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P A G E N U M B E R

This presentation has been prepared by YOOX NET-A-PORTER GROUP 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 NET-A-PORTER GROUP, reference should be made to publicly available information.

Statements contained in this presentation, particularly regarding any possible or assumed future performance of the Group and/or the industry in which the Company operates, are or may be forward-looking statements based on YOOX NET-A-PORTER GROUP S.p.A.’s current expectations and projections about future events, and in this respect may involve risks and uncertainties.

Actual future results for any quarter, half-year or annual period may therefore differ materially from those expressed in or implied by these statements due to a number of different factors, many of which are beyond the ability of YOOX NET-A-PORTER GROUP S.p.A. to control or estimate precisely, including, but not limited to, the Group’s ability to manage the effects of the uncertain current global economic and financial conditions (also deriving from or connected to the recent ‚Brexit Referendum‛ outcomes) on our business and to predict future economic conditions, the Group’s ability to achieve and manage growth, the degree to which YOOX NET-A-PORTER GROUP S.p.A. enters into, maintains and develops commercial and partnership agreements, the Group’s ability to successfully identify, develop and retain key employees, manage and maintain key customer relationships and maintain key supply sources, unfavorable development affecting consumer spending, the rate of growth of the Internet and online commerce, competition, fluctuations in exchange rates, any failure of information technology, inventory and other asset risk, credit risk on our accounts, regulatory developments and changes in tax laws. YOOX NET-A-PORTER GROUP S.p.A. does not guarantee that the assumption underlying any forward-looking statements in this presentation are free from errors nor does not it accept any responsibility for the future accuracy of the opinions expressed in this presentation.

YOOX NET-A-PORTER GROUP S.p.A. does not undertake any obligation to review, update or confirm investors’ expectations and/or estimates or to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance of the YOOX NET-A-PORTER GROUP shall not be taken as an indication of future performance.

This document does not constitute an offer or invitation to purchase or subscribe to 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.

P A G E N U M B E R

In the entire presentation, the pro-forma financials and some performance indicators (hereafter the ‚pro-forma financials‛) relating to the financial years ended 31 December 2015 and

31 December 2014 and to the periods ended 30 June 2016 and 30 June 2015 of YOOX-NET-A-PORTER GROUP S.p.A. are laid out.

The pro-forma financials for the periods ended 31 December 2015, 31 December 2014 and 30 June 2015 derive from those contained in the Informative Document on the merger by

absorption of Largenta Italia S.p.A. into YOOX S.p.A. published on 3 October 2015 and were subject to audit by the independent auditors with an audit report issued on 28 August

2015. The pro-forma financials for the periods ended 31 December 2015, 31 December 2014 and 30 June 2015 have been prepared by aggregating the historical data of YOOX GROUP

and of THE NET-A-PORTER GROUP and then carrying out the adjustments specified below for the purpose of simulating - according to valuation criteria consistent with the historical

data and compliant, where appropriate, with the reference regulation represented by the International Financial Reporting Standards (‚IFRS‛) endorsed by the European Union - the

economic effects of the merger on the operating performance of YOOX NET-A-PORTER GROUP as if such transaction had virtually occurred, respectively, at the beginning of fiscal

year 2015 (1 January 2015) and at the beginning of fiscal year 2014 (1 January 2014). Please note that the information contained in the pro-forma financials of YOOX NET-A-PORTER

GROUP represents, as mentioned above, a simulation, provided for illustration purposes only, of the possible effects of the merger on YOOX NET-A-PORTER GROUP’s financials. In

particular, YOOX NET-A-PORTER GROUP pro-forma financials implied the adjustment of actual figures to retroactively reflect the effects of the merger; as a result, in spite of the

compliance with the general criteria commonly accepted and the use of reasonable assumptions, intrinsic limits of the actual nature of the pro-forma financials persist because they are

representations based on assumptions. Therefore, pro-forma financials should not be deemed representative of the results that would have been achieved if the transactions

considered in the preparation of the pro-forma financials had actually taken place as at the dates taken as a reference. Pro-forma financials reproduce a hypothetical situation and

therefore do not intend in any way to depict current or prospective financials of YOOX NET-A-PORTER GROUP. In light of the different purposes of the pro-forma financials compared

to the historical financial statements, and, as regards those latter, of the conversion and restatement of THE NET-A-PORTER GROUP Limited data in the abovementioned terms, as

well as of the different computation modalities of the effects of the merger with reference to the pro-forma financials presented, such pro-forma financials shall be read and construed

independently from historical data, without seeking accounting connections between them. Pro-forma financials do not, in any way, intend to represent a forecast of future results and

should therefore not be used for this purpose: pro-forma financials do not reflect prospective data in that they are only prepared to represent the most significant effects, capable of

being isolated and objectively measured, of the merger and the associated economic transactions, without taking into account the potential effects resulting from any management

decisions and operational choices taken as a result of the merger.

The most important adjustments are outlined below:

– elimination of costs related to fair value adjustments of THE NET-A-PORTER GROUP Limited B-Shares associated with an incentive plan, the cost of which has been borne by the

Richemont Group;

– elimination of debt and related costs due to the interruption of non-commercial relations between the companies of THE NET-A-PORTER GROUP Limited and the companies of

the Richemont Group;

– elimination of financial income and expenses deriving from extinguished financial liabilities of THE NET-A-PORTER GROUP Limited;

– elimination of non-recurring costs borne in connection with the merger between YOOX Group and THE NET-A-PORTER GROUP Limited;

– elimination of the related tax effects on the aforementioned adjustments, where applicable.

Preliminary consolidated financials for the period ended 30 September 2016 of YOOX NET-A-PORTER GROUP (‚YNAP‛) are compared with pro-forma consolidated financials for the

period ended 30 September 2015, which were prepared by aggregating the historical data of YOOX GROUP and of THE NET-A-PORTER GROUP and then carrying out adjustments for

the purpose of simulating the economic effects of the merger on the operating performance of YNAP as if such transaction had virtually occurred on 1 January 2015.

Historical financial data of YOOX GROUP and of THE NET-A-PORTER GROUP at 30 September 2015 derive, respectively, from the unaudited consolidated interim report of YOOX

GROUP at 30 September 2015 and from the unaudited consolidated interim financial statements of THE NET-A-PORTER GROUP at 30 September 2015 prepared in accordance with

the accounting principles applicable in the UK; such data was originally expressed in Sterling and for the purpose of being included in the pro-forma financials of YNAP has been

converted into Euro and arranged according to the presentation criteria adopted by YOOX GROUP.

P A G E N U M B E R

YOOX NET-A-PORTER GROUP IN A NUTSHELL

2016 NINE-MONTH INTERIM TRADING STATEMENT

FAST FORWARD TO 2020: 2016 - 2020 5Y PLAN

2016 FIRST HALF RESULTS

2015 PRO-FORMA RESULTS AND 2016 OUTLOOK

APPENDIX

P A G E N U M B E R

Rest of Europe

48.8%

Global premier online luxury fashion destination for content and commerce for the season’s must-have womenswear collections

Unparalleled editorial content, including its weekly online magazine THE EDIT and bi-monthly print magazine PORTER

Global destination for men’s style with unparalleled offering from the season of the leading menswear, watchmakers and

specialist grooming brands Rich editorial content through

the weekly online magazine The Journal and bi-monthly newspaper The MR PORTER Post

MULTI-BRAND IN-SEASON MULTI-BRAND OFF-SEASON

Rest of Europe

48.8% The world’s leading online

lifestyle store for fashion, design and art

Broad offering of off-season premium apparel and accessories, exclusive collections, home & design and artworks

Rest of Europe

48.8%

Go-to destination for previous-season designer fashion for the global style-conscious woman looking for the best designer products at great prices

In-house label of styling essentials ‚Iris and Ink‛

ONLINE FLAGSHIP STORES

Official Online Flagship Stores of leading fashion and luxury brands for which YNAP is the exclusive partner

Long-term partnerships

and many more …

JVCo with Kering

.com

.com

.com

.com .com

.com

.com

.com

.com

.com

.com

.com

.com

.com

.com

.com

.com

Proprietary business where YNAP operates as an e-tailer for the season’s luxury fashion collections under its four own brand names

Proprietary business where YNAP operates as an e-tailer mainly for the previous-season designer fashion under its two own brand names

‚Powered by YOOX NET-A-PORTER GROUP‛

Multi-brand In-Season

Multi-brand Off-Season

Online Flagship Stores 54%

36%

10% 7%

16%

26% 30%

15% 6% Italy

UKRest of EuropeNorth AmericaAPACRoW + NCR

Net Revenues by Geography Net Revenues by Business Line

7.1m Orders

€352 AOV

2,5m Active Customers

€1.7bn Net Revenues

€133m Adj.EBITDA

€62m Net Cash Position

FY 2015 Highlights1

1. Pro-forma figures

P A G E N U M B E R

3 distinct business lines to cater to their respective customer bases with unique and highly-differentiated value

propositions

One shared global technology and logistics platform powering all business lines, markets and channels and common

corporate functions to fully unlock synergies

MULTI-BRAND IN-SEASON MULTI-BRAND OFF-SEASON ONLINE FLAGSHIP STORES

THE PLATFORM (Technology and R&D, Operations and Private Label Sourcing)

CORPORATE FUNCTIONS

JVCo with Kering

and many more …

‚POWERED BY YOOX NET-A-PORTER GROUP‛

P A G E N U M B E R

1. Refers to FY 2015

Over 180 countries served DCs

US, UK, Italy, China, Hong Kong, Japan

Customer care covering all time zones

Local Offices:

New York, London, Milan, Bologna, Paris, Hong Kong, Shanghai, Tokyo

Same-Day Delivery in London, Manhattan, Connecticut and Hong Kong

Digital production facilities

US, UK, Italy, China, Hong Kong, Japan

Butler service and authenticity RFid seal

1 order processed every 4 seconds1

P A G E N U M B E R



– RESULTS HIGHLIGHTS AND LATEST BUSINESS DEVELOPMENTS

– NET REVENUE REVIEW AND KPIs




APPENDIX

P A G E N U M B E R

3Q 2016 Net Revenues at €435 million, +19%

organic1 and +12% reported2 compared with

pro-forma net revenues of €390 million in 3Q

2015

Acceleration in revenue growth on 1H 2016

driven by North America and APAC

Strong organic performance across all

business lines

3Q performance led to 9M 2016 Net Revenues

of €1.3 billion, +17% organic1 and +13%

reported2

1. Organic net revenue growth is calculated at constant exchange rates and at comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of the previous year. Reported growth is calculated at current exchange rates and at actual perimeter

2. Reported net revenue growth calculated at current exchange rates and at actual business perimeter 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

P A G E N U M B E R

MULTI-BRAND IN-SEASON

First key platform integration milestone: migration of all former YOOX GROUP’s online stores to new Order Management

System successfully completed in early November, in line with schedule

Consolidation of Hong Kong distribution centre

PLATFORM

Remarkable enhancement of product offer

– Unprecedented global commercial partnership with IWC Schaffhausen (Richemont): NET-A-PORTER and MR PORTER,

the first-ever online retailers carrying IWC luxury watches

– In Q3 - PRADA debuting on NET-A-PORTER and MR PORTER; Moncler on NET-A-PORTER; Giorgio Armani and

Ermenegildo Zegna on MR PORTER

Launch of MR PORTER Apple TV app in September

Roll-out of PORTER’s fully-shoppable Android app in August

Global partnership with Marni renewed for a further 5 years until 15 October 2021

Discontinuation of 3 agreements, together accounting for 0.6% of the Group’s pro-forma net revenues in 2015: Sergio Rossi in

1H 2017; Bikkembergs and Dolce & Gabbana in September 2016; partnerships to be refocused on the Group’s multi-brand

divisions in order to maximise their online business potential


Go-live of the new YOOX in September, supported by multi-channel ADV campaign to enhance brand positioning and drive

awareness

– Highly customised shopping experience leveraging real-time browsing behavior, previous buying history and city-based

geo-localisation capabilities driving significant improvements in conversion and bounce rates

Roll-out of THE OUTNET first Android native app in October

Introduction of first Iris & Ink footwear collection in September and debut of Tom Ford on THE OUTNET in October

Revision of THE OUTNET’s graphic interface and typeface to make it more mobile friendly

MULTI-BRAND OFF-SEASON

P A G E N U M B E R




– NET REVENUE REVIEW AND KPIs




APPENDIX

P A G E N U M B E R

€36.9m €42.4m

€152.4m €178.0m

€200.6m €215.1m

Net Revenue Performance and Breakdown

@constant FX @current FX

3Q 2016 Group Growth

51.4% 9.5%

49.4%

40.9%

Mono-brand Gross Merchandise Value2 Growth

14.7%

9.3% 24.0%

Mono-brandNet Revenue Growth

Impact of differentbooking for the

JV online store sales

Mono-brand Gross MerchandiseGrowth


2. Gross Merchandise Value is defined as retail value of sales of all the Online Flagship Stores, including the JV online store sales, to final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for within ‚Rest of the World and Not Country Related‛, are excluded

3. Gross merchandise value organic growth is calculated at constant exchange rates and at comparable perimeter by including gross merchandise value of all Online Flagship Stores active at the end of each period, which were also active at the beginning of the same period of the previous year. Reported growth is calculated at current exchange rates and at actual perimeter.

39.1%

9.7%

+16.8%

+14.7%

+19.5%

€435.4m €389.9m

+16.8%

+11.7%

+14.7%

+7.2%

3Q 2015 Pro-Forma

3Q 2016 vs 3Q 2015 Pro-Forma

+16.8%

@constant FX

+25.5%

Multi-brand In-Season Multi-brand Off-Season Online Flagship Stores

Organic1

+19.1%

+19.0%

Organic3

+25.7%

P A G E N U M B E R

(€m )

Italy 75.1 87.4 16.3% 16.4% 26.8 29.9 11.4% 11.6%

UK 184.3 191.7 4.0% 14.8% 59.7 56.5 (5.4%) 13.5%

Rest of Europe 317.5 353.7 11.4% 14.0% 108.9 115.3 5.9% 7.7%

North America 352.1 401.0 13.9% 14.2% 113.7 132.9 16.9% 17.8%

APAC 175.8 214.2 21.9% 23.8% 57.3 76.8 33.9% 36.8%

Rest of the World + NCR 76.9 84.5 9.8% 18.8% 23.5 24.1 2.5% 19.0%

Group Net Revenues 1,181.7 1,332.5 12.8% 16.1% 389.9 435.4 11.7% 16.8%

1. Not Country Related

29.8%

15.6% 14.9%

6.5%

26.9%

6.4%

9M 2015 9M 2016

30.1%

14.4% 16.1%

6.3% 6.6%

26.5%

3Q 2015

14.7%

6.0%

15.3%

29.2%

6.9%

27.9%

17.6%

5.5%

13.0%

30.5%

6.9%

3Q 2016

26.5%

Net Revenue Performance

Net Revenue Breakdown

Italy UK Rest of Europe APAC North America Rest of the World and NCR1

9M 2015 Pro-Forma

9M 2016 % Growth % Growth

Constant FX 3Q 2015

Pro-Forma 3Q 2016 % Growth

% Growth Constant FX

1

P A G E N U M B E R

8.6 9.0

9.4 10.1

8.0 8.4

25.9 27.5

9M 2016 9M 2015 Pro-Forma Restated3

9M 2016 9M 2015 Sep 2015 Sep 2016

9M 2015 Pro-Forma

354

331

353

324

3Q 2016 3Q 2015

7.7 8.7

10.0 10.0

7.8 8.0

25.5 26.8

+6.0%

+5.8%

+4.4%

+5.0%

+2.7%

+14.1%

-6.3% -8.1% +20.3%

3Q 2015 Pro-Forma Restated3

3Q 2016

2,316

2,785

3Q 2016 3Q 2015 Pro-Forma 9M 2016

5,019

5,939

1,695 1,994

+18.3% +17.7%

Monthly Unique Visitors (m)2 # Orders (‘000) - Group

Average Order Value (€) - Group Active Customers4 (‘000) - Group5

+7.6% -0.2%


@constant FX

-3.5%

@constant FX

-4.0%

1. Key performance indicators do not include the Joint Venture with Kering and the jimmychoo.com online flagship store 2. Source: Adobe Analytics for NET-A-PORTER and MR PORTER in the first nine months of 2016 and THE OUTNET; Adobe Analytics and Flurry for NET-A-PORTER and MR PORTER in the first nine months of 2015, Google Analytics for YOOX, THECORNER, SHOESCRIBE and the Online Flagship

Stores "Powered by YOOX NET-A-PORTER GROUP" 3. 9M 2015 monthly unique visitors (‚MUV‛) have been restated to include the MUV from native apps, previously not tracked, for NET-A-PORTER, MR PORTER and THE OUTNET as well as to account for the change in data source used for YOOX MUV starting from November 2015. Specifically,

YOOX MUV for both 9M 2015 and 9M 2016 are now sourced from Google Analytics, instead of Google Analytics for the website and SiteCatalyst for the mobile site as previously used 4. Active Customer is defined as a customer who placed at least one order in the 12 preceding months. The figure reported is calculated as the sum of the Active Customers of each online store for the reporting period 5. Includes Active Customers of the Online Flagship Stores ‚Powered by YOOX NET-A-PORTER GROUP‛

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM


ONLINE FLAGSHIP STORES POWERED BY YNAP


THE MIDDLE EAST AND CHINA



APPENDIX

P A G E N U M B E R

P A G E N U M B E R

A Global company with Anglo-Italian roots

A unique ecosystem covering all luxury customer segments globally

The global partner of choice of the world’s leading luxury brands for all online distribution channels

P A G E N U M B E R

2009

Orders processed

Net Revenues2

Employees

Monthly Unique Visitors

Enterprise Value1

Customers

€226m

€137m

287

0.5m

6m

1 every 27s

2015

€2.5b

€1.7b

3,901

2.5m

27m

Orders 1m 7m

1 every 4s

Countries reached 67 >180

1. Fully diluted Enterprise Value, calculated as of 3 December 2009 and 5 July 2016, respectively. Net Financial position for 2015 EV calculated as of 31 March 2016 and adjusted for €100m capital increase. 2. Net Revenues refer to last 12 months as of 30 September 2009 for YOOX and last 12 months as of 31 March 2016 for YNAP. For all the definitions (indicated with " * "), please refer to slide 172

P A G E N U M B E R

YNAP Pro-forma Net Revenues and CAGR

2009 2015

+34%

+29%

€1.7bn

YNAP 2015 Market Share4

YNAP3 AND MARKET HISTORICAL PERFORMANCE

Online Personal Luxury Goods Market CAGR

€16.8bn

3. Combined YOOX GROUP and the NET-A-PORTER GROUP Net Revenue CAGR for 2009 - 2015 Note: For sources cited on this slide, please refer to slide 173

P A G E N U M B E R

2015 2020

YNAP

YNAP AND MARKET GROWTH EXPECTATIONS

+15%

YNAP EXPECTED TO CONTINUE GAINING MARKET SHARE AND MAINTAIN LEADERSHIP POSITION

Mobile penetration

Big Data

Technology Innovation

Omni-channel

Millennials

YNAP Pro-forma Net Revenues and CAGR Online Personal Luxury Goods Market CAGR5

€1.7bn

DRIVERS OF FUTURE MARKET GROWTH

YNAP 2020 Market Share

~€34bn

Note: For sources cited on this slide, please refer to slide 173

P A G E N U M B E R

Creative Content to delight our customers

Personalised customer journey powered by Smart Data

Hi Federico, it seems to be quite cold outside, maybe you need a nice scarf! How about this?

Customer-centric approach, focused on Mobile usage

4 KEY PRINCIPLES

Impeccable Service as part of the experience

P A G E N U M B E R

One firm operating 3 distinct business lines

4 Brands catering to their respective customer bases through their distinctive identities and value propositions

One shared global platform servicing all Brands, empowering innovation while fully unlocking synergies

Common Corporate Functions to share and deploy best practices and encourage cross-fertilisation


THE PLATFORM (Technology and R&D, Operations and Private Label Sourcing)

CORPORATE FUNCTIONS

JVCo with Kering

and many more …


P A G E N U M B E R

…With a culture built on common values of customer centricity & innovation,

and encouraging differentiation at brand-level

… Instilling a spirit of togetherness by fostering

collaboration, learning and curiosity

... Made of 1 dream team combining the best talent of NET-A-PORTER, YOOX, and the industry

… Which values and promotes diversity by implementing

family-friendly and female-empowering initiatives

… With the goal of being the world’s most

sought-after employer in online fashion

P A G E N U M B E R

0%

40%

80%

NET-A-PORTER YOOX

0

2,000

4,000

NET-A-PORTER YOOX0

2

4

NET-A-PORTER YOOX

Desktop Tablet Smartphone

1% 8%

20% 30%

43%

55% 59%

2010 2011 2012 2013 2014 2015 Q1 2016

Mobile Visits

Smartphone sales growth outpaced other devices

Within Mobile, Native Apps are gaining share

Increased traffic on mobile devices has been

the key driver behind mobile sales growth

More Loyal… …More Engaged… …Spend More!!

Note: Net Revenues and traffic split by device include data from all 3 business lines. Customer data (Retention rate, orders per annum, annual spend) refers to Net-A-Porter and YOOX only. Mobile customer defined as a customer who placed at least 1 order on a mobile device in previous 12 months. This customer could be either a mobile-only customer or a cross-channel customer.

Mobile Customer Desktop-Only Customer

41% 31% 25% 17% 7% 1% 37%

Retention Rate Orders Per Annum Annual Spend (€)

Mobile sales penetration

YNAP Net Revenues and Traffic Split by Device

YNAP MOBILE CUSTOMERS PROVING THE MOST VALUABLE (2015)

P A G E N U M B E R

95% of luxury consumers are already mobile equipped

Mobile will be at the heart of our strategy, with native apps as the strongest tool for conversion, engagement and retention

Conversion Driver

Physical and Digital Store Bridge

Personalization Enabler

Media Gateway

Constant Engagement Tool

Service Delivery Channel

P A G E N U M B E R

Converge multiple customer data sources, both internal (across all of our online stores) and external

Refine this data and develop a holistic view of our customer; that is smart and actionable

Use this smart view to inform Marketing and Retailing strategies to unlock value from:

TWO OF OUR BIGGEST ASSETS

UNMATCHED BASE OF 2.5 MILLION HIGH-VALUE CUSTOMERS GLOBALLY

Personalisation across all customer touchpoints

Extending insights into our luxury ecosystem to our Brand Partners

THE WORLD’S BIGGEST LUXURY FASHION CLOSET

‚Omni-stock‛ Program: Develop intelligent stock allocation and

fulfilment decisions across our global logistics network to maximise return on inventory

P A G E N U M B E R

Rest of Europe 48.8%


Strong growth in High Net Worth customer base

International expansion

Product to cement positioning and launch of fine jewellery & watches

Content to drive acquisition and engagement

Unparalleled one-to-one service to increase retention

Strong increase in customer base focused on higher-value customers

Marketing investments to drive YOOX brand awareness

THE OUTNET international expansion

Growth in product offering, preserving the best quality

Private labels to complement

current offer

Strong organic growth from more focused portfolio of higher-potential existing partnerships

New select business developments with promising online potential

Business model evolution for brands to seize the omni-channel opportunity

New suite of luxury value-added services to complement our offer

….all empowered by mobile


JVCo with Kering

and many more …

P A G E N U M B E R

United States – the world’s biggest online luxury market –

to remain our no. 1 country

Expand our presence in Japan and China to harness their full potential

Break into the Middle East with a full in-country presence that

completes our coverage of all relevant luxury markets

Strong focus on internationalisation while maintaining our leadership position in the US

Increase focus on most promising European opportunities (incl. Russia)

Extend outreach in large e-commerce markets where YNAP is underpenetrated

(Germany, France)

P A G E N U M B E R

THE PLATFORM

Converging while enhancing

The world’s biggest fashion closet

seamlessly accessible from anywhere

SHARED SCALABLE

Investing now, leveraging much

beyond 2020

~340,000 SQM by 2019 able to

accommodate sales growth of over €5bn

Setting the standard for service in luxury

fashion

Premier same-day delivery in NY, London,

Milan, Dubai, Shanghai, Tokyo

TAILORED FOR LUXURY

INNOVATIVE

Empowering innovation leveraging

smart data

Knowing our prospective ~6M

customers one-by-one

[…]

P A G E N U M B E R

Uniquely positioned at the high-end of the fast-growing online fashion market

Talented, experienced and forward-looking management team

The independent global partner of choice of the world’s leading luxury brands

A proven and highly resilient business model: The world’s most geographically diversified fashion e-tailer

Broad and well-balanced offer across customer profiles and price points through 3 business lines

One Scalable Global Platform tailored to luxury fashion

Successful track record of strong profitable growth and industry-leading innovation

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM







APPENDIX

P A G E N U M B E R

2. Average 2015 exchange rates For all the definitions (indicated with " * "), please refer to slide 172

Sensitivity to average GBP/EUR in H2 2016

FY2016 Group Net Revenue Growth2

Adjusted EBITDA*

0.80 0.85

-1.5% -2.5%

~nil ~nil

Comments

Well-balanced GBP-denominated revenues and costs

Severe UK Flat y-o-y

Europe Mid Teens

(2 - 3%)

Sensitivity to UK & Europe Slowdown Scenario in H2 2016

Adjusted EBITDA margin

+10bps +20bps

Moderate UK Single Digit

Europe High Teens

(1 - 1.5%)

Impact on

FY2016 Group Net Revenue Growth2

Adjusted EBITDA margin

-20bps -40bps

Impact on

CURRENCY IMPACT

SLOWDOWN IN DEMAND

P A G E N U M B E R

5-Year Plan already accounts for a declining share of the UK contribution to Group Net

Revenues, moving from 15.8% in FY2015 to ~12.0% in FY2020, to reflect already relatively

high penetration of online luxury goods and stage of e-commerce maturity

Conservative view on UK growth already factored into plan

assumptions

Whilst Brexit will not automatically lead to an introduction of customs between the UK and

the EU, the potential risk has been taken into account starting from mid 2018

By then, the new Omni-stock logistics set-up will be in place and will significantly mitigate

any potential additional customs burden. Its impact would be limited to ~10% of Group

COGS by 2020 under the theoretical assumption that no price adjustment is made to

mitigate the effect

No meaningful impact from potential

introduction of custom duties

Impact expected to be neutral on Group’s profitability due to balanced GBP-denominated

revenues and costs

Depreciation of GBP/EUR FX

P A G E N U M B E R

Category 1 Category 2

Forecasts provided at FY2015 average exchange rates

Annual Net Revenue (NR) growth progression to reflect revenue synergy ramp-up

YNAP Pro-forma Net Revenues and CAGR Online Personal Luxury Goods Market CAGR3

€1.7bn


YNAP AND MARKET GROWTH EXPECTATIONS

17 - 20%

€3.7 - 4.1bn

15%

2020 2015



P A G E N U M B E R

FREE CASH FLOW GENERATION

Note: 2015 pro-forma financials, 2020 forecasts.

PROFITABILITY ENHANCEMENT

2015A 2020E

8.0%

11 - 13%

Adjusted EBITDA* Margin as % of NR

2020 2015

2015A 2020E

5.0% 4 - 5%

Capital Expenditure as % of NR

2020 2015

Position within the range dependent upon sales growth

Margin enhancement to reflect P&L synergy ramp-up

Comments

2014 2015 2020

Ordinary Net Working Capital* as % of NR

5.8% 5 - 6% 6.6%

Dec 2014 Dec 2015 Dec 2020

Capex as % of NR to peak in 2016 and 2017 and expected to decrease to 4-5% of Net Revenues by 2020

Optimised inventory management driven by Omni-stock programme

Forecasts provided at FY2015 average exchange rates

P A G E N U M B E R

53.7% 35.8%

10.5%

2015 2020


Mix to remain broadly stable

Multi-brand In-Season still the largest contributor

Multi-brand Off-Season likely to outpace the Group’s

average growth in periods of uncertainty

Share of the Online Flagship Stores to slightly diminish as

a result of partial adoption of new partnership model,

entailing YNAP to book its fee as opposed to the entire

transaction value

6.7%

15.8%

26.4% 30.2

%

14.6%

6.3%

Italy UK Rest of Europe

APAC North America Rest of the World and NCR*

2020 2015

North America to remain no. 1 country

Rest of Europe to maintain its share

APAC and Rest of the World gaining share over the UK

– Over-indexed growth in Mainland China, Singapore,

South Korea and Taiwan

– Rest of the World growth fuelled by the Middle East

BY BUSINESS LINE

BY GEOGRAPHY

15.8%

26.4% 30.2%

14.6%

6.3% 6.7%

P A G E N U M B E R

AdjustedEBITDA

GrossMargin

Operating Leverage AdjustedEBITDA

1 - 1.5%

8.0%

2015-2020 Adjusted EBITDA Margin

11 - 13% 2 - 3.5%

Evolution of Adjusted EBITDA* margin factors in synergies

2015 2020

P A G E N U M B E R

2015 - 2020 GROSS MARGIN*

2014A 2015A 2020E

39.2% 39.5%

40.5 - 41.0%

Omni-stock programme enabling lower average markdown and higher sell-through for Multi-brand In-Season and The Outnet

Improved buying terms across Multi-brand In-Season and Off-Season upon volume increase

Growing share of higher-margin private label

Further pricing sophistication yielding increased margins

INITIATIVES DRIVING GROSS MARGIN

2014 2015 2020

P A G E N U M B E R

Lower handling costs as a result of greater stock allocation in Italy as opposed to New York and London

Increased efficiency of customer care

2014A 2015A 2020E

2014A 2015A 2020E

2014A 2015A 2020E

Efficiency in personnel costs and vendor terms reinvested into marketing spend

Operating leverage on fixed costs

9.2% 10.0%

11.9% 12.2%

9.8% 9.3%

2014 2015 2020

FULFILMENT AS % OF NR

Comments

2014 2015 2020

2014 2015 2020

SALES & MARKETING AS

% OF NR

G&A + OTHER INCOME &

EXPENSES AS % OF NR

P A G E N U M B E R

0%

2%

4%

6%

8%

10%

0

20

40

60

80

100

120

140

160

180

200

2015 2016 2017 2018 2019 2020

Capex /

NR Ratio (%)

€84m

~€150m

€m

Free Cash Flow

MAIN INITIATIVES

Technology integration investments and significant upgrades

Expansion of global logistics network to accommodate volume growth and implement Omni-stock programme

0%

2%

4%

6%

8%

10%

0

50

100

150

200

250

2015 2016 2017 2018 2019 2020

NWC /

NR Ratio (%)

€96m

€m

Ordinary Net Working Capital* and % of NR Capital Expenditure and % of NR

-100

-50

0

50

100

150

200

250

2015 2016 2017 2018 2019 2020

€5m

5-6%

NET WORKING CAPITAL* CAPEX

Improvement mainly driven by inventory: better sell-through thanks to Omni-stock programme, increased share of private label, extended off-season buying opportunities throughout the year and shorter lead times due to in-bound process improvement

€m

4-5%

5.8% 5.0%

P A G E N U M B E R

ANNUAL RUN-RATE SYNERGIES (2018)

EBITDA + CAPEX SAVINGS: €85M

CUMULATED ONE-OFF COSTS (2015-2018)

OPEX + CAPEX: €95M

Expected synergies mainly arising from P&L benefits

One-off capital expenditure mainly concentrated in FY2016 - FY2017

HIGHLIGHTS

OPEX Capital Expenditure Capital Expenditure Savings EBITDA

P A G E N U M B E R

2018 EBITDA + CAPEX SAVING SPLIT BY AREAS

45 Synergies in 6 Different Areas

Retail Additional sales, improved full price sell-through and retail

margin across THE NET-A-PORTER GROUP’s online stores thanks to development of a shared virtual global inventory across markets and storefronts (‚Global Inventory‛)

Improved product sourcing conditions by combining yoox.com and THE OUTNET.COM buying efforts

Operations Lower delivery and warehousing costs thanks to optimised

allocation of stock across distribution centres (DCs) closer to customers

Lower delivery and credit card costs thanks to greater scale

Brand Relations Cross selling mono-brand offer and up selling

opportunities leveraging THE NET-A-PORTER GROUP’s editorial and marketing capabilities

Corporate and Technology Reduced hiring rate in overlapping functions CAPEX savings thanks to convergence onto one shared

technology platform

Marketing and Content Savings on marketing spend due to optimisation of multi-

brand portfolio (see slide 25) Up and cross-selling opportunities across customer bases

Retail

Operations

Corporate

Technology

Marketing and Content

Brand Relations

TOP SYNERGY CONTRIBUTORS

P A G E N U M B E R

2016 2017 2018

100%

~40%

~15 % - 20%

GROSS EBITDA SYNERGIES

EBITDA SYNERGY BREAKDOWN BY TYPE

2016 2017 2018

HIGHLIGHTS

P&L synergies (net

of one-off OPEX)

to be positive as

soon as 2016

Synergy increase

from 2017 to 2018

mainly due to

implementation of

Global Inventory

set-up, driving

uplift in revenue

synergies

Costs Revenue

P A G E N U M B E R

Confirmed 2016 synergy target:

– ~15% - 20% of the total run-rate synergies (~€75m in gross EBITDA by 2018)1

– ~€7.5m of one-off operating expenses, mainly related to G&A

Better terms achieved for THE OUTNET.COM already for FW 2016 by coordinating buying with YOOX.COM

Retail margin gains from more effective management of MR PORTER.COM unsold stock through YOOX.COM

Already secured better buying terms for a number of top brands on Multi-brand In-season

Lower freight costs to be effective in 2H 2016 following completion of global courier renegotiation

Lower credit card and packaging costs as a result of successful renegotiation, beginning January and July 2016, respectively

Set-up of chloe.com and dunhill.com. Awarded contract to develop online store for Isabel Marant, one of NET-A-

PORTER.COM’s top brands - launching in 2017

New leading brands debuting on NET-A-PORTER.COM and MR PORTER.COM, leveraging YOOX GROUP’s relationships:

Moncler, Brunello Cucinelli, Ermenegildo Zegna and Pomellato

Consolidation of New York and HK offices in February 2016 and end of June 2016, respectively

Reduced hiring rate for overlapping functions

Savings from centralized procurement process and tool facilitating the consolidation and negotiation of RFQs and supplier

contracts (Travel, Mobile, etc.) based on increased volumes

Optimisation and renegotiation of top digital marketing contracts (SEM, display advertising and affiliation)

2016 2017 2018

GROSS EBITDA SYNERGIES PHASING (November 2015 Update)

100% ~40%

~15 % - 20%

…THE REMAINDER ON TRACK TO BE DELIVERED

MAJORITY OF 2016 SYNERGIES ALREADY SECURED…

RETAIL

Iris & Ink debuting on YOOX.COM in September 2016

New OMS to be rolled out for former YOOX GROUP, first building block of one shared technology platform

Consolidation of HK DC in October 2016

Development of Christmas editorial projects for some Online Flagship Stores by NET-A-PORTER’s creative team

OPERATIONS

BRAND RELATIONS

CORPORATE

MARKETING

BRAND RELATIONS

OPERATIONS

RETAIL

1. Total run-rate of €85m in 2018, of which ~€75m EBITDA and ~€10m Capex savings

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM

TECHNOLOGY

OPERATIONS







APPENDIX

P A G E N U M B E R

IN-SEASON + OFS OFF-SEASON

API LAYER

CORE E-COMMERCE PLATFORM

PRODUCT INFORMATION MANAGEMENT

ORDER MANAGEMENT SYSTEM

BACK-END SYSTEMS (ERP, WMS)

B2B and B2C with scale in mind

Integrated ecosystem

Data driven

Differentiated front end while shared back end

Home grown system

Primarily B2C focused

Closed loop ecosystem

Content driven

Channelised systems

Home grown system

INFRASTRUCTURE

FR

ON

T E

ND

DA

TA

CORE E-COMMERCE

PLATFORM




INFRASTRUCTURE F

RO

NT

EN

D

DA

TA

NET-A-PORTER MR PORTER THE OUTNET

CORE E-COMMERCE

PLATFORM

CORE E-COMMERCE

PLATFORM

For all the definitions (indicated with " * "), please refer to slide 172

P A G E N U M B E R

Efficiency driven

Highly localised

‚Hub and Spoke‛ design best suited to drive retail efficiency

Vast majority of stock centralised in Italy hub

Strong focus on inventory efficiency

Emphasis on innovation

‚Luxury-quality‛ driven

Segregated inventory model

Each warehouse hosts stock to meet expected local demand

Focus on speed of delivery

Emphasis on innovation

HK

CN

JP US

HK

US

UK

Just-In-Time Intercompany Flows

Last-Mile delivery

P A G E N U M B E R

PILLARS OF OUR TECHNO-LOGISTICS PLATFORM EVOLUTION STRATEGY

Innovation

Shape the future of luxury online

Omni-Channel Enabled

Enable fully integrated omni-channel solutions for luxury brands

Scalable Differentiation

Deliver highly differentiated brand experiences through a shared and scalable platform

Operational Excellence

Enhance quality for the customer while improving operational efficiency

Data-driven luxury retail and inventory management

Combine data-rich customer interactions and smart globally integrated operations

to maximise inventory ROI

P A G E N U M B E R

GLOBAL VISIBILITY

OF INVENTORY

HUB AND SPOKE LOGISTICS

MODEL

NETWORK SPECIALISATION

BY DIVISION

Increased sales

Lower cost of goods

Reduced ‚out of stock‛ issues

Higher full price sell-through

DATA-DRIVEN & FLEXIBLE ALLOCATION

OF INVENTORY

Improved operational efficiency

Improved geographical scalability

Faster delivery times

Natural hedge of inventory risk

IN-SEASON OFF-SEASON

MAIN ADVANTAGES

P A G E N U M B E R

In-season

Off-season

Shared across In-Season & Off-Season

B2B Intercompany flows / JIT and Replenishment

B2C / last mile flows

IN-SEASON

Opening of new dedicated hub in Italy

High quality, higher cost operations

Lower degree of inventory centralisation, threshold-based stock levels held in local distribution centres to guarantee same day and next day delivery

Flexible daily replenishment flows (threshold based) and Just-in-Time flows

Order flows optimised for faster service levels

OFF-SEASON

Interporto (Bologna) continues as the Off-Season hub

Higher efficiency operations (still differentiated between YOOX and THE OUTNET)

Higher degree of inventory centralisation

Just-in-Time flows connecting hub and spoke upon customer placing an order

Order flows optimised to balance speed of delivery and related costs

Distribution Centres in peripheral markets shared across In-Season & Off-Season

P A G E N U M B E R

Provides global visibility over the Group’s largest

inventory pool held in the central hub

A great tool to weather local macroeconomic

turbulences or slowdown in demand

FULLY FLEXIBLE STOCK ALLOCATION

Regardless of any Brexit impact on trade agreements between Europe and the UK, the ability to allocate

stock in both Europe and the UK to serve the local UK demand will minimise the country-specific risk

By the time potential changes are in effect, the Omni-stock programme will be fully in place

Integrated system connecting warehouses globally

allowing maximum flexibility of stock allocation

Stock can be freely allocated between

central hub and local DCs each season

Inventory held centrally can be instantly

‘’switched on and off’’ in each country

BREXIT RISK MINIMISATION

GLOBAL INVENTORY VISIBILITY

P A G E N U M B E R

UK

Italy

UK

CURRENT LOGISTICS SET-UP OMNI-STOCK PROGRAMME

Inventory serving UK and EU located in London

Duties levied upon:

− Products imported in the UK

− Orders shipped out of the UK

Inventory serving EU located in Italy rather than in the UK

Inventory serving the UK partially located in Italy and partially in the UK

Duties levied only on products shipped inter-company from Italy to the UK

Just-In-Time Intercompany Flows

Outbound Flows

Inbound Flows

Custom Duties

When Omni-stock programme fully in place, custom duties reduction vs. ‚current set-up‛ scenario of up to 75%

P A G E N U M B E R

THE OUTNET.COM YOOX.COM MR PORTER.COM NET-A-PORTER.COM ONLINE

FLAGSHIP STORES

TIMELINE OF KEY MILESTONES

API LAYER





INFRASTRUCTURE

SM

AR

T D

AT

A

1. Roll-out of new Order Management System on former YOOX GROUP’s online stores Q4 2016

2. Migration of former THE NET-A-PORTER GROUP onto YOOX GROUP’s ERP Q1 2017

3. First Online Flagship Store to launch on new core e-commerce platform Q3 2017

4. Convergence and Omni-stock programme completed for Off-Season H2 2017

5. Roll-out of new OMS on former NET-A-PORTER GROUP’s online stores, convergence and Omni-stock

programme completed for In-Season with opening of new In-Season hub

2018

FR

ON

T E

ND

In-Season

Off-Season

Shared across In-Season & Off-Season

B2B Intercompany flows / JIT and Replenishment

B2C / last-mile flows

P A G E N U M B E R

5%

74%

21% TECHNOLOGY

Technology Capex as a % of Net Revenues to peak in 2016 and 2017 due to

concentration of convergence activities. Set to stabilise in the region of ~3% of Net

Revenues by 2020

OPERATIONS

Capex to peak in 2017 and 2018, driven by capacity expansion in Italy and automation

investments. Assuming opening of a new automated facility in the US for the Multi-

brand Off-Season business line in 2019, with investments starting in 2018

Cumulative

5-year Capex Split

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0%

2000%

4000%

6000%

8000%

10000%

12000%

14000%

16000%

18000%

20000%

2015 2016 2017 2018 2019 2020

OTHER OPERATIONS TECHNOLOGY

7.0

6.0

5.0

4.0

3.0

2.0

1.0

Capex / NR Ratio (%)

€84m

~€150m

4-5%

M€

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM

TECHNOLOGY

OPERATIONS







APPENDIX

P A G E N U M B E R

MISSION

THE OUTNET YOOX MR.PORTER NET-A-PORTER OFS

API LAYER




BACK-END SYSTEMS (ERP, Warehouse Management System)

INFRASTRUCTURE

SM

AR

T D

AT

A

FR

ON

T E

ND

INNOVATION

MOBILE CENTRICITY

DIFFERENTIATION

RETAIL EXCELLENCE

EASE OF INTEGRATION

STABILITY, PERFORMANCE AND SCALABILITY

Customers, Brand

Partners, Content

Back-end Operations

Generating highly differentiated and innovative brand

and customer experiences enabled by one shared, scalable platform

P A G E N U M B E R

Expedite and facilitate the post-merger system integration process,

minimising costs and execution risk

Channel in-house technology resources towards developing differentiated solutions, and personalised

experiences tailor made for online luxury

Integrate two of IBM’s best-in-class software:

Order Management System (Sterling)

E-commerce suite (Websphere)

Ease of integration with brands’ retail stores and distribution centres to upscale omni-channel offering

Speed up full deployment of Omni-stock programme across the Group

Gaining privileged access to new technology trends as they emerge

(IBM Innovation Lab, Fashion & Luxury Innovation Committee, etc.)

THE RATIONALE THE PROJECT

THE OUTCOMES

P A G E N U M B E R

Constant focus on innovating and experimenting to redefine the way luxury fashion is going to be experienced online

globally in the future, strengthening YNAP’s Intellectual Property

Scanning the technology horizon for the next relevant innovations in order to

deliver our mission to customers and brands globally

INTERNET

OF THINGS

…

IN-CONTEXT

DATA-DRIVEN

PERSONALISATION

ADVANCED

MOBILE INNOVATIONS

SOCIAL

INTEGRATIONS

ARTIFICIAL

INTELLIGENCE

I N N O V A T I O N

P A G E N U M B E R

Fully responsive web design for all devices, native apps for small screens (Feature-rich)

Constant exploration of new devices and operating systems (current focus on iOS & Android)

DEVICES

Shared native mobile development framework, which enables:

– Fast deployment of new native apps

– Introduction of new services for existing apps PLA

TF

OR

M

YN

AP

AP

I

SCALABILITY & TIME-TO-MARKET

Extension of our ecosystem to enrich the customer experience

– Locally-relevant products, content and services worldwide

EXTENDED ECOSYSTEM

Xiaomi Facebook WhatsApp VKontakte

Twitter Instagram Weibo WeChat

Enabling YNAP to be the global reference point for converging mobile and the luxury experience

Full support for brand partners in leveraging their apps to provide omni-channel experience

Personalised front-end experience across devices, brands and countries

Geo-localisation capabilities to provide in-context messages and recommendations

OMNI-CHANNEL AND PERSONALISATION

P A G E N U M B E R

Enhancing the tools that will enable the next wave of online luxury retailing - where smart data meets editorial content and fashion sense

Use advanced predictive algorithms to optimise stock allocation and maximise inventory value

Enhance order management capabilities to inform fulfilment choices, optimising service, margins and costs (e.g. pre-order, order splitting and consolidation, etc.)

Develop ‚open network‛ able to integrate with third party DCs and stores to enable omni-channel functionalities and evolving business models

YNAP

BRANDS

PREMIER

ORDER & INVENTORY MANAGEMENT

Deploy staged-approach to deliver personalised experiences for our luxury fashion customers:

1. Personalise product, pricing and promotions

2. Develop a single view of the luxury customer

3. Combine data-driven customer profiling algorithms with fashion expertise

COGNITIVE COMMERCE

Enhance content management systems to seamlessly blend content & commerce

Leverage smart data insights to provide personalised content

Deploy content across devices to allow for omni-channel content strategies

Draw on multi-tenant platform to deliver front-end differentiation

CONTENT MANAGEMENT

Single view of product information which allows for:

– Catalogue visibility across online stores and geographies

– Greater process efficiency and product data consistency

– Enriching and integrating our product data with external third parties (e.g. our partner brands)


P A G E N U M B E R

Cloud-focused strategy designed to:

– Improve scalability and cost efficiency

– Allow for better accessibility and performance in markets across the world

CLOUD

SECURITY

Uniform development process coupled with rigorous security testing

Constant monitoring of cyber security trends allowing for proactive risk mitigation and

effective defence

Service Oriented Architecture (SOA) facilitates design and maintenance of partner integrations:

– Key enabler of omni-channel

– Able to cater to evolving business needs

– Decreases Total Cost of Ownership and increases efficiency

ENTERPRISE INTEGRATION / BACK OFFICE

MULTI-TENANT APPROACH

‚Build once, use many‛ - One platform serving multiple tenants, preserving differentiation

– Increases scalability

– Reduces time-to-market

– Decreases Total Cost of Ownership

CUSTOMER FACING INTEGRATION & APIs

Externalised internal digital assets and services in form of APIs:

– E.g. Exposing our shipping services and brands’ digital content to work with 3rd

party channels

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM

TECHNOLOGY

OPERATIONS







APPENDIX

P A G E N U M B E R

Fulfilment Deliveries Customer

Care Digital

Production Inbound Logistics

P A G E N U M B E R

16,000 SQM

33,000 SQM

147,000 SQM

17,600 SQM

14,000 SQM

3,000 SQM 2,300 SQM

1 order processed every 4 seconds

7 million orders shipped in 2015 in 180 countries

8.7 million items stocked worldwide in June 2016

4.4 million pictures shot in 2015

99 photo studios at 30 June 2016 and 84

photographers

25 countries served with same or next-day delivery

Proprietary fleet of 55 vans for Premier Delivery

~270,000 orders dispatched through Premier

Delivery in London, Manhattan, Connecticut and

Hong Kong in 2015

~250,000 SQM in warehouse capacity

at 30 June 2016

Butler service in China Nominated-day delivery in Japan and UK

Pick-up and drop-off points in continental Europe

Market-specific delivery options

Distribution Centre

Photo studios

Automated facilities

Premier fleet of proprietary vans for same day delivery

P A G E N U M B E R

TO SUPPORT A

> €5BN BUSINESS

16,000 SQM 27,000 SQM

205,000 SQM

17,600 SQM

14,100 SQM

6,200 SQM 4,800 SQM

~340,000 SQM

BY 2020

Q4 2016 Consolidation

of HK warehouse

H1 2017 New studios at

Interporto & capacity

expansion

H2 2017 The Outnet starts to be

fulfilled from Interporto

(for Europe/APAC)

The Outnet starts to be

served from Off-Season

US distribution centre

Interporto capacity

expansion continues

Opening

of distribution

centre in Dubai

Upgrade of APAC’s

distribution centre

network

2019 Opening of

new (replacement)

Off-Season warehouse

in the US

Distribution Centre

Photo studios

Automated facilities

Premier fleet of proprietary vans for same-day delivery

2018 Opening of In-Season

hub, achieving key

Omni-stock milestone

P A G E N U M B E R

Marrying high quality operations with technological innovation

Latest technology in order storage & retrieval systems

Full deployment of RFiD tagging

46,000 SQM

~€30 million automation capex throughout 2016, 2017, 2018

H1 2017

H1 2016

H1 2018

Construction started

Building construction completed

Fully operational

Proximity to our biggest suppliers

Strategic location close to our customers,

at the heart of continental Europe

Allow for Premier delivery in Milan

Significantly more efficient cost structure

Advantages of Italy:

Natural hedge against Brexit

P A G E N U M B E R

High Average Order Value (>€600) and high product depth (>50) command and allows for:

Over 250 highly skilled photographers, stylists, size and fit specialists, photo retouchers, videographers and editors

Digital Production facilities designed for In-Season business to be leveraged for Online Flagship Stores

High craftmanship in photo shooting

and retouching

Highly curated styling

Videos

Rich editors’ notes

Detailed size and fit information

P A G E N U M B E R

Wide assortment, shallow depth, lower AOV, high volumes command for high degree of automation in the photo

shooting process

Use of internally engineered automated equipment coupled with manual photo shooting to allow for differentiation

based on item value/product depth

1 picture every 3 seconds, 4 million shots per year

P A G E N U M B E R

HIGHLY CUSTOMISED PACKAGING GUIDELINES AND PERSONALISED SERVICES FOR IN-SEASON

High item value for In-Season and most Online Flagship

Stores allow for more sophisticated, yet complex

packaging guidelines, implying lower unit throughput

Tailored packaging guidelines defined with our mono-

brand partners to fully reflect their brand identities

Outstanding personalised packaging for a fully bespoke

customer experience

HIGH QUALITY PACKAGING FOR OFF-SEASON COUPLED WITH WORLD-CLASS EFFICIENCY PROCESSES

Off-Season online stores entail a more efficient packing

process allowing management of peaks in fulfilment of

up to 75,000 orders per day with a productivity of up to

70 orders each hour per single operator

I am so impressed by the service that I received. I had made this purchase as a surprise birthday present for

my husband and I am sure that he will be very happy!

The packaging is so beautiful. Thank you!!

Shopping on your site is a pleasure. I also appreciate

the care you take in packing the goods for delivery.

Thank you for your service!

P A G E N U M B E R

Today sales generated by customer care contacts

outweigh customer care costs

Extend NET-A-PORTER Team’s proven cross and upselling capabilities

to YOOX and the Online Flagship Stores

Empower customer care representatives with up and cross-selling tools

integrated with a rich and data-driven single view of the customer

CROSS FERTILISE THE TWO CUSTOMER

CARE CULTURES

Increase no. of languages

Leverage new channels for real-time interactions

(livechats, in-app messagging)

Differentiate service levels based on customer profiles

Complement world class in-house team with select top notch

outsourced capabilities

Package customer care value added services

for the Online Flagship Stores

One team at the Group level, differentiated by brand

Mixed in-house/outsourced model leveraging the best of the two practices

...

FURTHER ENHANCING

QUALITY WHILE DRIVING

EFFICIENCY

CONTINUE TO BE SELF-FINANCED

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM







APPENDIX

P A G E N U M B E R

A history fuelled by innovation, service and brand building

1. See-through stake based on ordinary capital For all the definitions (indicated with " * "), please refer to slide 172

Richemont’s

stake increase

to 93%¹

Richemont

acquires

25% of the

Company

Founding of

the global online

fashion

destination

Opening of US

distribution

centre and

office

Completion of UK

distribution centre

automation

Launch of PORTER, a shoppable

magazine in print and digital

Introduction of

Client Relations team

Launch of

NET-A-SPORTER

Launch of Beauty

Launch

of branded,

owned same-day

delivery service

Launch of Launch of

Launch of

private label

Iris & Ink

Expansion

of UK

distribution

centre

Introduction

of Personal

Shopping team

Merger with

YOOX GROUP

and creation of

Opening of HK

distribution centre

& Shanghai office

Launch of the

first mobile

shopping app

Launch of

app, the first fully

shoppable social

shopping network

2009 2011 2012 2014 2010 2013 2002 2007 2005 2015 2006 2004 2000

US warehouse

automation

Opening of the

Manhattan office Translation of

NET-A-PORTER

in French, German and

Chinese

P A G E N U M B E R

A SMALL SHARE OF MULTI-BRAND ONLINE LUXURY

MULTI-BRAND FULL PRICE: THE PREFERRED SOURCE OF ONLINE RESEARCH2

12%

13%

15%

21%

26%

29%

31%

34%

34%

39%

Other social media

Twitter

Facebook

Luxury blogs

Multi-brand event

Luxury forum

Official brand sites

Multi-brand off price

Dept. stores

Multi-brand full price

% of respondents

INDEPENDENT INDUSTRY ANALYSIS CONFIRMS GROWTH IN MULTI-BRAND RETAILING2,3

Luxury shoppers are increasingly turning to multi-brand retailer sites to easily compare products and prices

Luxury brands becoming more comfortable selling and marketing on both their own site and on luxury e-tailers’

– Brands accept that these channels are not

mutually exclusive

Multi-brand e-tailers enable luxury brands to reach time-pressed consumers and those who are seeking wider selection

€5.7bn (2015) 16%

MULTI-BRAND ONLINE PERSONAL LUXURY GOODS MARKET1

Note: For sources cited on this slide, please refer to slide 173. For all the definitions (indicated with " * "), please refer to slide 172

YNAP Multi-Brand In-Season Business Line

P A G E N U M B E R

GROSS MARGIN*

Omni-stock programme

MR PORTER private label

Better buying terms

Increase ROI thanks to in-housing of performance-

marketing team

Greater share of own ‚assets‛ in the marketing mix

Synergies across NET-A-PORTER and MR PORTER

(combined web marketing, Personal Shoppers and Client

Relations teams, events, select advertising campaigns)

Higher sell-through thanks to Omni-stock programme

Better management of product lifecycle

MR PORTER private label

Increasing share of de-risked stock (e.g., return to vendor, etc.)

EBITDA PRE CORPORATE COSTS*

MARKETING AS % OF NR

INVENTORY TURNS

Increase in customer base, with over-indexed growth of

HNWIs

– Target the Household

Increase in retention rate and share of wallet at stable cost

Increased penetration of best-performing categories and select add-ons

– Launch of Fine Jewellery & Watches

– Launch of MR PORTER private label

– Increasing share of shoes, bags & accessories

Maintain core focus in the US, coupled with strong international expansion

– Robust local strategies

WORKING CAPITAL*

KEY DRIVERS NET REVENUES

STRONG TOP-LINE GROWTH PROFITABILITY AND CASH FLOW ENHANCEMENTS

P A G E N U M B E R

Strategic lifestyle

partnerships

‚Newness‛ (daily content,

frequent product uploads)

In-house performance

marketing

Brand Ambassadors:

Existing HNW customers;

Opinion leaders

Regionally relevant and short-form

content

Client Relations

team

1:1 Personalised

value propositions

Household loyalty

scheme

Further enhanced

service

Personal Shopping

team

WORLD-CLASS CONTENT

UNPARALLELED PRODUCT

BEST-IN-CLASS SERVICE

BEST SHOP

ACQUISITION

ENGAGEMENT / SHARE OF WALLET

RETENTION

PORTER magazine

Household-focused

proposition

Social channels

Increase customer acquisition, engagement and retention at stable cost by better leveraging our own assets (proprietary media

channels, Personal Shopping and Client Relations teams)

Leverage data to fuel sophisticated CRM programme

P A G E N U M B E R

ACTIVE CUSTOMERS5 NET REVENUES5

WORLD POPULATION6 GLOBAL WEALTH6

Our HNW customers - the Extremely Important Persons (‚EIPs‛): net spend ~€10,000 per year*

Mirrors global HNWI distribution

Significantly outperform other customer segments

Retention4

…incredible loyalty Higher engagement…

Non-EIP EIP

Order Frequency4

Non-EIP EIP

Higher spending

AOV4

P A G E N U M B E R

Tap into HNW network of our most engaged EIPs

Create an influential community

Highly-cost effective

Strengthen existing profiling capabilities to

– Identify prospective high-value customers

– Drive migration to EIP status

Promote unique benefits of invitation-only EIP programme

Strengthen proposition to lure potential high-value customers

– Content

– Loyalty program

– Social

Create opportunities to introduce new customers

Offer offline ‚Money Can’t Buy‛ experiences to increase

engagement

SOPHISTICATED CRM

TARGET NEXT GENERATION OF EIPs

BRAND AMBASSADORS

CLIENT RELATIONS

P A G E N U M B E R

Cross-selling Gifting

Shared basket and optional unified sign-on

Shared loyalty programme

Marketing and organisational efficiencies through combined In-Season approach:

Shared performance-marketing and CRM teams

1 Personal Shopping team

Combined media campaigns and EIP events

Significant opportunity to expand the customer base that shops across NET-A-PORTER and MR PORTER, while preserving brand differentiation

MR PORTER SHOPPERS ARE

FEMALE8

CUSTOMERS ARE MARRIED OR LIVE WITH PARTNERS7

MR PORTER CUSTOMERS

SHOP ON NAP8

Maximise household share of wallet


P A G E N U M B E R

Differentiation through service

Unique opportunities created to engage with prospective

high-value customers via existing community

1:1 relationships that go beyond online shopping

Offline experiences

Drive EIP customer acquisition (Client Relations) and

engagement (Personal Shoppers)

LANGUAGES SPOKEN BY

CLIENT RELATIONS &

PERSONAL SHOPPERS

Increased local presence and face-to-face interaction in

priority areas to capitalise on their proven success

INCREASE IN EIP

SPEND AFTER

SHOPPING EVENTS4

UPLIFT IN EIP

ANNUAL SPEND VIA

PERSONAL SHOPPERS4

HIGHER GROWTH IN EIP

SALES MADE VIA

PERSONAL SHOPPERS4


P A G E N U M B E R

A platform to target the next wave of customers

New technology for millennials and beyond

In-app messaging with AI bots

A 24/7 in-pocket concierge for EIPs

Focus on own proprietary social platforms and

key external ones to push content to drive

acquisition and conversion

Instagram, Facebook, Snapchat, WeChat

Where we are today - our two-pronged approach

Native apps as an effective engagement and retention channel for

existing customers

Mobile sites as an acquisition tool through which more and more customers

constantly discover us

Where we are heading - enhancing our mobile-centric approach deployed across 3

dimensions to ensure a best-in-class, personalised experience across native apps and

mobile sites

SERVICE

SOCIAL

CONTENT

INNOVATION


P A G E N U M B E R

Highly-curated product

Captivating fashion edit

The world’s most sought after designers

Exclusive capsules and collaborations

Elevated through our unique combination of

Styling

Editorial

Offer continues to evolve…

…TO INCREASE HNWI SHARE OF WALLET &

ACQUIRE PREMIUM EIPs

New prestige brand and category wins

Increase share of Shoes & Bags

Focus on categories beneficial for EIP pipeline (e.g. Sportswear, Beauty)

Launch of MR PORTER private label

…TO LURE NEXT CUSTOMERS

https://www.net-a-porter.com/product/678355/Monse/off-the-shoulder-silk-satin-gown

P A G E N U M B E R

Tiffany’s exclusive launch on NET-A-PORTER (April 2016)

Category 1 Category 2

7%

Total Personal Luxury Goods

in 201511

Offline Online

Hard Luxury, an under-penetrated category online

Almost no competition as mainly purchased through

brands’ online flagship stores

Increasing appetite for branded jewellery

– Branded jewels accounted for 20% in 2011, expected

to reach 30-40% share10

Perfect complement to high-fashion

Attractive add-on for HNW customers

Consignment model (zero inventory)

AOV and Cash Flow enhancing

Unique opportunity for Brands to feature their pieces

styled with the world’s best fashion offer

Great performance by Tiffany and Zenith

OUR POTENTIAL

3.4%

€54bn

Hard Luxury in

201510,11

€253bn

THE MARKET

HARD LUXURY ONLINE

IN SALES OPPORTUNITY BY 2020


P A G E N U M B E R

RATIONALE

Cement MR PORTER positioning and drive brand awareness among prospective customers

Fill the assortment

Increase customer loyalty

Enhance retail margin and cash flow

THE STRATEGY

Timing: Launching in 2017

Distribution: Exclusive to MR PORTER.COM

Positioning: Between Contemporary and Casual

Assortment comprised of:

Wardrobe essentials

Mostly Ready-to-Wear, complemented by shoes and accessories

P A G E N U M B E R

Core to our DNA

We invented ‚Content to Commerce‛, revolutionising the

way we shop luxury fashion

A key differentiator, establishing us as an authoritative voice

Increasingly leveraged as powerful marketing channel

Drives traffic, customer acquisition and engagement

Always shoppable, searchable and shareable

Improves ‚stickiness‛ through regionally-relevant

and daily short-form content

Widely distributed across all relevant platforms within our

network and beyond (social channels)

Enhances Search Engine Optimisation

P A G E N U M B E R

The Rationale: completing our offer for customers and our proposition for brands

Our research shows that customers still mostly consume fashion through print

Closed the gap between content and commerce fuelled by the NET-A-PORTER

native app and created a physical embodiment of the Brand

Rounded off our proposition as a partner to brands, from retail to media

Leveraged as a marketing tool for NET-A-PORTER

Offers a great opportunity to increase acquisition and deepen engagement

Expected to break even by end of 2017, monetised by:

Advertising

Circulation

STARTED THEIR RELATIONSHIP ON PORTER BEFORE LAUNCHING ON NET-A-PORTER

Entrench brands’ loyalty and act as an incubator for target brands

HIGHER ORDER FREQUENCY FOR PORTER SUBSCRIBERS7

PORTER SUBSCRIBERS HASN’T SHOPPED ON NAP YET7


P A G E N U M B E R

OVERARCHING STRATEGY

Focus on localisation

Develop a tailored regional approach, targeting top cities first

Marketing: strengthen brand awareness initiatives, focusing on:

Local marketing and PR teams

Social channels

Local lifestyle partnerships

Locally-relevant content

Localised service proposition

Language

In-language customer care

Payment options

Delivery methods

Strengthen dominant position in the US, still no.1 country by 2020

Strong focus on international expansion, leveraging YOOX’s localisation expertise and platform

Capture full potential in APAC

Accelerate growth in the Middle East through full in-country presence

Increase outreach in most promising countries in continental Europe

PRIORITIES

P A G E N U M B E R

Increase awareness in remaining target cities, e.g.:

Local Personal Shoppers in San Francisco

Strong localised proposition in core cities, e.g.:

Local Personal Shoppers (‚PS‛) in Los Angeles

West Coast base for Personal Shoppers, Client

Relations (‚CR‛) and PRs

Further invest in a state-level approach, e.g.:

Brand-building activities

Lifestyle partnerships

Top HNWI Cities12

Target EIPs on a city-by-city basis

– On-the-ground PS presence in LA and SF

Maintain momentum in New York

– On-ground Brand-building activities & Lifestyle partnerships state by state

– West Coast base for PS & CR

– Build local presence in secondary cities

Core cities

Secondary cities

Boston Washington D.C.

New York

Los Angeles

San Francisco

Miami

Dallas

Seattle

San Jose

Houston

Philadelphia

Chicago

2016 2H 2017 1H 2017 2H 2018 1H 2018 2H 2019 2020


P A G E N U M B E R

HONG KONG & AUSTRALIA

Maintain focus and increase outreach

Client Relations team (‚CR‛) in Australia

Client Relations to build future EIP customer base

Increase presence of Personal Shoppers (‚PS‛)

Influencer program

CHINA

Exploit high mobile penetration

JAPAN

Break into the market

MIDDLE EAST

Lift-off, establish full in-country presence

Top HNWI Cities12

Core cities

Secondary cities

Dubai

Sydney

Tokyo Beijing

Shanghai

Taipei

Shenzhen/Hong Kong

Guangzhou

– NAP Influencer Program in China

– CR in Australia

– CR in Japan

– PS in UAE and Saudi

– NAP PS in China – Tailored delivery options, currencies and payment methods in all countries

– MRP localisation in China

– MRP PS in China

– NAP & MRP localisation in Japan and ME – Customer care on WeChat in China

2016 2H 2017 1H 2017 2H 2018 1H 2018 2H 2019 2020


P A G E N U M B E R

Istanbul

Moscow

Madrid

London Dublin

Paris

Geneva/Zurich

Vienna

Frankfurt

Berlin

Dusseldorf

Hamburg Amsterdam

GERMANY and FRANCE

Build on localised approach

Local Personal Shopping team (‚PS‛)

Premier delivery in Milan

ITALY

Establish our presence

Local Client Relations team (‚CR‛)

Local delivery options

RUSSIA

Gain a foothold in the market

Munich

Core cities

Secondary cities

Top HNWI Cities12

Milan

UK

Adopt a nimble approach

– Premier delivery in Milan

– CR in Russia

2016 2H 2017 1H 2017 2H 2018 1H 2018 2H 2019 2020

– Tailored delivery options, currencies and payment methods in all countries

– MRP localisation in FR & DE

– NAP & MRP localisation in Italy and RU

– PS in Italy


P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM







APPENDIX

P A G E N U M B E R

TURNKEY E-COMMERCE SOLUTION

to provide luxury fashion brands with a turnkey solution for their global e-commerce expansion

THE CONSUMER

THE MARKET CONTEXT

OUR ANSWER

BRANDS EXPECTATIONS

Hassle-free e-commerce

Ownership of their online flagship stores’ marketing and retail strategies

Online Flagship Store as a digital window rather than a real shop

Pre ‚Omni-channel‛

Implied limited interest in value-adding services

Pre-digital

Pre-mobile

In her early days of discovering social networks

Not expecting interaction between online and offline


P A G E N U M B E R

to accompany luxury fashion brands in the next wave of digital transformation, through a flexible partnership capable of fully integrating with brands’ retail assets

Hassle-free e-commerce

Ownership of their online flagship stores’ marketing and retail strategies

Large digital sales

Various degrees of interaction between physical and digital stores

Highly differentiating and value-adding digital services

Digitally-savvy

Hyper-connected

Socially engaged

Expecting a seamless and consistent experience between online and offline

THE MARKET CONTEXT

A FLEXIBLE, CUSTOMISABLE & EASY-TO-INTEGRATE E-COMMERCE SOLUTION

OUR ANSWER

THE CONSUMER

BRANDS EXPECTATIONS

P A G E N U M B E R

60% of sales growth over last 10 years driven by price increases but rise

of e-commerce and tourism is putting pressure on Brands to rebalance

pricing

LUXURY GOODS GROWTH DRIVEN BY STORE OPENINGS AND PRICE INCREASES OVER THE LAST DECADE1

... YNAP uniquely positioned to help luxury brands navigate the next wave of e-commerce

FUTURE GROWTH TO BE DRIVEN BY INCREASE IN STORE PRODUCTIVITY AND MONO-BRAND E-COMMERCE

Brands planning to increase sales density in their existing store network

Brands’ online flagship stores will be a key driver of sales and demand

Omni-channel will contribute to store’s productivity

0

200

400

600

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Store network growth Average sales growth

0%

20%

40%

60%

80%

100%

>40% of top Luxury and Fashion Brand retail stores opened in the last 5

years

Growth in store network substantially outpaced underlying demand 4%

Average 41%

% s

tore

op

en

ing

s

in p

ast

5 y

ears

S

up

ply

-de

man

d

Bala

nce

Emerging trends

suggest growing

market opportunity for

YOOX NET-A-PORTER

€4.7bn (2015)2


MONO-BRAND ONLINE PERSONAL

LUXURY GOODS MARKET2

YNAP Online Flagship Stores

P A G E N U M B E R

Customising our solution based on brand’s specific needs, assets and digital ambitions

Deep Retail Integration

Maximum customer loyalty (Single view of the customer)

Retail efficiency (Single view of inventory)

GLOBAL CUSTOMER

CARE

LUXURY ORIENTED

FRONT-END TECHNOLOGY

DIGITAL MARKETING

E-COMMERCE-SPECIFIC BUYING AND

MERCHANDISE

B2C LOGISTICS

SETTING UP OMNI-CHANNEL E-COMMERCE OPERATIONS ADDS NEW COMPLEXITIES FOR BRANDS

TRAINING OF RETAIL STAFF AND NEW INCENTIVE SCHEMES

LIGHT IT INTEGRATION

B2C INVOICING ORGANISATON

REDESIGN

DEEP IT INTEGRATION

BRAND OBJECTIVE

E-commerce focus

Maximised attention to digital sales

YOOX NET-A-PORTER GROUP OFFERING

TURNKEY

CUSTOMER EXPERIENCE

Rich digital brand experience

Light Retail Integration

Improved customer loyalty

Store traffic

LIGHT OMNI-CHANNEL Retail stores as service hubs

FULLY-INTEGRATED OMNI-CHANNEL Seamless online-offline brand experience

P A G E N U M B E R

Strategy Operations

BRAND RETAIL OWNERSHIP

Degree of Retail Integration

YNAP VALUE PROPOSITION

Cost / Investments, Time / Complexity for Brands

WITH YNAP

WITHOUT YNAP

FU

LLY

-

INT

EG

RA

TE

D

OM

NI-

CH

AN

NE

L

LIG

HT

OM

NI-

CH

AN

NE

L

TU

RN

KE

Y

Across all 3 models, Brands fully own the retailing and marketing strategies for their Online Flagship Stores

Increasing degree of omni-channel enablement commands increasing level of operational involvement from Brands (greater

empowerment of retail stores for e-commerce fulfilment & sales)

As ‚e-commerce‛ evolves into ‚omni-channel‛, bringing greater complexity, YNAP’s value proposition - accelerating time-to-

market, reducing costs, investments and execution risk - increases

FULLY-INTEGRATED OMNI-CHANNEL

LIGHT OMNI-CHANNEL

TURNKEY

P A G E N U M B E R

NEW SERVICES

LIGHT OMNI-CHANNEL

DISCRETIONARY SERVICES

CORE SERVICES

TECHNOLOGY

FINANCIAL SERVICES

FULFILMENT

DELIVERIES

CUSTOMER CARE

DIGITAL MARKETING SERVICES

MERCHANDISE PLANNING & BUYING CONSULTANCY

WEB DESIGN & CREATIVITY

DIGITAL PRODUCTION

DATA INSIGHTS

INNOVATIVE NATIVE APPS

CREATIVITY & DIGITAL PROJECTS

EDITORIAL CONTENT

CUSTOMER SERVICE INNOVATION

CONSULTANCY SERVICES

YNAP’s Order Management System to integrate with Brands’ retail systems to enable ‚Ship from Store‛ (Single view of inventory)

Brands to directly invoice the final customer (Single view of the customer)

P A G E N U M B E R

Enhanced scalability

Allowing to scale and integrate more easily and efficiently while adding new stores,

geographies, volumes and features

Increased flexibility

Delivering unique brand experiences and customising user interfaces to fully reflect

brands’ identity online

Ease of integration

Allowing top-notch omni-channel integration with luxury brands and their retail assets

Sophisticated content management and business tools

Further enhancing blending of content and commerce, while allowing for user-friendly

management of all customer-facing interfaces by both internal and external stakeholders

Mobile centricity

Ensuring ‚always on‛ brand experience on mobile devices to be increasingly leveraged as

gateways for unique services and a richer omni-channel experience through mobile-only

interactions

P A G E N U M B E R

SINGLE VIEW OF THE CUSTOMER

Online & offline customer information integrated

in a single database

SHIP FROM STORE AND SAME-DAY DELIVERY

Buy online and ship from the nearest store

CLICK & COLLECT

Buy online & pick up in store

CLICK & RESERVE

Reserve online and pay in store upon pick-up

RETURN IN STORE

Buy online & return in store

CLICK FROM STORE

Buy online from in-store Kiosks or iPads

CLICK & EXCHANGE

Buy online, return and exchange in store

BUY ON CALL

Buy over the phone via experienced consultants

FASHION ADVICE

Phone & Live Chat assistance while shopping online

BOOKING OF IN-STORE APPOINTMENT

Book an in store tailoring appointment online

P A G E N U M B E R

Leverage YNAP mobile focus to the benefit of Brands’ strategies, developing their native apps:

– Drive omni-channel shopping experience (beacon integration, etc.)

– Enhance service levels to Brands’ VIP customers (concierge services, in-app messaging services)

– Constantly engage with brands’ lovers leveraging Brands’ rich content and storytelling

NATIVE APP SERVICES

Dedicated service for top Brands’ customers providing personal shopping services and product advice

CREATIVITY & DIGITAL PROJECTS

Digital storytelling to turn brand assets into compelling shopping experiences

Conception and execution of editorial plans

EDITORIAL CONTENT

CUSTOMER SERVICE

Insights into our Brand Partners’ customer shopping behaviour on YNAP’s proprietary stores to inform Brands’ strategies

Blind benchmarks with comparable brands to inform e-commerce buying & marketing decisions

DATA INSIGHTS

Ideation and development of creative concepts for luxury websites, staying true to the Brand’s vision and identity while ensuring best user experience

Creation and execution of Brand’s digital marketing projects for specific collections or events

P A G E N U M B E R

Personalised stickers to seal every order

Client initials

Handwritten cards

Olfactory sensations

Leverage NET-A-PORTER’s unparalleled skills in fashion photography, photo-retouching, styling and video-making to further enhance brands’ capability to portray their collections

Same-day delivery capabilities in the world’s fashion capitals (London, New York, Hong Kong, to be extended to Milan, Tokyo, Shanghai, Dubai) through proprietary fleet and dedicated team (operating week days, weekends, during office hours or in the evening)

Brand visibility across multiple NET-A-PORTER and MR PORTER platforms: online, print, social, mobile

Brand exposure to the largest and most sophisticated luxury customer base

LUXURY PACKAGING

PHOTOGRAPHY AND VIDEO MAKING

DELIVERY VISIBILITY ON

NET-A-PORTER AND MR PORTER

LUXURY OPERATIONS

HIGHLY QUALIFIED AUDIENCE

P A G E N U M B E R

Fashion to remain core focus: leverage the proximity to NET-A-PORTER

and MR PORTER (consistent target customer and brand selection)

- Other segments and categories by opportunity

Dynamic and profit-driven portfolio management for both renewals and

new partnerships, with focus on:

- Fewer bigger partnerships and upcoming fashion stars

- Digitally ambitious brands

FOCUS

Luxury customer operations and value-added services with Multi-

brand In-Season

Business development

YOOX and THE OUTNET’s privileged access to Online Flagship

Stores’ off-season stock

Data insights and holistic digital understanding of the luxury customer

profile

Shape the future of luxury in the digital age

Be the Research Lab for luxury brands

Support luxury brands to fully seize the omni-channel opportunity

MAXIMISE

SYNERGIES ACROSS

BUSINESS LINES

FOSTER

INNOVATION

LEAD IN LUXURY

OMNI-CHANNEL

P A G E N U M B E R

CONTRACT LENGTH

GEOGRAPHICAL SCOPE

RUNNING ECONOMICS

INITIAL SET-UP FEE

Long-term

contract

(Mostly 5y+)

GLOBAL

$

Revenue

Share

based

Flexible duration for discretionary

and value-added services upon

Brands’ needs

$ $ $

FULLY-INTEGRATED OMNI-CHANNEL

Long-term

contract

(Mostly 5y+)

GLOBAL

Revenue

Share

based

Flexibility to manage

different degrees of

integration across regions

Premium pricing for discretionary and

value-added services, based on

consumption

TURNKEY & LIGHT OMNI-CHANNEL

TERMS

P A G E N U M B E R

Organic growth of existing online stores to

contribute most of the growth

New select business developments

Enhanced omni-channel proposition

New value-added services

Over time, as more Brands embrace the fully-

integrated omni-channel model with direct invoicing,

GMV* will become the most relevant indicator for

underlying revenue growth: YNAP will only book its

fees as opposed to 100% of transaction value

As a result, reported Net Revenue growth will be

slightly diluted compared to GMV growth

Conservative outlook on revenue share evolution

Premium-pricing for discretionary and value-added

services to partially counterbalance

CONSERVATIVE OUTLOOK ON PROFITABILITY

KEY DRIVERS

EBITDA Pre Corporate Costs* as % of Net

Revenues will be slightly diluted over the Plan

period

STRONG TOP-LINE GROWTH

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM







APPENDIX

P A G E N U M B E R

YOOX AND THE OUTNET CURRENTLY REPRESENT 10% OF THE ONLINE OFF-PRICE LUXURY GOODS MARKET…

YNAP Multi-Brand Off-Season Business Line

…FUTURE PROSPECTS LOOK BRIGHT

Off-price retailers well positioned for future growth, benefitting from industry's over supply

Brands still find it difficult to plan inventory levels due to lengthy stocking cycles and extremely fickle demand

Luxury Brands with high pricing power and large fixed costs unlikely to risk stock-outs as mark-down sales still generate profit

Luxury fashion houses currently reconsidering their strategic approach to the channel

Some Brands are reducing mark-down exposure in regular stores while leveraging more off-price retailers for de-stocking

Bain & Co. expects the off-price format to outpace the growth of the total luxury market moving from a 10% share in 2015 to 13% in 2020, implying a ~8% CAGR (vs. 2-3% of the total luxury market)4

In US alone, 60 new outlets (out of 215) are planned over the next 3 years5

Behavioural shift with Millennials attracted towards off-price market

Total Online

OFF-PRICE PERSONAL LUXURY GOODS MARKET1,2

€5.9bn

22%

25%

24%

23%

26%

24%

25%

27%

26% 25% 26%

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Luxury Sector Consistently Growing Inventory Levels3

€31.8bn

10%

2015

Online

Offline

Inventory / Sales

Note: For sources cited on this slide, please refer to slide 173 For all the definitions (indicated with " * "), please refer to slide 172

P A G E N U M B E R

Mostly women

Mainly between

35 and 45

Style-conscious,

searching for inspiration

TARGET AUDIENCE FOCUSED WIDE

RE

TA

IL P

RIC

E

Assortment Width

2/3 women, 1/3 men

Mainly between

20 and 40

Curious, like to style

themselves, global

1. Broad offering of off-season premium fashion complemented

by select full-price pieces, art and design (~600,000 SKUs)

2. Wider range of price points

3. ‚Treasure hunting‛ shopping

1. Highy curated offer (~35,000 SKUs) of previous season

high-fashion, relevant to current trends

2. Focused on higher price points

3. ‚Style-advice‛ shopping

P A G E N U M B E R

The world’s leading online lifestyle store

for fashion, design and art

The most fashionable fashion outlet

Unparallelled buying and merchandising skills creating the world’s most chic curated off-season offer

Highly luxurious customer service and experience

Strong brand marketing expertise

Italian roots enabling proximity and privileged relationships with luxury brands

Sophisticated proprietary pricing algorithm

Highly skilled team of performance marketers

Truly global fashion e-commerce player with deep localisation expertise

Authoritative editorial content a key marketing lever

Unmatched capabilities in product presentation Best-in-class analytical retailing capabilities

P A G E N U M B E R

Growth of high-quality product offer

Strong growth of YOOX customer base through

investment in awareness and focus on high-value

customers

Personalised mobile propositions to drive

engagement and loyalty

Strong international expansion at THE OUTNET

through a localised approach

The US the single largest country; Europe to remain a key

contributor

Launch of YOOX’s Private label

PROFITABILITY AND CASH FLOW ENHANCEMENTS STRONG TOP-LINE GROWTH

GROSS MARGIN*

Better sell-through on initial price, driven by increased frequency of new product uploads

Improved product sourcing conditions by combining buying efforts

THE OUTNET pricing sophistication

Omni-stock programme

Increasing share of higher-margin private label

Increase in marketing spend to drive YOOX.COM awareness and increasingly target higher-value customers

MARKETING AS % OF NR

INVENTORY TURNS

KEY DRIVERS

EBITDA PRE CORPORATE COSTS*

Higher sell-through thanks to Omni-stock programme

Shorter lead-times due to in-bound process improvements

Enhanced time-to-market thanks to flexible Private label sourcing cycle

WORKING CAPITAL*

NET REVENUES

P A G E N U M B E R

Focus on targeting high-value customers

Increase awareness through ad hoc advertising initiatives

Bring products to life through storytelling

From Product-driven strategy fuelled by SEM

to more balanced Product & Brand strategy

with greater investments in brand awareness

Focus on top performing brands (top 150 accounting for ~60% of sales)

Enhanced on-site product presentation

Launch of Private Label

Continue to complement Off-Season offer with select full-price categories (e.g. sportswear)

Catalogue curation

and refinement to appeal

to high-value customers

Best-in-class service

across all customer

touchpoints

Smooth, localised and personalised mobile experience

Geo-localised services for top customers in major cities

Enhanced customer care (faster response times tailored to customer segments)

Style advisory for top customers

TOMORROW

MARKETING PRODUCT SERVICE

ENGAGEMENT

AWARENESS

CONVERSION

ENGAGEMENT

BRAND

PRODUCT

TODAY

And many many more…

P A G E N U M B E R

PRODUCT SERVICE

TODAY

Brand-building and targeted city-approach to remain at the core of marketing strategies

Leverage newly combined performance-based marketing team to maximise ROI

Design highly-localised strategies to drive conversion upon new market entries

Open up new revenue streams:

– Mono-brands’ previous seasons

– Select retail buying opportunities leveraging YOOX’s network

Grow shoes and handbags

Add activewear

Strengthen shoe business on IRIS & INK

ENGAGEMENT

TOMORROW

NAP

MANUFACTURERS READY-TO-WEAR

Expand Front Row VIP loyalty program initiatives and further personalise on-site experience

Further personalise products and content through more sophisticated geo-targeting and customer profiling (e.g., exclusive VIP treatment)

Personalise packaging design and look

Brand-driven strategy fuelled by content and

awareness initiatives to be complemented

with increased focus on conversion

Highly curated product

offering to be enriched

by complementary categories

SOURCING MIX PRODUCT MIX

The most luxurious service

in the end-of-season space,

increasingly personalised

AWARENESS

CONVERSION

ENGAGEMENT

RETAILERS, MONO-BRAND

ACCESSORIES, SHOES, ACTIVEWEAR

BRAND

PRODUCT

MARKETING

P A G E N U M B E R

RATIONALE

LEVERAGING IRIS & INK TRACK RECORD

LAUNCHING YOOX’s PRIVATE LABEL

Proven strategy for margin and cash flow enhancement

Extend depth of best-selling categories

Strengthen relationships with customers

Unlock value from 16 years of customer insights

Launched in September 2012 as THE OUTNET’s private label of elevated wardrobe essentials

Already ranks amongst top 10 brands and expected to gain share

To debut on YOOX.COM in the Fall

In 2017, YOOX will launch a portfolio of labels catering to different audiences (by gender, by age, etc.) servicing different needs: wardrobe essentials, seasonal trends, special occasions

Exclusively distributed on YOOX and THE OUTNET

‘’Made in Italy’’ differentiating factor

OF OFF-SEASON NET REVENUES BY 2020

P A G E N U M B E R

Drive economies of scale in sourcing and production by pooling efforts and resources to maximise margins

Build one efficient supplier network to optimise production cycle and collection time-to-market

– Leverage Italy, among other countries, as the world’s most important fashion production hub

Empower our Brands to focus on concept development, research, design and retail merchandising to ensure differentiation

PRIVATE LABEL SOURCING PLATFORM KEY RESPONSIBILITIES

RATIONALE

PRODUCT

PLANNING

SUPPLIER

SELECTION AND

MANAGEMENT

(Including negotiation terms)

COLLECTION

PROGRESS

MONITORING

DELIVERY

PLANNING AND

MANAGEMENT

QUALITY

CONTROL

AND SAMPLING

P A G E N U M B E R

LEVERAGING AN UNMATCHED QUANTITY

OF INTERNAL AND EXTERNAL DATA...

Higher marketing

ROI

Higher retention

rate

Increased share of wallet

Better retail

margin

...REFINE IT INTO SMART

CUSTOMER PROFILES...

...AND TAILOR THE BEST OFFER

TO EACH PERSON AT THE RIGHT PRICE

P A G E N U M B E R

BEST-IN-CLASS U|X

Search & Browse Payments

PERSONALISATION

Recommendation Geolocalisation

SERVICE

Loyalty Style Advisory

P A G E N U M B E R

Untapped growth potential worldwide

Accelerated international roll-out plan, building on YOOX’s localisation asset capabilities and expertise (language site, in-language customer

care, payments and delivery options)

Full deployment of THE OUTNET’s proven marketing recipe for brand building and awareness

Local PRs

VIP Program

Events

Performance Web Marketing

Digital and Print Advertising

Local Marketing Partnership

STAGED MARKETING APPROACH TO LOCALISATION

Targeted markets

2016 2020

DE FR

Middle East

2017 2018 2019

Other APAC

RU JP CN

P A G E N U M B E R

Embrace Multi-channel Approach to Marketing

Initiatives across PR, events, digital and print advertising,

strategic partnerships and performance-based web

marketing

Build on THE OUTNET’S City-Approach success

THE OUTNET to build on existing success in core cities

(New York, Los Angeles, Miami) by expanding to San

Francisco, Chicago, Washington D.C., Boston, Dallas and

Houston

YOOX to leverage THE OUTNET’S existing presence

in core cities to build brand awareness

Tailor YOOX’s product offering to local tastes

Introduction of local buying

Selective visibility of global catalogue

2016

New York

Los Angeles

Miami

San Francisco

Houston

Dallas

Chicago Boston

Washington D.C.

2017 2018 2019 2020

THE OUTNET

YOOX

San Francisco Boston

Washington Dallas

Houston New York Miami

Los Angeles

New York Los Angeles

Miami San Francisco

Chicago

P A G E N U M B E R

2016 2020

ITALY

Consolidate YOOX’s leadership

Offline initiatives to drive awareness targeting key cities first

Wider delivery options including pick-up and returns solutions

VIP-dedicated services

GERMANY and FRANCE

Strengthen existing presence

THE OUTNET to launch in-language website, customer care and locally relevant payment systems in 2017

GER FR

RUSSIA

Capture Europe’s fastest growth opportunity

YOOX to bolster leading position by strengthening dedicated team, locally-relevant partnerships, enhanced customer services

Starting from H2 2017, THE OUTNET to roll out a phased localisation strategy with dedicated delivery, local payment options, in-language website and customer care leveraging YOOX’s existing operational capabilities

RU NORDICS

2017 2018 2019

THE OUTNET YOOX

P A G E N U M B E R

2016 2020

YOOX to further strengthen its leading position in the high-end market segment with a strong mobile-centric proposition to drive loyalty and engagement

THE OUTNET to launch with a fully localised proposition leveraging YOOX’s existing local team and infrastructure

JAPAN

THE OUTNET: full localisation in Japan

Leverage the off-season market opportunity mainly through YOOX and continue to build on its unparalleled track record

CHINA

THE OUTNET: localisation in China

Launch of full in-country presence

MIDDLE EAST

Middle East launch

Seize growth opportunities in highly promising online luxury markets through more robust localised strategies

THE FOUR ASIAN TIGERS

THE OUTNET: introduction of Alipay, AUD, HKD, SGD

YOOX: introduction of AUD, TWD and SKW

THE OUTNET: localisation S. Korea

Deepen localisation efforts and in-country marketing initiatives

Continue to strengthen THE OUTNET focus to drive growth

AUSTRALIA

2017 2018 2019

P A G E N U M B E R




STRATEGIC VISION

FINANCIAL TARGETS

PLATFORM







APPENDIX

P A G E N U M B E R

STRICTLY PRIVATE AND CONFIDENTIAL

CHINA MIDDLE EAST

High internet and mobile penetration

Limited competition in our space

Strong luxury consumption

Stepping up our technology and operational

capabilities

Strenghtening our marketing focus

Setting the local market standards for luxury

shopping online

2015 2020

~ €80m

THE MARKET YOOX NET-A-PORTER GROUP

Confirming YOOX NET-A-PORTER GROUP as the only truly

Global Fashion E-commerce Player

YNAP 2015-2020 Net Revenues1

1. Middle East Net Revenues include Gulf Cooperation Council Region (‘’GCC’’) and China Net Revenues are related to Mainland China only


P A G E N U M B E R


2012 2015 2020

~3% of global luxury consumption in 2015

Biggest opportunity in the GCC, boasting some of the world’s highest GDP per-capita

Local retail landscape dominated by mono-brand formats

Dubai set to become the hub of trade and tourism across Middle East, Africa and Asia

Dubai the most attractive city for UHNWIs in the region, ranking 8th globally

MIDDLE EASTERN PERSONAL LUXURY GOODS MARKET2

€6.3bn

€8.1bn

€12.2bn

+10%

+9%


P A G E N U M B E R


The Middle East

Promising E-commerce Landscape

Already high internet penetration

Smartphone adoption set to increase by ~50%

reaching 176% in 2020, with UAE and Saudi Arabia

boasting two of the world’s highest penetration

rates3

High Government investments in IT infrastructure

and e-services

~50% of population under 30

No international fashion e-commerce player serves

the region with adequate service levels to match

local expectations

Size of Net-A-Porter’s current business in the region

– carried out with limited degree of localisation –

suggests significant opportunity

Local players primarily address low-end segment of

the market and mainly in flash-sale formats

Almost no luxury brand operates a fully localised

online store in the region

Still very limited competition in Our Space

93.4% 93.4%

92.4%

Bahrain Qatar UAE

84% GCC

Average

2015 INTERNET PENETRATION IN THE GCC4


P A G E N U M B E R

Customer Age by Brand

… with orders worth 50% more

Comparison between GCC customers5 and Global Average

… and spend more than their global fellows!

EIPs are in good company… Younger

Global GCC

5. Data refer to Net-A-Porter and Mr Porter customers in FY2015 except for customer age, which also includes The Outnet.

… and return much less!

Spend ~2.5x more a year…

Annual Spend (€) Share of EIPs over Total

Customer Base

AOV from GCC EIPs vs Global Return Rate (%) Average Order Value (€)

30

35

40

NAP MRP TON

0

1,000

2,000

3,000

70

80

90

100

Global GCC

Non EIPs

EIPs

0

500

1000

NAP + MRP

0%

30%

60%

NAP + MRP

0

0.5

1

1.5

2

NAP MRP

1.1X

1.7X

Focus on EIPs

P A G E N U M B E R

CUSTOMER

REGULATION

LOGISTICS

PAYMENTS

Highly concentrated luxury

goods demand leading to

high customer expectations

Right-to-left Arabic writing

chiefly impacting user-

interface design

Local culture and religious

calendar requiring specific

commercial planning and

sensitivity around marketing

and digital production

B2C logistics infrastructure still

in its early development stage

E-commerce-unfriendly

addressing systems

Uncompetitive nature of

domestic delivery

Informal customs policies

between countries

Concerns about online

payment privacy and security

leading to very low credit card

adoption

Extensive use of cash-on-

delivery (70/80% of all online

transactions), creating the

need to transact in local

currencies

Different currencies across

countries

Relatively immature e-

commerce regulatory

framework and lack of

awareness and enforcement

mechanisms

Diverse legal structures from

country to country

P A G E N U M B E R

Local U|X and language site

In-language customer care

Customized buying, merchandising and pricing

Tailored digital marketing and CRM

Transaction in local currency

Local payment methods

Customised delivery and returns solutions

Partial inventory localisation

In-situ legal entity

Full in-country presence

CUSTOMER PAYMENTS LOGISTICS REGULATION

P A G E N U M B E R


Dubai

B2C Flows (last-mile delivery)

B2B Flows (JIT and Replenishment) In-season Warehouse

Off-season Warehouse

Limited Liability Company with retail

trading licence established in Dubai

1

Just-in-time inventory flows from Italy

for Off-Season

4

Opening of local distribution centre in

Dubai

2

Set up of customer care team 3

Potential local sourcing 6

KEY MILESTONES

Set up of a local Middle Eastern entity equipped with local operations, retail and marketing capabilities operating as a YOOX NET-A-PORTER GROUP’s subsidiary

The local entity will be in charge of developing and managing YNAP’s business in the Region according to our Brands’ guidelines

It will fully leverage YNAP Group’s global technology and operations platform (i.e. to leverage YNAP’s favourable sourcing and buying capabilities in Italy; access YNAP’s just-in-time and replenishment Omni-stock set-up)

As a strategic shareholder Alabbar is in the position to provide valuable insight and support through his deep knowledge of regional luxury consumers and access to extensive local network

Just-in-time and replenishment flows from

Italy for In-Season

5

P A G E N U M B E R


2017 2018

Launch of

Launch of

Legal entity

Launch of

Launch of

2019

[●●●]

Launch of

6

Warehouse Office Customer care

based on opportunity ONLINE FLAGSHIP STORES

6. Choice of Online Flagship Stores is arbitrary and for illustrative purposes only

P A G E N U M B E R


Very young

Digitally native, mobile savvy, socially connected

Second generation luxury consumer, strongly upwardly mobile

Extremely attentive to superior service

Savvy about the relationship between quality and price

Often seeking ‚VIP‛ status

Increasingly female

Often travelling and shopping abroad (HK, JP, AUS, SING, TAIWAN but also EU and US)

EUROPE

HK

OTHER

US

JP

Spent outside of China

€65 billion

Spent in Mainland China,

of which ~ €1bn online

€15 billion

THE CHINESE LUXURY CONSUMER

CHINESE LUXURY GOODS CONSUMPTION

P A G E N U M B E R

Leverage convergence of platform to trigger enhanced customer experience: localisation, U|X, payments, with a strong focus on mobile


Capitalize on early positive Net-A-

Porter momentum in the market

Special attention on growing local

EIP base

Enhance and fully localise

Net-A-Porter and Mr Porter from

2018




JVCo with Kering

and many more …

Focus on YOOX.CN as the key

Brand to grow local awareness

Step-up local marketing, PR and

brand building activities

Leverage YOOX.CN position as

China’s most authentic online

fashion store, tailoring it to local

preferences

Focus on select major luxury brands

with strong recognition in the market

Evaluate ‘’O2O’’ opportunities, based

on partner’s strategies and capabilites

Develop select services to increase

partner’s visibility and digital presence

Evaluate partnership opportunities

between Online Flagship Stores and

local platforms

P A G E N U M B E R

YOOX NET-A-PORTER GROUP will increasingly integrate WeChat into its China business, making it the pillar of

social strategies for all its Brands and Online Flagship Stores

THE OPPORTUNITY

YOOX NET-A-PORTER GROUP in China on

570m users, of which 83% buying online

SOCIAL MEDIA

GEOLOCALISATION capabilities

BLOGGING & AFFILIATE Social marketing

PAYMENTS

CUSTOMER SERVICE

TEXT & VIDEO IM

SHOPPING

WECHAT

WeChat has evolved from a social network into a fully-fledged digital ecosystem which provides brands and merchants the opportunity to engage with customers and manage their full transaction,

delivering a brand-centric and content-rich shopping experience

P A G E N U M B E R






– FINANCIAL ANALYSIS


APPENDIX

P A G E N U M B E R

2Q 2016 net revenues at €451 million, up 17% at constant FX (+13% at

current FX) compared with pro-forma net revenues of €400 million in 2Q 2015

Acceleration in revenue growth on 1Q 2016 across all business lines

Europe (excluding UK), APAC and Middle East outperforming

2Q performance led to 1H 2016 net revenues of €897 million, up 16% at

constant FX (+13% at current FX)

1H 2016 adjusted EBITDA1 at €76.5m, with a margin of 8.5% (vs 8.4% in 1H

2015)

1H 2016 adjusted net income1 up 15% at €37.0m (vs €32.1m in 1H 2015)

Net Cash at €138.8m as at 30 June 2016 (vs Net Cash of €62.1m as at

December 2015), benefitting from €100 million capital increase subscribed by

Alabbar Enterprises in April 2016

1. For full glossary, please refer to slide 172 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

P A G E N U M B E R

TO BE UPDATED


Launch of A|X Armani Exchange in North America in mid July and Chloé

in Europe, US and APAC in late June


Successful migration of 1st online store from former YOOX GROUP to

new Order Management System in August. Full process completion

expected in 4Q 2016

Start of construction of new In-season warehouse in Italy

PLATFORM

New brand additions: PRADA on NET-A-PORTER and MR PORTER,

Tiffany & Co. and Moncler on NET-A-PORTER, Ermenegildo Zegna on

MR PORTER

New numerous exclusive capsule collections, including GUCCI for

NET-A-PORTER

P A G E N U M B E R






– FINANCIAL ANALYSIS


APPENDIX

P A G E N U M B E R

€80.1m €88.7m

€268.3m €318.3m

€443.4m €490.1m

€37.2m €42.3m

€133.2m €156.1m

€229.3m €252.4m


€897.0m €791.8m


Group Growth

1H 2016

56.0%

33.9%

54.6%

9.9%


2Q 2016

Group Growth

57.4%

9.3%

56.0%

34.6%


10.8% 2.3% 13.1%




Mono-brand GrossMerchandise Growth

13.7% 2.5% 16.2%





1. For full glossary, please refer to slide 172

10.1%

35.5% 33.3%

9.4%

+11.4%

+13.1%

+21.5%

+15.7%

+14.5%

+21.7%

€450.8m €399.7m

+10.8%

+10.5%

+13.3%

+18.6% +17.2%

+12.8%

+13.7%

+10.1%

1H 2015 Pro-Forma

2Q 2015 Pro-Forma

1H 2016 vs 1H 2015 Pro-Forma 2Q 2016 vs 2Q 2015 Pro-Forma

+15.8% +17.0%

@constant FX

+13.5%

@constant FX

+17.9%


P A G E N U M B E R

(€m )

Italy 48.3 57.5 19.0% 19.0% 23.9 29.2 22.4% 22.5%

UK 124.6 135.2 8.6% 15.4% 66.8 70.2 5.1% 14.3%

Rest of Europe 208.6 238.4 14.3% 17.3% 99.6 117.5 18.0% 21.8%

North America 238.4 268.1 12.5% 12.5% 124.5 135.1 8.5% 10.9%

APAC 118.4 137.4 16.0% 17.5% 58.7 68.2 16.2% 19.4%


Group Net Revenues 791.8 897.0 13.3% 15.8% 399.7 450.8 12.8% 17.0%


30.1%

15.7% 15.0%

6.7%

26.4%

6.1%

1H 2015 1H 2016

29.9%

15.1% 15.3%

6.7% 6.4%

26.6%

2Q 2015

14.7%

6.6%

16.7%

31.1%

6.0%

24.9%

15.1%

6.8%

15.6%

30.0%

6.5%

2Q 2016

26.0%




1H 2015 Pro-Forma

1H 2016 % Growth % Growth

Constant FX 2Q 2015

Pro-Forma 2Q 2016 % Growth

% Growth Constant FX

1

P A G E N U M B E R

9.1 9.1

9.0 10.3

8.0 8.6

26.1 28.0

1H 2016 1H 2015 Pro-Forma Restated3

1H 2016 1H 2015 Jun 2015 Jun 2016

1H 2015 Pro-Forma

354

335

375

346

2Q 2016 2Q 2015

8.2 8.3

8.9 9.7

7.6 8.4

24.7 26.4

+7.2%

+7.3%

+0.4%

+7.1%

+10.3%

+1.7%

-5.4% -7.6% +12.7%

2Q 2015 Pro-Forma Restated3

2Q 2016

2,307

2,600

2Q 2016 2Q 2015 Pro-Forma 1H 2016

3,324

3,945

1,619 1,955

+18.7% +20.8%



+14.1% +9.2%

1.Key performance indicators do not include the Joint Venture with Kering and the jimmychoo.com online flagship store 2.Source: Adobe Analytics for NET-A-PORTER.COM, MR PORTER.COM and THE OUTNET.COM; SiteCatalyst and Google Analytics for YOOX.COM in the first semester of 2015; Google Analytics for YOOX.COM in the first semester of

2016, THECORNER.COM, SHOESCRIBE.COM and the Online Flagship Stores ‚Powered by YOOX NET-A-PORTER GROUP‛ 3.1H 2015 monthly unique visitors have been restated to account for the change in data source used for YOOX.COM monthly unique visitors starting from November 2015. Specifically, monthly unique visitors for both 1H 2015 and 1H 2016

are now sourced from Google Analytics, instead of Google Analytics for the website and SiteCatalyst for the mobile site as previously used 4.Active Customer is defined as a customer who placed at least one order in the 12 preceding months 5. Includes Active Customers of the Online Flagship Stores ‚Powered by YOOX NET-A-PORTER GROUP‛


P A G E N U M B E R

(€m )

Net Revenues 791.8 897.0

growth 0.0% 13.3%

COGS (478.2) (542.2)

Gross Profit 313.6 354.9

% of Net Revenues 39.6% 39.6%

Fulfillment Excl. IPC (78.9) (88.5)


Sales & Marketing Excl. IPC (92.2) (106.0)


General & Administrative Excl. IPC (73.5) (81.0)


Other Income / (Expenses) (2.5) (2.8)

Adjusted EBITDA 2

66.4 76.5


Ordinary Depreciation & Amortisation (27.7) (24.4)


Adjusted Operating Profit 2 38.7 52.2


Income / (Loss) From Investment In Associates 0.1 0.2

Net Financial Income / (Expenses) 2.3 (1.0)

Adjusted Profit Before Tax 2

41.1 51.4


Taxes (9.0) (14.4)

Adjusted Net Income 2 32.1 37.0


Note: Depreciation & Amortisation included in Fulfilment, Sales & Marketing, General & Administrative have been reclassified and grouped under Ordinary Depreciation & Amortisation 1. The Adjusted P&L excludes non-cash costs associated with Stock Option Plans as well as the amortisation related to the Purchase Price Allocation process arising from the merger of YOOX GROUP and THE NET-A-PORTER GROUP 2. For full glossary, please refer to slide 172. For the description of the pro-forma adjustments, please refer to slide 3

1H 2016 1H 2015

Pro-Forma

P A G E N U M B E R

The merger between YOOX GROUP and THE NET-A-PORTER GROUP was structured as a merger by incorporation into YOOX GROUP of

Largenta Italia, a vehicle owning the entire share capital of THE NET-A-PORTER GROUP. This transaction qualified as a business combination

and, for the purposes of the provisions of IFRS 3, THE NET-A-PORTER GROUP was identified as the ‚purchased‛ entity

Out of the Purchase Price, ~€390m have been allocated to THE NET-A-PORTER GROUP’s intangible assets

For P&L reporting purposes, taxes have been adjusted by applying the notional UK corporate tax rate to the PPA-related amortisation as

required by IFRS 3 and IAS 12

~€390m1

Assets

6 years and 15 years

for Customer list and Brands, respectively

Useful Life PPA-related D&A

~35m2 annual charge for 2016-2021 period

~25m2 annual charge for 2022-2030 period

1. Converted in Euro at the EUR/GBP exchange rate as of 30 June 2016 2. Converted into Euro at the average EUR/GBP exchange rate for the period 1 January 2016 - 30 June 2016

P A G E N U M B E R

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

1H 2016 1H 2015

Pro-Forma (€m )

Net Revenues 791.8 897.0

growth 13.3%

COGS (478.2) (542.2)

Gross Profit 313.6 354.9


Fulfillment Excl. IPC (78.9) (88.5)


Sales & Marketing Excl. IPC (92.2) (106.0)


General & Administrative Excl. IPC (73.5) (81.0)


Incentive Plan Costs (IPC) (6.2) (5.9)

Other Income / (Expenses) (2.5) (2.8)

Reported EBITDA 60.2 70.6


Ordinary Depreciation & Amortisation (27.7) (24.4)


PPA-related amortisation - (17.3)

% of Net Revenues - 1.9%

Reported Operating Profit 32.5 29.0


Income / (Loss) From Investment In Associates 0.1 0.2

Net Financial Income / (Expenses) 2.3 (1.0)

Reported Profit Before Tax 34.9 28.2


Taxes (8.5) (9.4)

Reported Net Income 26.4 18.8


1H 2015 reported net income margin at 1.6%

assuming PPA-related D&A charge as 1H 2016

P A G E N U M B E R

Gross Profit by Business Line


% of division Net revenues

40.9%

1H 2016 1H 2015 Pro-Forma

42.0% 37.8%


36.7% 38.7%


36.1%

€181.2m

€206.0m

€101.4m €116.9m

€31.0m €32.0m

Gross profit is defined as net revenues less cost of goods sold (‚COGS‛), which includes shipping costs

P A G E N U M B E R

(€m )

Adjusted EBITDA 66.4 76.5

Net Financial Income / (Expenses) & Associates 2.4 (2.5)

Taxes paid (11.8) (10.9)

Change in Ordinary Working Capital (27.1) (31.8)

Capital Expenditure (46.9) (49.5)

Other (2.5) 6.1

Free Cash Flow (19.5) (12.1)

M&A-related Items (3.9)

Proceeds from Stock Option Exercise & Capital Increase 0.2 100.0

Translation Adj. (11.2)

Change in Net Financial Position (23.2) 76.7

1. Change in Ordinary Working Capital, Fixed Assets and Other calculated by converting values as at 30 June 2016 into Euro utilising 31 Dec 2015 exchange rates 2. Other mainly refers to exchange rate impact resulting from the consolidation of foreign subsidiaries and unrealised gain and losses 3. Translation Adjustments refer to the delta FX which arises from converting Ordinary Working Capital, Capital Expenditure and Other into Euro at the exchange rates as at 30 June 2016 and 31 Dec 2015

Cash Flow Statement

Net Financial Position Evolution

1H 2016 1H 2015

Pro-Forma

€62.1m

€76.5m

€(2.5)m €(10.9)m

€(31.8)m

€(49.5)m

€6.1m

€100.0m

€(11.2)m

€138.8m

Dec 2015Net Cash

AdjustedEBITDA

Net FinancialIncome /

(Expenses)& Associates

Taxespaid

Change inOrdinaryWorkingCapital

CapitalExpenditure

Other Capital Increase Translation Adj. June 2016Net Cash

1,2 3

1

1

1, 2

3

1

1

P A G E N U M B E R

(€m )

Inventories 526.5 531.6 561.8 (30.2)

Trade Receivables 26.5 31.3 25.3 6.0

Trade Payables (342.6) (353.3) (379.7) 26.4

Other Receivables / (Payables) (99.4) (113.6) (79.5) (34.1)

Ordinary Net Working Capital 110.9 96.1 127.9 (31.8)

as % of LTM Net Revenues 7.5% 5.8% 7.2%

Jun 20161

% of Net Revenues

€46.9m €48.1m

5.9% 5.4%

1H 2015 1H 2016

Net Working Capital

Capital Expenditure (at current FX)

Technology Operations Other

Dec 2015 Jun 2015 1H 2016

Investments back-loaded in 2H 2016

2016 capex expected at ~€140m (vs

previous guidance of €150m)

1. Inventories, Trade receivables, Trade Payables, Other Receivables/(Payables) calculated by converting 2016 values utilising exchange rates as at 31 Dec 2015 2. LTM Net Revenues at current exchange rates

@constant FX

2

P A G E N U M B E R






APPENDIX

P A G E N U M B E R

€48.2m €58.3m

€140.9m €175.7m

€189.0m

€249.3m


€147.0m €175.3m

€472.9m €596.4m

€652.3m

€893.3m

€1,665.0m

€1,272.3m


Group Growth +20.8%

2014 2015

+19.2%

+36.9%

+30.9%

51.3%

37.2%

53.7%

10.5%

€483.3m

€378.2m


+19.2%

4Q 2014 4Q 2015

+24.7%

+27.8% Group Growth

50.0%

12.8%

51.6%

36.4%


19.2% 8.3% 27.5%





2015 vs 2014

20.8% 8.4% 29.2%





4Q 2015 vs 4Q 2014

1. For full glossary, please refer to slide 172

+26.1%


Online Flagship Stores


+20.8%

+31.9%

11.6%

35.8%

37.3%

12.1%

P A G E N U M B E R

(€m )

Italy 92.7 110.9 19.7% 19.7% 29.1 35.8 23.1% 23.1%

UK 192.2 263.9 37.3% 23.6% 59.0 79.6 35.0% 22.9%

Rest of Europe 375.5 439.5 17.0% 21.2% 104.7 121.9 16.5% 19.2%

North America 351.1 503.1 43.3% 19.8% 113.1 151.0 33.5% 15.4%

APAC 176.9 242.3 36.9% 22.6% 49.5 66.5 34.3% 23.2%


Group Net Revenues 1,272.3 1,665.0 30.9% 20.8% 378.2 483.3 27.8% 19.2%


27.6%

15.1% 13.9%

6.6%

29.5%

7.3%

2014 2015

30.2%

15.8% 14.6%

6.3% 6.7%

26.4%

4Q 2014

13.1%

6.0%

15.6%

29.9%

7.7%

27.7%

13.8%

5.9%

16.5%

31.2%

7.4%

4Q 2015

25.2%




2014 2015 % Growth % Growth

Constant FX 4Q 2014 4Q 2015 % Growth % Growth

Constant FX

1

P A G E N U M B E R

7.6 9.1

8.7 10.1

7.3 7.9

23.6 27.1

2015 2014

2015 2014 2014 2015

2014

317

352

325

357

4Q 2015 4Q 2014

10.1 10.4

9.6 11.1

7.8 8.5

27.4 30.0

+14.7%

+7.8%

+19.4%

+9.4%

+9.2%

+3.8%

+10.9% +9.7% +19.3%

4Q 2014 4Q 2015

2,111

2,519

4Q 2015 4Q 2014 2015

5,801

7,072

1,691 2,053

+21.9% +21.4%



+16.3% +15.3%


1.Key performance indicators do not include the Joint Venture with Kering and the jimmychoo.com online flagship store 2.Source: SiteCatalyst for NET-A-PORTER.COM, MR PORTER.COM and THE OUTNET.COM; SiteCatalyst and Google Analytics for YOOX.COM; Google Analytics for THECORNER.COM, SHOESCRIBE.COM and the Online Flagship Stores

"Powered by YOOX NET-A-PORTER GROUP ‚ 3.Active Customer is defined as a customer who placed at least one order in the 12 preceding months 4. Includes Active Customers of the Online Flagship Stores ‚Powered by YOOX NET-A-PORTER GROUP‛

P A G E N U M B E R

(€m )

Net Revenues 1,272.3 1,665.0 378.2 483.3

growth 30.9% 27.8%

COGS (773.5) (1,008.1) (222.5) (287.8)

Gross Profit 498.8 657.0 155.6 195.5

% of Net Revenues 39.2% 39.5% 41.2% 40.4%

Fulfillment Excl. Incentive Plan Costs (116.5) (165.7) (30.4) (44.5)

% of Net Revenues 9.2% 10.0% 8.1% 9.2%

Sales & Marketing Excl. Incentive Plan Costs (151.2) (203.5) (45.2) (62.4)

% of Net Revenues 11.9% 12.2% 11.9% 12.9%

General & Administrative Excl. Incentive Plan Costs (122.6) (150.1) (32.0) (36.0)

% of Net Revenues 9.6% 9.0% 8.5% 7.4%

Other Income / (Expenses) (2.5) (4.6) (0.5) (1.7)

Adjusted EBITDA 1 105.9 13 3 .1 47.5 50.9

% of Net Revenues 8.3% 8.0% 12.5% 10.5%

Incentive Plan Costs (20.2) (6.7) (5.2) (0.4)

Depreciation & Amortisation (46.9) (56.9) (13.5) (14.2)

% of Net Revenues 3.7% 3.4% 3.6% 2.9%

Operating Profit 38.8 69.5 28.8 36.2

% of Net Revenues 3.1% 4.2% 7.6% 7.5%

Income / (Loss) From Investment In Associates (0.7) 0.6 (0.1) 0.4

Net Financial Income / (Expenses) 4.2 0.8 3.1 (0.8)

Profit Before Tax 42.3 70.9 31.8 35.9

% of Net Revenues 3.3% 4.3% 8.4% 7.4%

Taxes (18.9) (17.4) (15.1) (8.9)

Net Income 23.4 53.4 16.7 27.0

% of Net Revenues 1.8% 3.2% 4.4% 5.6%

Adjusted Net Incom e 1 43 .3 59.7 21.8 27.3

% of Net Revenues 3.4% 3.6% 5.8% 5.7%

Note: Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Depreciation & Amortisation 1. For full glossary, please refer to slide 172. For the description of the pro-forma adjustments, please refer to slide 3

4Q 2014 4Q 2015 2014 2015

P A G E N U M B E R

€105.9m

€(20.2)m €85.7m

€(46.9)m

€38.8m

€(0.7)m

€4.2m

€(18.9)m

€23.4m €19.9m €43.3m

AdjustedEBITDA

Incentive PlanCosts

EBITDA D&A EBIT Income / (Loss)From Associates


(Expenses)

Taxes Net Income Incentive PlanCosts net ofrelated tax

effect

AdjustedNet Income

€133.1m

€(6.7)m

€126.4m

€(56.9)m

€69.5m €0.6m €0.8m

€(17.4)m

€53.4m €6.3m €59.7m

AdjustedEBITDA

Incentive Plan Costs

EBITDA D&A EBIT Income/ (Loss)From Associates


(Expenses)


effect

AdjustedNet Income

FY 2014

FY 2015

% of Net Revenues 8.0% 7.6% 3.6% 3.2%

% of Net Revenues 6.7% 3.1% 3.4% 1.8% 8.3%

4.2%

P A G E N U M B E R

4Q 2014

4Q 2015

% of Net Revenues 10.5% 10.4% 5.7%

€47.5m

€(5.2)m

€42.3m

€(13.5)m

€28.8m

€(0.1)m

€3.1m

€(15.1)m

€16.7m €5.1m €21.8m

AdjustedEBITDA

Incentive PlanCosts



(Expenses)


effect

AdjustedNet Income

5.6%

% of Net Revenues 11.2% 7.6% 5.8% 4.4%

€50.9m

€(0.4)m

€50.4m

€(14.2)m

€36.2m €0.4m

€(0.8)m €(8.9)m

€27.0m €0.3m €27.3m

AdjustedEBITDA

Incentive PlanCosts

EBITDA D&A EBIT Income/ (Loss)From Associates


(Expenses)


effect

AdjustedNet Income

12.5%

7.5%

P A G E N U M B E R

€60.4m

€133.1m €1.3m

€(28.9)m €(12.2)m

€(83.7)m €(4.1)m €(19.4)m

€15.6m €62.1m

Dec 2014Net Cash

AdjustedEBITDA


(Expenses)& Associates

Taxes Change inOrdinaryWorkingCapital

CapitalExpenditure

Other M&A RelatedItems

Proceeds fromStock Option

Exercise

Dec 2015Net Cash

1. Mainly refers to deferred tax assets, exchange rate impact resulting from the consolidation of foreign subsidiaries, fair value of derivative contracts and other reserves 2. Include Non-recurring Items relating to the merger with the NET-A-PORTER GROUP Limited and the delta capital injection vs Pro-forma assumptions

Cash Flow Statement

Net Financial Position Evolution

4Q 2015 2014 2015

Pro-Forma

4Q 2014 (€m )

EBITDA Excluding Incentive Plan Costs 105.9 133.1 50.9

Net Financial Income / (Expenses) & Associates 3.5 1.3 (0.4)

Taxes (18.9) (28.9) (12.2)

Change in Ordinary Working Capital (40.6) (12.2) 40.2

Capital Expenditure (54.8) (83.7) (21.1)

Other 1 9.7 (4.1) (5.4)

Free Cash Flow 4.8 5.5 n.a. 52.1

M&A Related Items 2 - (19.4) (8.9)

Proceeds from Stock Option Exercise 21.8 15.6 15.4

Change in Net Financial Position 26.6 1.7 n.a. 58.6

P A G E N U M B E R

(€m )

Inventories 449.1 531.6 (82.5) # (36.1)

Trade Receivables 19.5 31.3 (11.8) # (5.4)

Trade Payables (278.7) (353.3) 74.5 # 23.2

Other Receivables / (Payables) (105.9) (113.6) 7.6 # 58.5

Ordinary Net Working Capital 83.9 96.1 (12.2) # 40.2

as % of Net Revenues 6.6% 5.8%

FY 2015

% of Net Revenues

€54.8m

€83.7m

4.3% 5.0%

2014 2015

Net Working Capital

Capital Expenditure

Tech Operations Other

Dec 2015 Dec 2014

4.4%

€21.1m

4Q 2015

Balance Sheet Cash Flow

4Q 2014 4Q 2015

n.a.

P A G E N U M B E R



Online Flagship Stores

Technology and Logistics Platform

Capitalise on past success focusing on existing and future EIPs (Extremely Important People) – Strengthening of personal shopping teams and further enhancing personal shopping experiences – Innovative brand building activities to drive acquisition and engagement – Development of localised approach

Enrichment of brand portfolio with new leading brands in Fall Winter Roll-out of in-house performance marketing team Enhancement of mobile offer

Launch of the new YOOX.COM release in September 2016 Coordinated buying for YOOX.COM and THE OUTNET.COM to improve economic terms Acceleration of international strategy leveraging online stores’ complementary geographical footprint Set up of internal centre of excellence for global performance marketing across both online stores Enhancement of mobile offer

Renewal of major contracts Launch of new online flagship stores Portfolio optimisation resulting in more resources allocated to partnerships with highest potential Further roll-out of omni-channel features Enhancement of mobile offer

Investments mainly devoted to: Lay the foundations to create a common techno-logistics platform across the Group’s stores and DCs

(including IBM) Set-up of new photo studios at Interporto (Bologna, Italy) Consolidation and expansion of HK DC Further enhancements of mobile offer

Net Revenue growth in the high teens at constant FX1

Adjusted EBITDA margin improvement

Approximately €140m of capital expenditure (vs previous guidance of €150m)

1. Average 2015 exchange rates

P A G E N U M B E R






APPENDIX

P A G E N U M B E R

FURTHER ANALYSIS ON 2016 NINE-MONTH INTERIM TRADING STATEMENT

FURTHER ANALYSIS ON 2016 FIRST HALF RESULTS

FURTHER ANALYSIS ON 2015 PRO-FORMA RESULTS AND 2016 OUTLOOK

2015 REPORTED RESULTS

ONLINE FLAGSHIP STORES POWERED BY YOOX NET-A-PORTER GROUP

SHAREHOLDER STRUCTURE

EXCHANGE RATES

P A G E N U M B E R

€117.0m €131.1m

€420.7m €496.2m

€644.0m €705.2m


€1,332.5m

€1,181.7m

9M 2016

54.5%

35.6%

52.9% 9.9%


12.0% 4.5% 16.5%




Mono-brand Gross MerchandiseGrowth

9.9%

37.2%

+13.1%

+13.6%

+20.8%

+12.0%

+9.5%

+12.8%

+18.0%

9M 2015 Pro-Forma

9M 2016 vs 9M 2015 Pro-Forma

+16.1%

@constant FX

+17.3%


@constant FX @current FX Group Growth

Organic1

+15.4%

+17.1%

Organic3

+17.3%


2. Gross Merchandise Value is defined as retail value of sales of all the Online Flagship Stores, including the JV online store sales, to final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for within ‚Rest of the World and Not Country Related‛, are excluded

3. Gross merchandise value organic growth is calculated at constant exchange rates and at comparable perimeter by including gross merchandise value of all Online Flagship Stores active at the end of each period, which were also active at the beginning of the same period of the previous year. Reported growth is calculated at current exchange rates and at actual perimeter.

P A G E N U M B E R



FURTHER ANALYSIS ON 2015 PRO-FORMA RESULTS AND 2016 OUTLOOK




EXCHANGE RATES

P A G E N U M B E R

€76.5m

€(5.9)m

€70.6m

€(24.4)m

€(17.3)m

€29.0m €0.2m

€(1.0)m €(9.4)m

€18.8m

€18.2m €37.0m

AdjustedEBITDA

Incentive PlanCosts

("IPCs")

EBITDA OrdinaryD&A

PPA-relatedamortisation

EBIT Income/ (Loss)From

Associates


(Expenses)

Taxes NetIncome

IPCs & PPARelated D&Anet of related

tax effects

AdjustedNet

Income

1H 2015 Pro-Forma

1H 2016

% of Net Revenues 8.5% 7.9% 4.1%

€66.4m

€(6.2)m

€60.2m

€(27.7)m

€32.5m €0.1m €2.3m

€(8.5)m

€26.4m €5.7m €32.1m

AdjustedEBITDA

Incentive PlanCosts

("IPCs")



(Expenses)

Taxes NetIncome

IPCs net ofrelated tax

effects

AdjustedNet

Income

2.1%

% of Net Revenues 7.6% 4.1% 4.1% 3.3% 8.4%

3.2%

P A G E N U M B E R

(€m )

Fulf i l lm ent (78.938) (88.518)

of which Incentive Plan Costs - 0.0% (0.017) 0.3%

Sales & Marketing (92.233) (106.790)

of which Incentive Plan Costs - 0.0% (0.754) 12.7%

General & Adm inistrative (79.761) (86.178)

of which Incentive Plan Costs (6.242) 100.0% (5.143 ) 87.0%

Incentive Plan Costs (6.242) 100.0% (5.914) 100.0%

EBITDA 60.18 8 70.603


Incentive Plan Costs (6.242) (5.914)

Adjusted EBITDA 1 66.43 0 76.517


1H 2015 Pro-Forma

% of Total

1H 2016

% of Total

1. For full glossary, please refer to slide 172. For the description of the pro-forma adjustments, please refer to slide 3

P A G E N U M B E R

(€m )

Overdrafts 121.0 37.8 83.2

Bank Loans 113.3 78.3 35.0

European Investment Bank 31.7 31.7 -

Financial Leases & Other 9.3 9.3 -

Total 275.3 157.1 118.2

(€m )

Cash and Cash Equivalents 130.3 225.2

Other Current Financial Assets 63.1 70.8

Current Financial Assets 193.4 295.9

Current Financial Liabilities (30.1) (70.9)

Long Term Financial Liabilities (101.2) (86.3)

(Net Financial Debt) / Net Cash 62.1 138.8

1H 2016 FY 2015

Long average maturity of outstanding debt (~70% of loans due between 2018 and 2020) at an average cost of debt of ~110bps over the 3/6 month Euribor

Available Drawn Granted

Net Financial Position

Overview of Debt Facilities at 30 June 2016

P A G E N U M B E R

(€m )

Net Working Capital 110.1 (23.8) 0.6 24.4

Non-Current Assets 1,915.7 2,013.2 1,914.3 (99.0)

Non-Current Liabilities (excl. financial liabilities) (8.9) (15.0) (90.8) (75.8)

Total 2,017.0 1,974.4 1,824.1 (150.3)

Net Financial Debt / (Net Cash) (35.0) (62.1) (138.8) (76.7)

Shareholders' Equity 2,052.0 2,036.5 1,962.9 (73.6)

Total 2,017.0 1,974.4 1,824.1 (150.3)

Change Dec 2015 Jun 2015 Pro-Forma Jun 2016

P A G E N U M B E R



FURTHER ANALYSIS ON 2015 PRO-FORMA RESULTS




EXCHANGE RATES

P A G E N U M B E R

(€m )

Overdrafts 66.0 3.5 62.5

Bank Loans 116.4 81.4 35.0

European Investment Bank 36.2 36.2 -

Financial Leases & Other 10.3 10.3 -

Total 228.8 131.3 97.5

(€m )

Cash and Cash Equivalents 118.6 130.3

Other Current Financial Assets 38.8 63.1

Current Financial Assets 157.4 193.4

Current Financial Liabilities (30.9) (30.1)

Long Term Financial Liabilities (66.1) (101.2)

(Net Financial Debt) / Net Cash 60.4 62.1

2015 2014

Long average maturity of outstanding debt (>80% of loans due between 1H 2017 and 2020) at an average cost of debt of 150bps over the 3/6 month Euribor

Available Drawn Granted

Net Financial Position

Overview of Debt Facilities at 31 December 2015

P A G E N U M B E R

(€m )

Fulf i l lm ent (116.578) (165.709) (30.445) (44.523)

of which Incentive Plan Costs (0.097) 0.5% (0.009) 0.1% (0.000) 0.0% (0.009) 1.9%

Sales & Marketing (151.246) (203.546) (45.173) (62.506)

of which Incentive Plan Costs (0.004) 0.0% (0.078 ) 1.2% - 0.0% (0.078 ) 17.8%

General & Adm inistrative (142.767) (156.711) (37.164) (36.355)

of which Incentive Plan Costs (20.13 1) 99.5% (6.63 3 ) 98.7% (5.159) 100.0% (0.3 53 ) 80.3%

Incentive Plan Costs (20.23 2) 100.0% (6.720) 100.0% (5.159) 100.0% (0.440) 100.0%

EBITDA 8 5.679 126.3 73 42.299 50.424

% of Net Revenues 6.7% 7.6% 11.2% 10.4%

Incentive Plan Costs (20.232) (6.720) (5.159) (0.440)

Adjusted EBITDA 1 105.911 13 3 .093 47.458 50.8 64

% of Net Revenues 8.3% 8.0% 12.5% 10.5%

FY 2014

% of Total

FY 2015

% of Total

4Q 2014

% of Total

4Q 2015

% of Total

1. For full glossary, please refer to slide 172. For the description of the pro-forma adjustments, please refer to slide 3

P A G E N U M B E R







EXCHANGE RATES

P A G E N U M B E R

(€m )

Net Revenues 524.3 922.7 76% 158.1 483.3

growth 15.1% 76.0% 16.0% 205.7%

COGS (336.8) (570.9) (99.9) (287.8)

Gross Profit 187.5 351.8 58.1 195.5

% of Net Revenues 35.8% 38.1% 36.8% 40.4%

Fulfillment (42.3) (84.9) (9.0) (44.5)

% of Net Revenues 8.1% 9.2% 5.7% 9.2%

Sales & Marketing (56.6) (113.4) (17.4) (62.5)

% of Net Revenues 10.8% 12.3% 11.0% 12.9%

General & Administrative (37.4) (69.9) (9.5) (36.4)

% of Net Revenues 7.1% 7.6% 6.0% 7.5%

Other Income / (Expenses) (2.5) (4.6) (0.5) (1.7)

EBITDA 48.8 79.0 61.8% 21.7 50.4

% of Net Revenues 9.3% 8.6% 13.7% 10.4%

Depreciation & Amortisation (25.6) (36.4) (7.7) (14.2)

% of Net Revenues 4.9% 3.9% 4.9% 2.9%

Non-recurring Items - (19.9) - (8.9)

Operating Profit 23.3 22.6 -2.6% 14.0 27.3

% of Net Revenues 4.4% 2.5% 8.9% 5.7%

Income / (Loss) From Investment In Associates (0.7) 0.6 1.3 (0.1) 0.4

Net Financial Income / (Expenses) 0.1 (1.6) (1.7) 1.0 (0.8)

Profit Before Tax 22.6 21.6 14.9 26.9

% of Net Revenues 4.3% 2.3% 9.4% 5.6%

Taxes (8.8) (5.0) (5.6) (6.5)

Net Income 13.8 16.6 20% 9.2 20.5

% of Net Revenues 2.6% 1.8% 5.8% 4.2%

4Q 2014 4Q 2015 2014 2015

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

Reported P&L consists of YOOX GROUP (standalone) consolidated financials for the period 1 January to 4 October 2015 and of YOOX NET-

A-PORTER GROUP financials from 5 October to 31 December 2015, compared to YOOX GROUP (standalone) consolidated financials for the

fiscal year 2014

P A G E N U M B E R

(€m )

Net Working Capital 45.3 (23.8) (69.1)

Non-Current Assets 82.4 2,013.2 1,930.8

Non-Current Liabilities (excl. financial liabilities) (0.4) (15.0) (14.6)

Total 127.3 1,974.4 1,847.1

Net Financial Debt / (Net Cash) (31.0) (62.1) (31.1)

Shareholders' Equity 158.3 2,036.5 1,878.2

Total 127.3 1,974.4 1,847.1

Change Dec 2015 Dec 2014

Reported Balance Sheet consists of YOOX NET-A-PORTER GROUP consolidated financials at 31 December 2015, compared to YOOX

GROUP (standalone) consolidated financials at 31 December 2014

P A G E N U M B E R







EXCHANGE RATES

P A G E N U M B E R

barbarabui.com

Online Flagship Stores ‚Powered by YOOX NET-A-PORTER GROUP‛

JVCo with Kering

alexanderwang.com

pomellato.com

moncler.com

trussardi.com

armani.com

dodo.it

dsquared2.com

moschino.com

emiliopucci.com

valentino.com

stoneisland.com

marni.com

emporioarmani.com

diesel.com

jilsander.com

brunellocucinelli.com

albertaferretti.com

justcavalli.com

y-3store.com

kartell.com

ysl.com

mcq.com

bottegaveneta.com

sergiorossi.com

alexandermcqueen.com

stellamccartney.com

balenciaga.com

missoni.com

redvalentino.com

lanvin.com

brioni.com

chloe.com

dunhill.com

karl.com

maisonmargiela.com

jimmychoo.com

isabelmarant.com

napapijri.com

OPENING SOON

P A G E N U M B E R

Feder ico Marchet t i 7 ,581,814 5.4% 5,164,667 3.9% 7,581,814 7.5% 5,164,667 5.7%

YNAP Managem ent team and other stock option holders 5,340,648 3.8% 5,340,648 5.3%

Sub-total 12,922,462 9.1% 5,164,667 3.9% 12,922,462 12.8% 5,164,667 5.7%

Richem ont 65,599,597 46.4% 65,599,597 49.1% 25,279,391 25.0% 22,693,459 25.0%

Renzo Rosso 5,186,321 3.7% 5,186,321 3.9% 5,186,321 5.1% 5,186,321 5.7%

Alabbar Enterprises 3,571,428 2.5% 3,571,428 2.7% 3,571,428 3.5% 3,571,428 3.9%

Fidelity International 2,897,225 2.0% 2,897,225 2.2% 2,897,225 2.9% 2,897,225 3.2%

Market 51,260,736 36.2% 51,260,736 38.3% 51,260,736 50.7% 51,260,736 56.5%

Tota l Outs tanding Shares 141,437,769 100.0% 133,679,974 100.0% 101,117,562 100.0% 90,773,836 100.0%

Treasury Shares 17,339 0.0% 17,339 0.0% 17,339 0.0% 17,339 0.0%

Tota l Issued Shares 141,455,108 100.0% 133,697,313 100.0% 101,134,901 100.0% 90,791,175 100.0%

Shareholders

Total Ordinary Capital (Voting)

Total Share Capital (Ordinary + Non-voting)

1 1

Updated as of 15 November 2016 1. Computed assuming that all of the 7,757,795 stock options granted under YOOX NET-A-PORTER GROUP S.p.A.’s stock option plans are exercised 2. Excludes Federico Marchetti 3. The number of ordinary shares is calculated assuming that Richemont converts 2,585,931 non-voting shares to ordinary shares (ratio of 1:1) in order to re-establish the maximum of 25% of shares with voting rights as stipulated by the New Bylaws

3

2

Diluted Current Diluted Current

P A G E N U M B E R

EUR USD 1.114 1.116 1.112 1.117 1.08 9 1.13 9 1.110 1.116

% yoy appreciation / (depreciation) vs. EUR 21.6% (0.2%) 19.2% (0.4%) 11.5% (5.5%) 0.8% 0.4%

EUR GBP 0.727 0.8 03 0.717 0.8 50 0.73 4 0.792 0.8 27 0.8 61

% yoy appreciation / (depreciation) vs. EUR 11.6% (9.4%) 10.7% (15.6%) 6.1% (8.1%) (13.9%) (14.2%)

EUR JPY 13 4.778 120.952 13 5.8 63 114.3 29 13 1.070 127.900 114.050 113 .090

% yoy appreciation / (depreciation) vs. EUR 3.5% 11.4% 1.4% 18.8% 10.8% 0.8% 20.1% 19.1%

EUR CNY 6.964 7.3 47 7.008 7.443 7.061 7.3 51 7.3 76 7.446

% yoy appreciation / (depreciation) vs. EUR 20.0% (5.2%) 16.6% (5.8%) 6.7% (9.3%) (6.0%) (4.4%)

EUR RUB 66.597 76.18 3 70.3 03 72.115 8 0.674 76.3 05 71.520 70.514

% yoy appreciation / (depreciation) vs. EUR (27.9%) (12.6%) (31.6%) (2.5%) (10.3%) (18.2%) (12.8%) 3.9%

EUR HKD 8 .640 8 .666 8 .162 8 .661 8 .43 8 8 .8 28 8 .614 8 .655

% yoy appreciation / (depreciation) vs. EUR 21.6% (0.3%) 25.9% (5.8%) 11.6% (5.5%) 0.7% 0.3%

EUR KRW 1,252.63 3 1,295.676 1,3 00.590 1,250.957 1,28 0.78 0 1,294.8 8 0 1,278 .48 0 1,229.760

% yoy appreciation / (depreciation) vs. EUR 12.7% (3.3%) 4.7% 4.0% 3.4% (7.9%) (2.1%) 8.0%

EUR AUD 1.463 1.505 1.53 3 1.472 1.490 1.48 1 1.493 1.466

% yoy appreciation / (depreciation) vs. EUR 0.9% (2.8%) (6.6%) 4.2% (0.5%) (4.4%) (2.5%) 8.7%

EUR CAD 1.404 1.475 1.454 1.456 1.512 1.474 1.43 8 1.469

% yoy appreciation / (depreciation) vs. EUR 5.6% (4.8%) (0.8%) (0.1%) (7.0%) (6.8%) (3.8%) 2.3%

Period Average End of Period

9M 2015 9M 2016 3Q 2015 Dec 2015 Mar 2016 3Q 2016 Jun 2016 Sep 2016

P A G E N U M B E R

Gross profit: Gross profit is defined as earnings before fulfilment costs, sales and marketing costs, general and administrative expenses, other operating income and expenses, depreciation and amortisation, non-recurring expenses, income/loss from investment in associates, financial income and expenses and income taxes. Since gross profit is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that adopted by other groups. Accordingly, the resulting figures may not be comparable.

EBITDA Pre Corporate Costs: EBITDA Pre Corporate Costs is defined as earnings before general and administrative expenses, other income and expenses, depreciation and amortisation, non-recurring expenses, income/loss from investment in associates, financial income and expenses and income taxes. Since EBITDA Pre Corporate Costs is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that used by other groups. Accordingly, the resulting figures may not be comparable. EBITDA Pre Corporate Costs corresponds to the operating profit by business line reported in the Group's consolidated financial statements.

Adjusted EBITDA: Adjusted EBITDA is defined as reported EBITDA before the non-cash costs associated with the existing Stock Option Plans

Adjusted Operating Profit: Adjusted Operating Profit is defined as reported Operating Profit before the non-cash costs associated with the existing Stock Option

Plans and the non-cash amortisation related to the Purchase Price Allocation (‚PPA‛) arising from the merger

Adjusted Profit Before Tax: Adjusted Profit Before Tax is defined as reported Profit Before Tax before the non-cash costs associated with the existing Stock

Option Plans and the non-cash amortisation related to the Purchase Price Allocation (‚PPA‛) arising from the merger

Adjusted Net Income: Adjusted Net Income is defined as reported net income before the non-cash costs associated with the existing Stock Option Plans, net of

their related tax effects, and before the non-cash amortisation related to the Purchase Price Allocation (‚PPA‛) arising from the merger, net of its related tax effect

Net working capital: Net working capital is defined as current assets, net of current liabilities, with the exception of cash and cash equivalents, bank loans and borrowings and other financial payables falling due within one year and financial assets and liabilities included under other current assets and liabilities. Net working capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups.

Gross Merchandise Value (‚GMV‛): GMV is defined as retail value of sales to final customers of all the Online Flagship Stores (including the JV), net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for within ‚Rest of the World and Not Country Related‛, are excluded

NCR: Not Country Related

EIPs are defined as customers with a yearly net spend of over £7,500, converted into Euros at the FY2015 average EUR/GBP exchange rate of 0.726

P A G E N U M B E R

4. Bain & Company Altagamma, October 2015. ‚2015 Worldwide Markets Monitor‛, for size of 2015 online personal luxury goods market (€16.8bn) 5. Bain & Company, ‚Worldwide Luxury Market Monitor 2016 Spring Update‛ for estimate of 2015-2020 CAGR of online personal luxury goods.

STRATEGIC VISION

3. Bain & Company, May 2016. ‚Worldwide Luxury Market Monitor 2016 Spring Update‛ for estimate of 2015-2020 CAGR of online personal luxury goods; Bain & Company Altagamma, October 2015. ‚2015 Worldwide Markets Monitor‛, for size of 2015 online personal luxury goods market (€16.8bn)

FINANCIAL TARGETS


1. Bain & Company, Fondazione Altagamma, October, 2015. ‚Luxury Goods Worldwide Market Study‛; McKinsey & Company, Altagamma Digital Luxury Experience Observatory, July, 2015. ‚Digital inside: get wired to deliver the ultimate luxury experience‛

2. McKinsey & Company, 2014. ‚Luxury shopping in the digital age‚ 3. McKinsey & Company, February, 2015. ‚The opportunity in online luxury fashion: Sales are rising, but what do consumers expect from a luxury digital

experience?‛ 4. Data relates to NET-A-PORTER EIPs in FY2015 5. Data relates to In-Season EIP data in FY2015 6. Boston Consulting Group, June 2016. ‚Global Wealth 2016 - Navigating The New Client Landscape‛ 7. Data based on internal surveys 8. Data relates to NET-A-PORTER and MR PORTER customer data in FY2015 9. Publicly available data on NET-A-PORTER, barneys.com, neimanmarcus.com, fartetch.com and mytheresa.com as of June 2016 10. McKinsey & Company, February, 2014. ‚A multifaceted future: The Jewellery industry in 2020‛ 11. Bain & Company, Fondazione Altagamma, October, 2015. ‚Luxury Goods Worldwide Market Study‛. Hard Luxury market size includes luxury watches and

luxury jewels 12. Knight Frank, 2016. ‚The Wealth Report‛

P A G E N U M B E R


2. Bain & Company, Fondazione Altagamma, October 15, 2012. ‘’Luxury Goods Worldwide Market Study’’ for 2012 market value; Bain & Company, Fondazione Altagamma, October 29, 2015. ‘’ Worldwide Markets Monitor’’ for 2015 market value; YOOX NET-A-PORTER GROUP’s calculations based on Euromonitor Passport (June 2016) estimates for the luxury personal goods market in the Middle East and Africa region

3. YOOX NET-A-PORTER GROUP’s calculations based on Euromonitor Passport (June 2016) estimates for internet penetration in GCC 4. YOOX NET-A-PORTER GROUP’s calculations based on Euromonitor Passport (June 2016) estimates for smartphone adoption in GCC

1. Bain & Company, Fondazione Altagamma, October, 2015. ‚Luxury Goods Worldwide Market Study‛ 2. McKinsey & Company, Altagamma Digital Luxury Experience Observatory July, 2015. ‚Digital inside: get wired to deliver the ultimate luxury experience‛ 3. Société Générale, September, 2015. ‚Luxury goods‛ 4. Bain & Company, Fondazione Altagamma, May, 2016. ‚Worldwide Luxury Market Monitor 2016 Spring Update‛ 5. Value Retail News, August, 2015. ‚2015 State of the Outlet Industry‛



1. Deutsche Bank, 16 December 2015. ‚Consumer Discretionary & Luxury. Luxury Goods Outlook‛ 2. Bain & Company, Fondazione Altagamma, October, 2015. ‚Luxury Goods Worldwide Market Study‛; McKinsey & Company, Altagamma Digital Luxury

Experience Observatory, July, 2015. ‚Digital inside: get wired to deliver the ultimate luxury experience‛ 3. Reference period January - June 2016; for the analysis, stores within a range of 10 km from the customer’s ZIP code have been considered

T H I S D O C U ME N T I S P R O P R I E T A R Y A N D C O N F I D E N T I A L . N O P A R T O F T H I S D O C U ME N T MA Y B E D I S C L O S E D I N

A N Y MA N N E R T O A T H I R D P A R T Y W IT H O U T T H E P R I O R W R I TT E N C O N S E N T O F Y O O X N E T - A - P O R T E R G R O U P

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