May 2011 Roadshow Presentation - YOOXcdn3.yoox.biz/cloud/yooxgroup/uploads/doc/2014/yo... · May...

May 2011 Roadshow Presentation

The information contained in this document is confidential and proprietary to YOOX Group

SLIDE 2

DISCLAIMER

This presentation has been prepared by YOOX S.p.A. for information purposes only and for use in presentations of the Group’s results and

strategies.

For further details on the YOOX Group, reference should be made to publicly available information.

Statements contained in this presentation, particularly the ones regarding any possible or assumed future performance of the Group, are or may

be forward looking statements, and in this respect, may involve some risks and uncertainties.

Any reference to past performance of the YOOX Group shall not be taken as an indication of future performance.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be

relied upon in connection with any contract or commitment whatsoever.

By attending the presentation you agree to be bound by the foregoing terms.


SLIDE 3

TABLE OF CONTENTS

BUSINESS DEVELOPMENTS AND RESULTS HIGHLIGHTS

FINANCIAL ANALYSIS

STRATEGIC GUIDELINES

APPENDIX


SLIDE 4

UPDATE ON BUSINESS DEVELOPMENTS

Business Lines

Renewed marni.com and valentino.com contracts for five more years

Signed contract with Industries S.p.A. for the launch of moncler.com in Europe and US in 3Q2011

Signed contract with Zeis Excelsa S.p.A. for the launch of bikkembergs.com in Europe and US in 2Q2011

Launched y-3store.com and brunellocucinelli.com in Europe, US and Japan in March 2011

Extended Diesel Online Store to Japan in February 2011

Extended Marni and Bally Online Stores to China in March and May 2011 respectively

Added Jil Sander Navy line to jilsander.com in January 2011 and Just Cavalli to robertocavalli.com in February 2011

thecorner.com - will be the internet retailer of the prestigious initiative "CFDA/Vogue Fashion Fund (CVFF)" promoted by the CFDA

and Vogue America to reward the talent of American designers

Technological Innovation

Optimised thecorner.com for iPad and launched thecorner.com web-app for iPhone and Android with an integrated fast check-out

Operations

Works for the new automated central global operations and distribution platform on track to be completed by end of Summer 2011

International Expansion

Set up operations in Hong Kong to expand YOOX’s presence in the Asia-Pacific region (except for Mainland China and Japan)

Increased number of countries served to over 100


SLIDE 5

OUR MONO-BRAND PARTNERS

2010

2011

BRAND LINES

BRAND LINES

2006

2007

2008

2009

dsquared2.com

napapijri.com

albertaferretti.com

zegna.com

maisonmartinmargiela.com

y-3store.com

jilsander.com

brunellocucinelli.com

cpcompany.com

stoneisland.com

marni.com

diesel.com

valentino.com

misssixty.com

energie.it

emiliopucci.com

moschino.com

bally.com

costumenational.com

zeishouse.com

moncler.com

coccinelle.com

giuseppezanottidesign.com

dolcegabbana.com

bikkembergs.com

robertocavalli.comemporioarmani.com

…


SLIDE 6

FIRST QUARTER ENDED MARCH 31, 2011 - RESULTS HIGHLIGHTS

Key Performance Indicators

9.6m monthly unique visitors (vs. 8.8m in 1Q2010)

526 thousand orders (vs. 381 thousand in 1Q2010)

Average Order Value of €169 (vs. €169 in 1Q2010)

664 thousand active customers (vs. 514 thousand in 1Q2010)

Key Financials

Net Revenues at €69.7m (vs. €50.3m in 1Q2010)

Increased contribution from international markets, which now account for 78.6%1 of Net Revenues (vs. 76.1%1 in 1Q2010)

EBITDA Excluding Incentive Plan Costs at €5.6m (vs. €4.2m in 1Q2010)

Net Income at €1.7m (vs. €2.0m in 1Q2010)

Net Cash at €11.3m (vs. €22.8m of Net Cash at Dec. 2010)

1. Excludes Not Country Related


SLIDE 7

TABLE OF CONTENTS


FINANCIAL ANALYSIS


APPENDIX


SLIDE 8

YOOX GROUP PROFIT & LOSS

Note: Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro

Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Depreciation & Amortisation

EBITDA Excluding Incentive Plan Costs calculated adding back to EBITDA the costs associated with incentive plans in each period

1Q20102009 2010 1Q2011(€m)

Net Revenues 152.2 214.3 50.3 69.7

growth 50.0% 40.8% 43.4% 38.6%

COGS (91.9) (129.9) (31.6) (44.7)

Gross Profit 60.3 84.4 18.7 25.0

% of Net Revenues 39.6% 39.4% 37.2% 35.9%

Fulfillment (15.5) (21.5) (5.0) (7.1)

% of Net Revenues 10.2% 10.1% 9.9% 10.1%

Sales & Marketing (16.7) (24.7) (5.6) (7.5)

% of Net Revenues 11.0% 11.5% 11.1% 10.7%

EBITDA Pre Corporate Costs 28.1 38.2 8.2 10.5

% of Net Revenues 18.4% 17.8% 16.2% 15.0%

General & Administrative (12.1) (18.9) (4.0) (5.9)

% of Net Revenues 8.0% 8.8% 7.9% 8.4%

Other Income/ (Expenses) (1.0) (0.5) (0.3) (0.3)

% of Net Revenues 0.6% 0.2% 0.6% 0.4%

EBITDA 15.0 18.8 3.9 4.3

% of Net Revenues 9.9% 8.8% 7.8% 6.2%

Depreciation & Amortisation (2.2) (3.7) (0.7) (1.5)

% of Net Revenues 1.4% 1.7% 1.4% 2.1%

Operating Profit 8.8 15.0 3.2 2.8

% of Net Revenues 5.8% 7.0% 6.4% 4.1%

Net Financial Income / (Expenses) (1.5) (0.1) 0.2 (0.2)

Profit Before Tax 7.4 14.9 3.4 2.7

% of Net Revenues 4.8% 7.0% 6.8% 3.8%

Taxes (3.3) (5.8) (1.4) (1.0)

Net Income 4.1 9.1 2.0 1.7

% of Net Revenues 2.7% 4.3% 3.9% 2.4%

EBITDA Excluding Incentive Plan Costs 16.6 22.5 4.2 5.6

% of Net Revenues 10.9% 10.5% 8.3% 8.0%


SLIDE 9

170

179

169 169

2009 2010 GAP 1Q10 1Q11

4.0 5.0 5.5 5.3

2.4

3.6 3.3 4.3

2009 2010 1Q10 1Q11

478

612514

664

2009 2010 GAP 1Q10 1Q11

KEY PERFORMANCE INDICATORS

1,148

1,523

381526

2009 2010 GAP 1Q10 1Q11

1. Source: HBX 1/1/09-19/03/09 and SiteCatalyst since19/03/09 for yoox.com; Google Analytics for thecorner.com and the Online Stores

2. Active Customer is defined as a customer who placed at least one order in the 12 preceding months

3. Include Active Customers of Online Stores

6.4

8.6

Multi-brand Mono-brand

8.89.6

Trend in multi-brand

visitors reflects 1)

optimised web

marketing investments

towards higher

conversion rate

channels in order to

attract new qualified

customers; 2)

strengthened retention

rate thanks to CRM

activities on existing

customers. As a result,

web marketing costs

over multi-brand net

revenues decreased

versus 1Q2010

Monthly Unique Visitors (m)¹

Active Customers2 (‘000) – Group3

# Orders (‘000) - Group

Average Order Value (€) - Group

2009 2010 1Q2010 1Q2011

2009 2010 1Q2010 1Q2011 2009 2010 1Q2010 1Q2011

2009 2010 1Q2010 1Q2011


SLIDE 10

€50.3m€69.7m

1Q10 1Q11

2009 2010

76.4%

23.6%

81.6%

18.4% 23.9%

76.1%

24.1%

75.9%

+38.1%

+40.1%

NET REVENUES BREAKDOWN BY BUSINESS LINE AND GEOGRAPHY

Net Revenues by Business Line

2009 2010

40.8%

1Q2010 1Q2011

38.6%

Net Revenues by Geography

Y-o-Y

Growth

31.8%

80.5%

1Q2010 1Q20112009 2010

1. Not Country Related

48.1%

19.7% 23.0%

6.3%2.9%

49.2%

18.9% 23.6%

6.2%2.2%

50.6%

19.1% 21.1%

6.5%2.7%

48.9%

16.9% 26.1%

5.8%2.3%

€152.2m

€214.3m

Italy

Rest of Europe

North America

Japan

RoW + NCR 1

Multi-brand

Mono-brand


SLIDE 11

€(13.1)m

€(19.4)m

€(4.3)m€(6.2)m

2009 2010 GAP 1Q10 1Q11

€4.4m

€9.1m

€2.1m €2.8m

2009 2010 GAP 1Q10 1Q11

€23.7m

€29.1m

€6.1m€7.7m

2009 2010 GAP 1Q10 1Q11

EBITDA ANALYSIS BY BUSINESS LINE

# Online Stores Open

16 23

Note: Multi-brand and Mono-brand EBITDA Pre Corporate Costs include all costs directly associated with the business line, including COGS, Fulfillment, Sales & Marketing (all net of D&A);

1.Corporate Costs include General & Administrative costs (net of D&A) and Other Income/ Expenses; incidence of Corporate Costs Excl. Incentive Plan Costs on Group Net Revenues was down to 7.6% in

1Q2011 from 8.2% in 1Q2010

% of Net

Revenues

Multi-brand EBITDA

Pre Corporate CostsCorporate Costs1Mono-brand EBITDA

Pre Corporate Costs

% of

Multi-

brand Net

Revenues

14.5%19.1% 17.8% 15.8%

9.9% 8.8% 7.8% 6.2%

% of

Mono-

brand Net

Revenues

% of

Group

Net

Revenues

2009 2010

16.7%15.5% 17.9% 17.5% 8.9%8.6% 9.1% 8.5%

2009 2010 2009 20101Q

2010

1Q

2011

1Q

2010

1Q

2011

1Q

2010

1Q

2011

€15.0m

€18.8m

2009 2010

EBITDA Evolution

2009 2010

€3.9m

€4.3m

1Q10 1Q11

1Q2010 1Q2011

# Online Stores Open

20 25


SLIDE 12

YOOX GROUP SUMMARY BALANCE SHEET

(€m)

Net Working Capital 9.8 24.8 14.0 33.2

Non Current Assets 10.9 21.5 11.1 27.3

Non Current Liabilities (excl. financial liabilities) (0.6) (0.4) (0.6) (0.4)

Total 20.1 45.9 24.6 60.1

Net Financial Debt / (Net Cash) (34.0) (22.8) (32.0) (11.3)

Shareholders' Equity 54.1 68.7 56.6 71.4

Total 20.1 45.9 24.6 60.1

2009 2010 1Q2010 1Q2011


SLIDE 13

(€m)

Inventories 47.1 76.3 48.6 81.3

Trade Receivables 6.7 9.4 7.4 8.9

Trade Payables (27.3) (48.9) (27.3) (51.9)

Other Receivables / (Payables) (16.8) (12.0) (14.7) (5.2)

Net Working Capital 9.8 24.8 14.0 33.2

as % of Net Revenues 6.4% 11.6% 8.4% 14.2%

NET WORKING CAPITAL EVOLUTION

Inventory Level Evolution

Net Working Capital

1. FY2009 Net Working Capital impacted by extraordinary items related to IPO and stock option exercise: adjusted Net Working Capital amounts to €16.9m, corresponding to 11.1% of Net Revenues

2. Percentages calculated on LTM Net Revenues

2

Increase in Inventories compared to FY2010 mainly

related to increase in stock needed to support future

growth of Multi-brand line. 88.1% of stock is related to

merchandise either available online as of March 2011

or related to subsequent collections (vs. 84.3% as of

Dec. 2010)

21

36.5%

46.6% 45.6%

29.0%

35.6% 34.8%

1Q 2010 FY 2010 1Q 2011

Inventories as % of Multi-brand Net Revenues Inventories as % of Group Net Revenues

2 2

2009 2010 1Q2010 1Q2011


SLIDE 14

YOOX GROUP CASH FLOW STATEMENT AND NET FINANCIAL POSITION

Net Financial Position

2009 2010

% of Net Revenues

1Q2010 1Q2011

Cash Flow Statement Capital Expenditure

(€m)

Cash and Cash Equivalents at Beginning of Period 9.0 35.0 35.0 24.2

Cash Flow from Operations 18.4 (0.5) (0.8) (5.9)

Cash Flow from Investment Activities (2.1) (11.5) (1.2) (6.2)

Sub Total 16.4 (12.0) (2.1) (12.1)

Cash Flow from Financing Activities 9.7 1.2 (22.5) 0.2

Cash Flow 26.0 (10.8) (24.6) (11.9)

Cash and Cash Equivalents at End of Period 35.0 24.2 10.4 12.3

€3.4m

€12.3m

€1.3m

€7.5m

2.2% 5.8% 2.6% 10.8%

(€m)

Cash and Cash Equivalents (35.0) (24.2) (10.4) (12.3)

Other Current Financial Assets (0.0) (5.1) (22.6) (0.4)

Current Financial Assets (35.0) (29.3) (33.0) (12.7)

Current Financial Liabilities 0.3 5.6 0.4 0.6

Long Term Financial Liabilities 0.7 0.8 0.7 0.7

Net Financial Debt / (Net Cash) (34.0) (22.8) (32.0) (11.3)

1Q

2010

1Q

20112009 2010

1Q

2010

1Q

20112009 2010 Capex increase

mainly related to

higher investments

in technology

developments and

automation of global

operations and

distribution platform


SLIDE 15

TABLE OF CONTENTS


FINANCIAL ANALYSIS


APPENDIX


SLIDE 16

OUR VISION

The Global Internet Retailing Partner for Leading

Fashion & Design Brands


SLIDE 17

Translate strong growth into increased profitability and cash flow generation

Continue to develop state-of-the-art logistics and technology platforms

Further expand globally, with strong focus on China to leverage the first-mover advantage

Grow to 50 online stores by 2015, powering the world’s leading fashion and design players

OUR 2011-2015 TARGETS

Increase the proportion of in-season offering within the product assortment mix

Nearly half of the Group’s Net Revenues from in-season by 2015

Higher Average Order Value (AOV)


SLIDE 18

GROW TO 50 ONLINE STORES BY 2015, POWERING THE WORLD’S LEADING FASHION AND

DESIGN PLAYERS

By 2015 YOOX Group will manage 50 online stores, including...

Multi-brand Mono-brand

What the Growth Strategy will rely on…

Increasing the proportion of in-season offering within

the product assortment mix

Increasing the assortment depth of a few selected

existing categories

New categories within fashion and design

Strengthening and expanding relationships with

existing commercial partners

New commercial partnerships, by leveraging the

Group’s global platform

Maintaining a strong pipeline of new openings

approx. 5-6 new brands per year

Focus on China with approx. 3-4 launches per year

(either as extensions of existing partnerships or as

new partnerships)

Growth of the existing Online Stores (by further

increasing the brands’ portion of e-commerce sales)

Implementation of a selective approach in the

identification and development of new strategic

partnerships and in the renewal of existing ones


SLIDE 19

FURTHER GLOBAL EXPANSION

ACTIONSMARKETS

Countries served with

global approach & standard solutions

Local language sites

Local payment systems

Dedicated marketing & customer care

Local presence

(offices, customer care centres)

Local decision-making

Greater autonomy

Local language sites

Local payment systems

Local currency

Local buying

Over 100

countries

served

New launches

(Korea and

other Far East

countries, etc)

US no. 1

market by 2011

The undisputable

leader in Italy

China one of

top 3

markets in 2015

OTHER

STRATEGIC

CORE

OFFER

A Global Reach with Local Expertise

LO

CA

LIS

AT

ION


SLIDE 20

FURTHER GLOBAL EXPANSION - CHINA

ALREADY THE WORLD’S BIGGEST

ONLINE POPULATION

( 300 M INTERNET USERS IN 20101)

ALREADY THE WORLD’S

SECOND LARGEST MARKET3

THE WORLD’S

YOUNGEST MARKET

WITH 80% OF CONSUMERS

UNDER 454

1. 296m internet users in China in 2010. Source: “Online Retail Forecast, 2010 to 2015, Asia Pacific”, Forrester Research Inc., 15 October 2010

2. 278m internet buyers in China in 2015 and 310m of US citizens in 2010. Source: “Online Retail Forecast, 2010 to 2015, Asia Pacific”, Forrester Research Inc., 15 October 2010 and “Online Retail Forecast,

2010 to 2015, US”, Forrester Research Inc., 18 January 2011

3. Source: Li & Fung Research Centre, China Distribution & Trading, Issue 66, June 2010, based on World Luxury Association (WLA)

4. Source: “The Coming of Age, China’s new class of wealthy consumers”, Insights China by Mckinsey&Company

POSITIONED FOR

LONG-TERM GROWTH

AT THE CONVERGENCE

OF TWO MEGA TRENDS

NO. OF ONLINE BUYERS

EXPECTED TO ALMOST REACH

TOTAL CURRENT US POPULATION

IN 2015 ( 300 M)1,2

First Mover in the World’s Fastest Growing Market


SLIDE 21

FURTHER GLOBAL EXPANSION - CHINA, THE STRATEGIC PLAN

Provides our mono-brand

partners with a double

shopping-window to show and

sell the same products

available on their Online Stores

and in our local warehouse

In addition to the Online Stores’

brands, hosts an accurate

selection of cutting-edge

designers appealing to Chinese

customers

Helps our partners minimise risk

of local end-of-season inventory

through a reliable channel that

doesn’t dilute their brands’

image

MISSION: The official Internet retailing partner in China for leading fashion brands

POSITIONING: Start with in-season offering, excellent customer service and a superior shopping experience

OBJECTIVE: Support the Group’s long-term growth

2H2011…

2012…

emporioarmani.cn (Nov. 10) marni.cn in 1Q11 & bally.cn in 2Q11

Extend existing partnerships

and develop new agreements

with leading fashion houses by

powering their Online Stores in

a market with high growth

potential

Strong pipeline of new

openings


SLIDE 22

A STATE-OF-THE-ART AUTOMATED GLOBAL DISTRIBUTION PLATFORM

We have commenced a major project to fully automate our central global operations and distribution platform in Bologna

Service the Group’s global growth

Improve customer service

Increase operating efficiencies

New automated warehouse will handle YOOX’s growth through 2016

No need to move to new premises, thus avoiding relocation costs

Substantial improvement in the Group’s profitability

Increase in order accuracy thanks to the use of RFid technology

Maximum investment of approximately €20m

Half in FY2011 (committed)

Half over subsequent 5 years

Majority of investment will be financed through a line of credit with a major international financial

institution

BSL Geodis - part of the SNCF Group and one of the world's leading providers of logistics services

in Europe - since January 2011

Rationale

Benefits

2011-2016 capex

Financing

Timing

Investment considerations


SLIDE 23

Headquarters in Italy

1. Company elaborations based on shipping partners’ data. Refers to FY2010

2. Full set-up of digital production facilities by first half of 2011

4 Digital Production FacilitiesItaly, US, Japan, China2

5 Logistics Centres strategically located, guaranteeing best-in-class service to all major fashion marketsItaly, US, Japan, China, Hong Kong

9 languages

5 currencies

7 Local OfficesItaly, US, Japan, France, Spain, China, Hong Kong

8 Customer Care Centres

1 order processed every 15 seconds

99% of deliveries on time1

GLOBAL OPERATIONS


SLIDE 24

A PROVEN PROPRIETARY TECHNOLOGY PLATFORM TAILORED TO ONLINE FASHION

TE

CH

NO

LO

GY

PL

AT

FO

RM

Scalable

&

Reliable

Flexible

with

Depth & Speed

Multi-Market

Multi-tenant platform capable of accommodating well over 50 online stores by 2015

Service-oriented architecture

Cloud Technology (initially for multi-channel and digital asset management)

Capable of accommodating Multi-brand and Mono-brand formats

Integration with best-of-breed technology solutions

End-to-end tools and solutions fully integrated to support logistics and customer care processes

Easy to localise & Far East ready (language, payments & logistics)

Consolidated expertise, technology and solutions to enable fast entry into new geographical markets

Innovation

& Ability to Capture

New Opportunities

Multi-channel enabled - desktop, mobile devices (iPhone, Android, Keitai, Blackberry, etc) and tablets (iPad)

Leverage product presentation solutions, such as videos, to increase customer engagement and conversion

Internal research and scouting of early-stage technology solutions to enable fast innovation

Customer-

Oriented

Investment in CRM solutions to increase retention, customer engagement and cross-selling opportunities

Leverage a vast amount of data and Business Intelligence to improve interaction with our customers


SLIDE 25

TRANSLATE GROWTH INTO INCREASED PROFITABILITY AND CASH FLOW GENERATION

Increase in Operating Cash Flow Generation

Leverage economies of scale thanks to increasing critical mass, supported by a scalable business model

Exploit synergies between Mono-brand and Multi-brand business lines

Improve operational efficiencies

Manage working capital effectively, leveraging on

Increasing contribution from in-season offering (mainly on consignment)

Reduction in production lead times


SLIDE 26

HOW CAN WE REACH OUR GOALS?

By Continuing to Invest in …

DREAM TEAM

Fostering culture of innovation and quality

Promoting growth of young talents and “YOOX School”

Strengthening top management team

Focusing on strategic objectives and results

(incentive plans)

THE CUSTOMER Best & innovative shopping experience (excellent customer service &

high quality product presentation)

Customer proximity through multiple channels & geographic localization

Strengthening retention rate with increased focus on existing customers (CRM)

Forging strategic alliances with top fashion & design publishers to target

dedicated followers of fashion

New creative marketing ideas in sync with evolving scenarios (social networks)

GLOBAL TECH. & LOGISTICS PLATFORM

Logistics

State-of-the-art, highly-automated distribution centre

with global capabilities

Technology

Scalable, flexible, customer-oriented


SLIDE 27

TABLE OF CONTENTS


FINANCIAL ANALYSIS


APPENDIX


SLIDE 28

YOOX GROUP PROFIT & LOSS EXCLUDING INCENTIVE PLAN COSTS

Note: Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro

Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Depreciation & Amortisation

1Q20102009 2010 1Q2011

(€m)

Net Revenues 152.2 214.3 50.3 69.7

growth 50.0% 40.8% 43.4% 38.6%

COGS (91.9) (129.9) (31.6) (44.7)

Gross Profit 60.3 84.4 18.7 25.0

% of Net Revenues 39.6% 39.4% 37.2% 35.9%

Fulfillment Excl. Incentive Plan Costs (15.1) (21.4) (4.9) (7.0)

% of Net Revenues 9.9% 10.0% 9.8% 10.1%

Sales & Marketing Excl. Incentive Plan Costs (16.4) (23.5) (5.5) (7.1)

% of Net Revenues 10.8% 11.0% 10.9% 10.2%

EBITDA Pre Corporate Costs 28.8 39.5 8.3 10.9

% of Net Revenues 18.9% 18.4% 16.5% 15.6%

General & Administrative Excl. Incentive Plan Costs (11.2) (16.5) (3.8) (5.0)

% of Net Revenues 7.4% 7.7% 7.6% 7.2%

Other Income/(Expenses) (1.0) (0.5) (0.3) (0.3)

% of Net Revenues 0.6% 0.2% 0.6% 0.4%

EBITDA Excluding Incentive Plan Costs 16.6 22.5 4.2 5.6

% of Net Revenues 10.9% 10.5% 8.3% 8.0%


SLIDE 29

FROM EBITDA TO NET INCOME

1Q2011

1Q2010

€5.6m

€(1.3)m

€4.3m

€(1.5)m

€2.8m

€(0.2)m

€(1.0)m

€1.7m

EBITDA Excl. Incentive Plan Costs

Incentive Plan Costs EBITDA D&A EBIT Net FinancialIncome / (Expenses)

Taxes Net Income

€4.2m

€(0.3)m

€3.9m

€(0.7)m

€3.2m €0.2m

€(1.4)m

€2.0m

EBITDA Excl. Incentive Plan Costs

Incentive Plan Costs EBITDA D&A EBIT Net FinancialIncome / (Expenses)

Taxes Net Income

% of Net

Revenues

% of Net

Revenues 8.3% 7.8% 6.4% 3.9%

8.0% 6.2% 4.1% 2.4%


SLIDE 30

FOCUS ON INCENTIVE PLAN COSTS

% of

Total

% of

Total

% of

Total

% of

Total2009 2010

1Q

2010

1Q

2011

(€m)

Fulfillment (15.514) (21.539) (4.957) (7.073)

of which Incentive Plan Costs (0.394) 23.9% (0.152) 4.0% (0.015) 5.4% (0.038) 3.0%

Sales & Marketing (16.747) (24.691) (5.564) (7.473)


General & Administrative (12.105) (18.945) (3.975) (5.872)


Incentive Plan Costs (1.651) 100.0% (3.744) 100.0% (0.281) 100.0% (1.261) 100.0%

EBITDA Reported 14.996 18.751 3.906 4.291

% of Net Revenues 9.9% 8.8% 7.8% 6.2%

Incentive Plan Costs (1.651) (3.744) (0.281) (1.261)

EBITDA Excl. Incentive Plan Costs 16.647 22.495 4.187 5.553

% of Net Revenues 10.9% 10.5% 8.3% 8.0%


SLIDE 31

Federico Marchetti 7,090,501 11.1% 2,411,853 4.6%

Management team and other stock option holders 6,467,084 10.1%

Sub-total 13,557,585 21.2% 2,411,853 4.6%

Balderton Capital 5,870,280 9.2% 5,870,280 11.1%

Red Circle 3,622,430 5.7% 3,622,430 6.9%

Federated 3,055,784 4.8% 3,055,784 5.8%

JP Morgan Asset Management 2,467,490 3.9% 2,467,490 4.7%

Wasatch Advisors 1,535,015 2.4% 1,535,015 2.9%

Pictet Funds (Europe) 1,322,168 2.1% 1,322,168 2.5%

Aviva Investors Global Services 1,289,013 2.0% 1,289,013 2.4%

Baillie Gifford & Co 1,070,369 1.7% 1,070,369 2.0%

Market 30,038,358 47.1% 30,038,358 57.0%

Total 63,828,492 100.0% 52,682,760 100.0%

SHAREHOLDER STRUCTURE

Shareholder CurrentFully Diluted 1

2

Updated as of May 9, 2011

1.The fully diluted column shows the effect on the Company’s shareholder structure calculated assuming that all the stock options granted under the Company’s stock option plans are exercised. It does not

include 179,509 ordinary shares granted under the 2009 - 2014 Incentive Plan

2.Excludes Federico Marchetti

3.Includes 62,000 proprietary shares

3


SLIDE 32

ONLINE STORES PARTNERSHIP

YOOX GroupStrategic Partner

Fashion Responsibilities

Definition of Online Store look&feel

Product assortment definition

Pricing definition

Marketing activities

YOOX Group

additional

services:

Yagency

Key

Responsibilities

E-commerce Responsibilities

Set-up and management of the Online Store

Logistics

Digital production

Handling and shipping

Invoicing

Fraud check and credit collection

Customer care

Support and advisory to the Strategic Partner

in all key decisions

Digital experience (Web Design)

Content Production

Media Partnership

Web Marketing

Digital PR and Social Activities


SLIDE 33

CONTACTS

Investor Relations

[email protected]

www.yooxgroup.com

BOLOGNA - MILANO - NEW YORK - MADRID - PARIS - TOKYO - SHANGHAI - HONG KONG

mailto:[email protected]

http://www.yooxgroup.com/

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