By Daniel Langer
The recent acquisition of Yoox Net-A-Porter (YNAP) by Mytheresa from Richemont, resulting in a staggering cumulated 4 billion euro loss for the Swiss luxury conglomerate, is just the latest tremor in the increasingly unstable world of luxury ecommerce.
This seismic shift comes on the heels of Farfetch's near collapse and subsequent rescue by South Korean ecommerce giant Coupang, a move that saw the once-vaunted platform's valuation plummet from a peak of $21 billion to a mere $250 million.
These dramatic turns of fortune are not isolated incidents, but symptoms of a broader crisis at multi-brand luxury ecommerce platforms.
Off online
The struggle for relevance in the luxury e-commerce space has never been more apparent. Multi-brand luxury e-tailers are grappling with an existential crisis as the very foundations that once made them attractive – offering a curated selection of luxury brands in one place – are now being eroded by several factors.
A critical factor is the rise of brand direct-to-consumer (DTC) dominance. Luxury brands have significantly upped their ecommerce game, with their dot-com websites now offering not just wider product portfolios, but also richer, brand-authentic experiences that multi-brand platforms are unable to replicate.
Brand websites inspire and are, at least in some cases, able to tell a differentiated and engaging brand story. Multi-brand retailers offer, mostly, an uninspiring curation of brands with little to no storytelling and, increasingly, price promotions.
This shift has led to a critical lack of differentiation for multi-brand platforms.
As luxury brands invest heavily in their online presence, these platforms are finding it increasingly difficult to offer a unique value proposition to consumers. The inspiration deficit is palpable. Social media and brand-owned digital channels have become the primary sources of inspiration for luxury consumers, diminishing the discovery role once played by multi-brand platforms.
Moreover, the operational challenges faced by these platforms are formidable. The high costs associated with maintaining sophisticated logistics and technology infrastructures are putting immense pressure on profitability.
On top, customer acquisition cost are sky-high and often underestimated by multi-brand platforms. This financial strain is evident in Richemont's experience with YNAP, where the company faced a substantial 1.3 billion euro write-down on YNAP's value, alongside a 555 million euro cash injection and a 100 million euro revolving credit facility provision.
These figures underscore the difficulties Richemont encountered in making YNAP a profitable and competitive player in the luxury ecommerce market.
Evolving e-commerce
The core challenge for multi-brand luxury ecommerce platforms lies in articulating a compelling value proposition in a landscape where luxury brands' own digital offerings have become increasingly sophisticated. Consumers can now easily access a wider range of products, exclusive items and immersive brand experiences directly from luxury houses' websites.
This shift raises a critical question: What unique value can multi-brand platforms offer to justify their existence in the luxury ecommerce ecosystem?
To me, the challenge their business model is facing is very similar to the challenge of malls and department stores. Only those who can create an extraordinary experience will be able to survive.
While it's premature to pronounce multi-brand luxury ecommerce platforms dead, their survival will require a radical rethinking of their role and offerings. The path forward is extremely challenging, but not entirely without hope.
These platforms must evolve rapidly or risk becoming obsolete in a world where luxury brands are increasingly mastering the art of direct digital engagement with their customers.
One potential avenue for differentiation lies in curation and discovery, with a focus on emerging designers and niche brands that lack the resources for robust DTC operations. By positioning themselves as incubators and showcases for the next generation of luxury talent, multi-brand platforms could carve out a unique niche in the market.
Enhanced services present another opportunity for these platforms to add value. By offering personalized styling, seamless cross-brand shopping experiences and superior customer service that individual brands might struggle to match, multi-brand e-tailers could create a compelling reason for consumers to choose their platforms over brand-specific sites.
Technology innovation will also play a crucial role in the future of these platforms. Leveraging AI and data analytics to provide unparalleled personalization and shopping experiences could set multi-brand platforms apart from their brand-specific counterparts. The ability to offer cross-brand insights and recommendations based on a holistic view of customer preferences could be a game-changer.
Strategic partnerships with luxury brands to offer exclusive collections or experiences not available on brand websites could also help multi-brand platforms maintain relevance. By positioning themselves as complementary to brand DTC efforts rather than competitors, these platforms might find a sustainable path forward.
However, the challenges remain significant.
The luxury ecommerce landscape is undergoing a seismic shift, and the future of multi-brand platforms hinges on their ability to create genuine, irreplaceable value in the luxury shopping journey. Given recent developments, this challenge seems increasingly daunting.
It's clear that the luxury ecommerce sector is going through a live-or-die moment. The success of multi-brand platforms will depend on their ability to innovate, differentiate and provide a level of service and experience that surpasses what individual brands can offer.
Whether they can rise to this challenge remains to be seen, but one thing is certain: the status quo is no longer viable.
Luxury Unfiltered is a weekly column by Daniel Langer. He is the CEO of Équité, a global luxury strategy and brand activation firm. He is recognized as a global top-five luxury key opinion leader. He serves as an executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at New York University, New York. Mr. Langer has authored best-selling books on luxury management in English and Chinese, and is a respected global keynote speaker.
Mr. Langer conducts masterclass management training on various luxury topics around the world. As a luxury expert featured on Bloomberg TV, Financial Times, The New York Times, Forbes, The Economist and others, Mr. Langer holds an MBA and a Ph.D. in luxury management, and has received education from Harvard Business School. Follow him on LinkedIn and Instagram.
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","iv":"c3e81107cd49b2b7277aeb1ad3e57929","s":"9101f8888fe06112"}