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Yoox Moves Forward with IPO Plan

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Betting that (slightly) discounted Balenciaga from seasons past will only gain appeal in a global recession, the parent company of online retailer Yoox.com is moving forward with its planned initial public offering. The Italy-based Yoox Group has named Goldman Sachs and Mediobanca as advisers for an IPO planned for December. Best known for its Yoox.com online store, which has recently added design objects by companies such as Alessi and B&B Italia to its offerings, Yoox also designs and manages online stores for a stable of luxury brands that includes Marni, Emporio Armani, Bally, and Diesel. The company reported €101 million (approximately $134 million) in revenue for 2008, an increase of 48% over 2007.

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