wooden packaging
NB:
• These data refer to waste for which private waste disposal providers are used. They do not include waste that is managed through local,
municipally owned companies.
• The waste produced is classified under European Waste Catalogue code R13 (storage of waste pending any of the operations numbered
R1 to R12).
• “Other” refers mainly to packaging made of mixed materials, and partly to building materials generated by the restructuring of the Bologna
logistics centre.
YOOX GROUP
4.3 Environmental policy and sustainable conduct
As part of its YOOXYGEN initiative, the YOOX Group has begun to develop and implement eco-sustainable
procedures by promoting the idea of sustainable development via the eco-sustainable conduct manual, a set
of guidelines that aims to promote and disseminate among all employees a series of good environmental
practices that can be adopted on a daily basis to save energy and resources. The manual tells employees how
to adopt “responsible conduct in the office” with regard to five broad areas (paper, water, energy, waste and
mobility), so as to help the environment through small gestures.
The YOOX Group has also decided to minimise travel by introducing tele-information services (e.g.
videoconferences, web meetings). In cases where travel is necessary, this is arranged through a car-sharing
programme for employees. Under this scheme, the use of a shared car may be booked in advance, resulting in
savings in consumption and emissions.
Choosing the best method of transport plays an important role in maintaining an ecological and eco-friendly
lifestyle. For these reasons, YOOX encourages employees to use the train where travel is essential in order to
optimise costs and adopt environmentally responsible conduct. The choice of the Company’s fleet of cars, which
are all hybrid vehicles, was also made with environmental policy in mind.
4.3.1 The environmental impact of mobility
One of the aims of YOOX’s environmental policy is to promote the adoption of good sustainability practices with
regard to employee mobility, with a view to reducing fuel consumption and cutting greenhouse gas emissions.
In addition to the car-sharing programme, employees can also use a shuttle service that runs between the
YOOX site at Zola Predosa and the Bologna Central station at the beginning and the end of the working day.
In 2012, YOOX employees covered more than 302 thousand km using their personal cars for company
business, generating emissions totalling 71 tonnes of CO₂ equivalent12.
The train journeys made by staff for work purposes in 2012 generated a total of 14 tonnes of CO₂ equivalent13.
The largest part of the Group’s environmental impact in relation to mobility is attributable to the transportation
activities involved in delivering items to locations around the world, which is its core business.
YOOX has not yet implemented a monitoring system that can provide an accurate report on the emissions
generated by these activities. However, the Group uses leading delivery management companies that pay close
attention to environmental issues when carrying out their activities.
The indirect environmental impact associated with mobility also includes the impact of collecting goods from
storage. YOOX outsources these activities to a company whose vehicles mainly comply with either the Euro 4
or the Euro 5 emissions standard. Over 1.2 million kilometres were covered in 2012 when collecting goods from
storage. It is not currently possible to provide a reliable estimate of the CO₂ emissions this generated.
12
13
Estimated data relating to YOOX S.p.A. – average emission factor of diesel and petrol; source: “2012 Guidelines to Defra/DECC’s GHG Conversion Factors
for Company Reporting”.
Estimated data relating to YOOX S.p.A., excluding the Madrid and Paris offices – international rail (Eurostar) emission factor, “2012 Guidelines to
Defra/DECC’s GHG Conversion Factors for Company Reporting”.
YOOX GROUP
4.4 YOOXYGEN: paving the way for environmental responsibility
Having always promoted high-quality fashion, it was only natural that the YOOX Group would choose to focus
on environmental responsibility by launching the eco-friendly initiative YOOXYGEN in 2009, a project which has
developed over time to become one of its core company policies.
Eco-commerce: the area dedicated to eco-sustainable fashion and design
At the heart of the YOOXYGEN initiative is
“Eco-commerce”, a dedicated space on
ECOMMERCE AWARDS FOR EXCELLENCE 2012 Green eRetailer of the Year
yoox.com promoting eco-friendly fashion and
design through a selection of eco-friendly
YOOXYGEN, the eco-friendly initiative launched by yoox.com, was
fashion, design, jewellery, books and music,
received with the Green e-Retailer of the Year Award at the
as well as special features and exclusive video
eCommerce Awards for Excellence 2012.
content. “Eco-commerce” is also a showcase
for the exclusive limited edition collections
Partnership with Green Cross International
created by the numerous designers working
with YOOXYGEN.
YOOXYGEN is an active partner of a number of not-for-profit
The YOOXYGEN range is classified using the
organisations and institutions that focus on environmental issues,
eco-criteria defined by Eco Fashion World,
including Green Cross International (GCI), UNEP (the United
based on the most significant characteristic of
Nations Environment Programme) and Estethica, a sustainableeach individual product (Ethically produced,
fashion initiative promoted by the British Fashion Council.
Fair Trade, Organic, Craft-Artisan, Custom,
Recycled, Vegan).
Since its launch in 2009, YOOXYGEN has been a supporter of
GCI, an NGO founded by former Soviet leader Mikhail Gorbachev
The project has been a resounding success,
that implements environmental- and humanitarian-support
achieving strong growth in terms of both
initiatives in 31 countries around the world.
turnover and the number of participating
brands, which totalled 117 in 2012. The main
Since 2010, YOOXYGEN has supported GCI’s “Smart Water for
geographical areas involved in the initiative
Green Schools” project, which aims to establish systems for
are Italy, the US, Germany, Russia and
rainwater collection, ecological-rehabilitation equipment and
France. The number of stock-keeping units
environmental awareness in schools located in cross-border water
managed in 2012 was 1,300, up by 63%
basins. Initially launched with a pilot project in the Volta basin in
compared with the previous year.
Ghana, the scheme has now been expanded to include 22
YOOXYGEN’s special projects
The various special projects launched by
YOOXYGEN aim to raise awareness of ecosustainable fashion. These projects are one of
YOOXYGEN’s distinctive features and testify
to the Company’s commitment to raising
awareness about ethical conduct within both
its sector and the fashion industry in general.
The main projects launched in recent years
are described below.
communities in Ghana and 16 in Bolivia, providing safe drinking
water to over 40,000 people.
Some of the project’s most significant results to date are:
 a reduction in diseases linked to contaminated water;
 the training of local communities in informed, safe and
sustainable use of water resources;
 an increase in levels of female literacy, education and gender
equality.
YOOXYGEN supports the organisation’s activities not only by
donating the proceeds of its various projects, but also by raising
the visibility of GCI’s development programmes on climate change
and making them accessible to yoox.com’s vast audience, through
video interviews, special content and links to the GCI website.
ESTETHICA: since 2010, YOOXYGEN has
been the retail partner of Estethica, the British
Fashion Council initiative that is at the heart of eco-sustainable fashion at London Fashion Week, offering
support to a range of emerging designers committed to ethical fashion.
EDUN LIVE: since 2009, YOOXYGEN has been a partner of EDUN (the eco brand founded by Ali Hewson and
her husband Bono in 2005) via the EDUN LIVE ever.green series, a range of limited-edition T-shirts designed by
celebrities chosen because of their passion for eco-awareness, such as Angela Lindvall, Elettra Wiedemann,
Summer Rayne Oakes and Skye Edwards of Morcheeba. The T-shirts, made of organic cotton, are
manufactured entirely in Africa by EDUN LIVE, with all proceeds donated to Green Cross International.
FROM SOMEWHERE with SPEEDO: in 2011, YOOXYGEN launched a brand-new upcycling project featuring
award-winning ethical-fashion brand From Somewhere and Speedo, the world’s leading maker of swimwear.
The eco-friendly capsule collection From Somewhere with Speedo, manufactured using excess material and
fabric from the revolutionary Speedo LZR Racer swimsuit, was available exclusively at yoox.com, with all
proceeds from the sale of three of the items donated to Green Cross International.
YOOX GROUP
VIVIENNE WESTWOOD ETHICAL FASHION AFRICA: in 2011, YOOXYGEN
supported the Ethical Fashion Africa Project launched by Vivienne Westwood in
partnership with the International Trade Centre (ITC), a joint agency of the United
Nations (UN) and the World Trade Organisation (WTO).
The Ethical Fashion Africa capsule collection of handbags and accessories,
designed by Vivienne Westwood and available exclusively online at yoox.com, was
100% handmade by local artisans in Kenya as part of a programme run by the ITC
to support the work of marginalised women in African communities, enabling them
to become part of the global economy. The ITC thus promotes the growth of
sustainable businesses that do not create dependency on international aid, instead
generating organic growth within local communities.
yoox.com held a dedicated event in partnership with Pitti Immagine in 2011 to
showcase the project.
Photo by Juergen Teller for the
Ethical Fashion Africa Project by
Vivienne Westwood, in
partnership with the International
Trade Centre and YOOXYGEN.
Earth Day 2012 celebrations
As every year, YOOXYGEN celebrated Earth Day 2012 (which also happened to be its third birthday) with a series of new
eco-sustainable partnerships and projects.
ECO-AGE.COM BY LIVIA FIRTH: Since Spring/Summer 2012,
YOOXYGEN has hosted an eco-age.com shop in shop, which offers a
selection of new and innovative products from the world of eco-sustainable
fashion and lifestyle. All items have been selected personally by Livia Firth,
an icon of green fashion who has been lauded for bringing her ecosustainable style to the red carpet.
GREENUP: YOOXYGEN supports GreenUp, the United Nations
Environment Programme (UNEP) initiative that aims to raise awareness
and change habits among Europe’s citizens by bringing the topic of
sustainable economics and development to their doorstep. With the slogan
“Buy a Tree-Shirt, Plant a Tree!”, the GreenUp by Vivienne Westwood
project uses the proceeds from the sale of a collection of T-shirts,
designed by Vivienne Westwood and available exclusively at yoox.com, to
support reforestation in Europe. Launched in 2011, the project was
promoted again on Earth Day 2012 with a special message from
supermodel Gisele Bündchen, in her role as UN Goodwill Ambassador for
the Environment.
Livia Firth for YOOXYGEN.
Photograph by Karel Losenicky.
ECO-STYLE GUIDE BY ABOVE MAGAZINE: With the aim of drawing attention to sustainability and raising awareness
among its users, YOOXYGEN is due to bring out a special eco style guide published by Above, the US quarterly magazine
dedicated to using luxury, fashion, art and design to raise awareness of environmental issues.
YOOX GROUP
OBJECTIVES FOR IMPROVEMENT
The objectives for improvement that the Group has set itself in the short-to-medium term are set out below:
AREA/PERSONS INVOLVED
Employees
Customers
Partners
Shareholders and Lenders
Environment and safety
Stakeholder engagement
OBJECTIVE
Improve knowledge management and corporate-climate evaluation
processes  2013-2014
Develop flexible working models (e.g. teleworking) for employees,
particularly with regard to working mothers with dependent children 
2013-2014
Introduce a new customer satisfaction system and new KPI measures
 2013-2014
Share customer analyses on an annual basis and plan CRM activities
 2013
Organise Analyst and Investor Days at the headquarters in Zola
Predosa and at its logistics platform at Interporto (Bologna, Italy) 
2013
Visit new financial centres based on accurate investor targeting
activities  2013
Expand the analyst coverage
Obtain ISO 14001 certification  2013
Increase use of electricity from renewable sources  2013-2014
Launch specific projects to monitor paper consumption  2013
Review the environment and safety policy  2013
Hold dialogue with stakeholders to identify their expectations and
implement measures for improvement  2013-2014
YOOX GROUP
INDEX OF GRI G3 INDICATORS
Below is an index of the indicators provided for under the GRI G3 Guidelines, to make it easier to find
information in this document.
Each indicator is accompanied by a brief description of its content and of the extent to which it is covered,
together with a reference to the relevant page number in the Sustainability Report or to other documents.
Key:
Total: total coverage – all the information required pursuant to the indicator is provided.
Partial: partial coverage – part of the information required pursuant to the indicator is provided.
None: the indicator is not covered.
Not relevant: the information required pursuant to the indicator is not applicable to the YOOX Group due to the nature of its activities and/or
its geographical location.
Indicator
Type
Description of indicator
Coverage Page/Direct remark
PROFILE
1 Strategy and analysis
1.1
Core
Statement from the Chairman and the Chief Executive Officer
Total
4
1.2
Core
Key impacts, risks, and opportunities
Total
11-12, 50; Annual Report 2012
(p.76)
2 Organizational profile
2.1
Core
Name of the organization
Total
5
2.2
Core
Primary brands, products and/or services
Total
7-8, 33-34
2.3
Core
Operational structure
Total
7-8
2.4
Core
Location of the organization’s headquarters
Total
7-8
2.5
Core
Countries where the organization operates
Total
7-8
2.6
Core
Nature of ownership and legal form
Total
Annual Report 2012 (p.14)
2.7
Core
Markets served
Total
7-9, 32
2.8
Core
Scale of the reporting organization
Total
3, 8, 19-20, 39
2.9
Core
Significant changes
Total
9; Annual Report 2012 (p. 84-85)
2.10
Core
Awards received
Total
33-34, 56
3 Report parameters
Report profile
3.1
Core
Reporting period
Total
5-6
3.2
Core
Date of publication of previous report
Total
5-6
3.3
Core
Reporting cycle
Total
5-6
3.4
Core
Contacts and addresses for questions on the report
Total
Back cover
Objective and scope of the report
3.5
Core
Process for defining report content
Total
5-6
3.6
Core
Scope of the report
Total
5-6
3.7
Core
Limitations on the scope of the report
Total
5-6
3.8
Core
Information about affiliated companies
Total
5-6
3.9
Core
Data measurement techniques and bases of calculation
Total
5-6
3.10
Core
Restatements of information of previous reports
Total
5-6
3.11
Core
Significant changes from previous reports
Total
5-6
3.12
Core
GRI Index
Total
59-62
3.13
Core
External assurance
Total
63-64
4 Governance, Commitments, Engagement
4.1
Core
Governance structure
Total
4.2
Core
Indicate whether the Chairman is also an executive officer
Total
15-16; Annual Report 2012 (p. 1721; 29)
15-18; Annual Report 2012 (p. 2628)
YOOX GROUP
Indicator
Type
PROFILE
4.3
Core
Independent and non-executive Directors
Total
Mechanisms for shareholders and employees to provide
Total
recommendations to the highest governance body
Linkage between compensation for Directors and top management
Total
and performance
18; Annual Report 2012 (p. 20)
4.4
Core
4.5
Core
4.6
Core
Conflicts of interest
Total
4.7
Core
Qualifications of Directors
Total
4.8
Core
Mission, values, codes of conduct and principles
Total
10, 50
In order to monitor annually the
social and environmental
performances achieved, the
Sustainability Report is presented to
the Board of Directors
30, 39; Annual Report 2012 (p. 46)
26-27; Annual Report 2012 (p. 3032)
16-17; Annual Report 2012 (p. 4042)
The professional resumes of all
Directors are available on the
website of the Company at
www.yooxgroup.com, at the section
“Corporate Governance”; Annual
Report 2012 (pag. 17-19)
4.9
Core
Procedures to identify and manage economic, environmental and
social performance
Total
4.10
Core
Process for evaluating the Board’s performance
Total
Annual Report 2012 (p. 25-26)
Total
29, 50; Annual Report 2012 (p. 3440)
4.11
Core
Method for applying the precautionary principle approach
4.12
Core
Adoption of external economic, social and environmental codes and
Total
principles
48
4.13
Core
Memberships in associations
Total
48
4.14
Core
List of stakeholders engaged by the organization
Total
13-14
4.15
Core
Basis for identification of stakeholders with whom to engage
Total
13-14
4.16
Core
Approaches to stakeholder engagement
Total
6, 30, 32, 58
Core
Key topics and concerns raised through stakeholder engagement
and actions taken
Total
6, 30, 32, 58
Disclosure on management approach
Total
19-20; Annual Report 2012 (p. 5359)
4.17
ECONOMIC PERFORMANCE
DMA EC
EC1
Core
Economic value directly generated and distributed
Total
21
EC2
Core
Risks and opportunities due to climate change
Total
12, 50, 55-56
EC3
Core
Coverage of benefit plan obligations
Total
Annual Report 2012 (p. 141-142)
EC4
Core
Substantial financing received from the public administration
None
-
EC6
Core
Policy, practices and proportion of spending on locally-based
suppliers
None
-
EC7
Core
Procedures for local hiring
Total
26
EC8
Core
Development of investments provided for public benefit
Partial
21, 45-46, 56-57
Total
12, 50
ENVIRONMENTAL PERFORMANCE
DMA EN
EN1
Core
Raw materials used
Total
53
EN2
Core
Materials recycled
None
-
EN3
Core
Direct energy consumption by source
Total
51-52
EN4
Core
Indirect energy consumption by source
Total
51-52
EN8
Core
Water withdrawal by source
Total
53
EN9
Additional Water sources significantly affected by withdrawal of water
Total
53
EN11
Core
Land in protected areas or areas with high biodiversity
EN12
Core
Description of significant impacts on biodiversity
The Company does not own, or
plans to own, lease or manage
operational sites in, or adjacent to,
Total
protected areas and areas of high
biodiversity value outside protected
areas.
Considering the activities
undertaken by Yoox, no significant
Not relevant
impacts on biodiversity have been
detected.
YOOX GROUP
Indicator
Type
PROFILE
EN16
Core
Direct and indirect greenhouse gas emissions
Total
52
EN17
Core
Other relevant indirect greenhouse gas emissions
Partial
52, 55
EN19
Core
Emissions of ozone-depleting substances
EN20
Core
Other air emissions
EN21
Core
Effluents discharge
EN22
Core
Waste production and disposal methods
Total
53-54
EN23
Core
Total number and volume of polluting spills
Total
No spills have occurred. A specific
procedure on spills management is
in place at Yoox S.p.A. premises of
Interporto.
EN26
Core
Partial
53, 56
EN27
Core
None
-
EN28
Core
Initiatives to mitigate environmental impacts of products and
services
Percentage of products sold and packaging materials reused or
recycled
To date no ozone-depleting
substances have been detected.
Considering the activities
Not relevant undertaken by Yoox we did not
record any significant emissions.
Water discharges are integrated to
Not relevant
residential sewage systems.
Total
Fines for non-compliance with environmental laws and regulations Total
No fines or sanctions for non
compliance with environmental laws
and regulations have occurred.
SOCIAL PERFORMANCE
DMA LA
Total
12, 22
LA1
Core
Breakdown of workforce by employment type, contract and region
Total
24-25
LA2
Core
Turnover by age group, gender and region
Partial
25-26
LA4
Core
Collective bargaining agreements coverage
Partial
30
LA5
Core
Minimum notice period for operational changes
Partial
In case of significant operational
changes, the Group considers the
minimum advance notice required by
the legislation of the Countries
where the Company operates.
LA7
Core
Injuries and occupational diseases
Total
29
LA8
Core
Training programs concerning prevention and risk control to assist
Total
employees regarding serious disorders or illnesses
29; Health and Safety training
programs are exclusively addressed
to employees.
LA10
Core
Employee training
28
LA11
LA13
LA14
Total
Programs for skills management and lifelong learning for
Additional
Partial
employees
Breakdown of employees by gender and other indicators of diversity
Core
Partial
(e.g. disability)
Ratio of the base salary of male employees to female employees in
Core
Total
the same category
28
18, 23-24, 26
27
HUMAN RIGHTS
DMA HR
Total
12, 22, 38
Core
Transactions that have undergone human rights screening
None
-
HR2
Core
Suppliers and contractors who have undergone human rights
screening
Partial
17, 37-38; Code of Conduct (p. 14)
HR4
Core
Discrimination accidents and actions undertaken
Total
HR5
Core
Activities in the course of which freedom of association and the right
Total
to collective bargaining might be exposed to risks
HR6
Core
Operations involving a high risk of the use of child labour
HR1
Total
In 2012 no discrimination accidents
occurred.
Based on the activities undertaken
by Yoox and its presence on the
territory, no activities have been
undertaken for which freedom of
association and the right to collective
bargaining have been exposed to
risks.
territory, no operations have been
undertaken for which a high risk of
the use of child labour occurs.
YOOX GROUP
Indicator
Type
PROFILE
HR7
Core
Total
territory, no operations have been
undertaken for which a high risk of
the use of forced labour occurs.
Total
45, 48
Operations involving a high risk of the use of forced labour
IMPACTS ON SOCIETY
DMA SO
SO1
Core
Management of impacts on the community
None
-
SO2
Core
Monitoring the risk of corruption
Total
16-17
SO3
Core
Employees trained in preventing corruption crimes
Total
17, 28
SO4
Core
Actions taken in response to cases of corruption
Total
In 2012 no cases of corruption
occurred.
SO5
Core
Positions on public policy and lobbying
Total
48-49
SO6
Total value of financial and in-kind contributions to political parties,
Additional
Partial
politicians, and related institutions by country
SO8
Core
Fines and non-cash penalties for failure to comply with laws and
regulations
Code of Conduct (p. 14)
Total
In 2012 the Group did not receive
significant sanctions for non
compliance with laws and
regulations.
Total
32-36
Partial
35, 38
Partial
35, 38
None
-
PRODUCT RESPONSIBILITY
DMA PR
Health and safety assessment on products and services life cycle
stages
Information requested for the procedures and services subject to
such disclosure requirements
Programs to comply with laws and voluntary codes on marketing
activities
PR1
Core
PR3
Core
PR6
Core
PR8
Additional Complaints regarding breaches of privacy
Total
PR9
Core
Total
Fines for non-compliance with laws and regulations
formalized complaints related to
breaches of privacy.
significant sanctions for non
compliance with laws and
regulations related to the supply or
use of products and services.
YOOX GROUP
INDEPENDENT AUDITORS’ REPORT
ON THE SUSTAINABILITY REPORT
YOOX GROUP
For further information and details:
Ivan Dompé
Financial and Corporate Communication Director
T +39 02 83112811
[email protected]
Printed on FSC (Forest Stewardship Council) Mixed Sources certified paper
Printed by: Servif RR Donnelley – Milan
Silvia Scagnelli
Head of Investor Relations
T +39 02 83112811
[email protected]

YOOX Bil Sost 12 ENG 04

Transcription

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