// Yoox Net-a-Porter CEO Federico Marchetti to step down in 2021 after 20 years in the business
// He will remain as chairman
// The online retail group is currently searching for a replacement
The founder of Yoox, Federico Marchetti, is due to step down from his role as chief executive at the Richemont-owned luxury ecommerce retailer.
Marchetti said he would remain as chairman of the Yoox Net-a-Porter Group (YNAP), but will step down next year as chief executive after 20 years when his contract is due to expire.
YNAP said the hunt for a successor is already underway.
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Marchetti founded Yoox in 2000 as an off-price retailer.
In 2015, it merged with British luxury ecommerce site Net-a-Porter and YNAP was formed shortly after.
YNAP was then acquired by luxury retail group Richemont for €2.8 billion (£2.4 billion) in 2018.
Last year, YNAP bolstered its senior management team with the appointment of five new executives.
Among the hires was Nicola Brandolese, who was appointed as the new managing director of Net-A-Porter.
Pete Marsden joined as the group’s chief technology officer to lead the group’s global technology team across London and Bologna.