Yoox has appointed Enrico Cavatorta as its new Chief Financial and Corporate Officer, with effect from today.
Cavatorta joins the Yoox management team after leaving his successful 15 year involvement in the eyewear retailing giant Luxottica.
The newly appointed CFO will report to the Italian company’s Founder and CEO of Yoox, Federico Marchetti. Cavatorta will oversee the company’s operations including Administration, Finance and Control, Corporate Development and Investor Relations. From 1 May he will take on the role of Director responsible for preparing financial statements.
“I am delighted that Enrico has decided to join the YOOX team. Thanks to his deep experience with dynamic global companies and his proven expertise in managing the integration of international acquisitions, I am sure that Enrico will play a key role in the exciting new chapter ahead of us,” comments Marchetti.
Yoox’s new CFO brings with him an extensive background in board roles at Luxottica, which controls 80% of the world’s major eyewear brands, including Ray-Ban, Persol and Oakley. Cavatorta’s positions in Luxottica included Chief Finance Officer, Co-Chief Executive Officer, General Manager and Corporate Functions. During his 15 year tenure at Luxottica, Cavatorta contributed to its significant growth and transformation from a €2bn revenue company into a leading global Group. Luxottica €7.6bn revenue turnover in 2014 included the managing work of Cavatorta in several international acquisitions, including SunglassHut, OPSM and Oakley, contributing to their successful integration.
The announcement pursues the company’s pre-merger with the high-end fashion site Net-a-Porter to make a combined business, Yoox Net-a-Porter Group. The new formed company will look to endeavour in the competitive but widening online market for luxury goods. The Swiss group Richemont, which owns Net-a-Porter, will own half of the combined business including 50% of the shares. However, within the deal, Richemont will be restricted to only 25% of the voting rights in the new Yoox Net-A-Porter Group.
By Natalie Whitmore