// Yoox Net-a-Porter CEO Federico Marchetti to exit in 2021 after 20 years in the business

// He will remain as chairman

// The group is currently searching for a replacement

The founder of Yoox, Federico Marchetti is stepping down from his role as chief executive at the Richemont-owned luxury ecommerce retailer.

Marchetti said he will remain as chairman of the Yoox Net-a-Porter Group, but will step down next year as chief executive after 20 years, as his contract is due to expire.

The group said the hunt for a successor is already underway.

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Marchetti founded Yoox in 2000 as an off-price retailer.

In 2015, the group merged with luxury ecommerce site Net-a-Porter, which was acquired by luxury group Richemont for €2.8 billion (£2.4 billion) in 2018.

Last year, Yoox Net-A-Porter bolstered its senior management team with the appointment of five new executives, one of which is a new boss for Net-A-Porter.

Among the hires was Nicola Brandolese, who was appointed as the new managing director of Net-A-Porter.

Pete Marsden joined as the group’s chief technology officer to spearhead the technology programme and the delivery of its key milestones, including a focus on mobile, personalisation and AI to enhance customer experience.

Chief operating officer Olivier Schaeffer, Marsden also joined to lead the group’s global technology team across London and Bologna.

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