Yoox Net-a-Porter has reported its merger is progressing “very well” as it increases its cost savings targets and reveals a jump in revenue and profits for the first nine months of 2015.
The newly merged retail group revealed pro-forma net revenues increased 32.2% to €1.2bn (£850m) in the period. Adjusted EBITDA surged 40.7% during the nine months to €82.2m (£58m).
Yoox Net-a-Porter chief executive Federico Marchetti said: “Our integration work is progressing very well and Yoox Net-a-Porter is exceptionally positioned to deliver on its significant potential.
“The synergies of the merger have exceeded our expectations and, based on the detailed work of our teams, we have raised our target from €60m (£42m) to €85m (£60m).
”I am thrilled with this result as it is testament to the strategic rationale of this game-changing merger. We are just at the beginning of making our vision a truly exciting reality.”
Cost savings are coming from areas including a global shared inventory, lower warehousing and delivery costs and a reduced hiring rate in overlapping functions.
In the first nine months of this year the group recorded 26.1 million average monthly unique visitors, up from 22.4 million in the same period the previous year.
Orders increased from 4.1 million to 5 million and the average order value jumped from €327 (£231) to €354 (£250). Active customers also increased from 2 million to 2.3 million.