Founder of YOOX Net-a-Porter Group and Italian businessman Federico Marchetti has always let creativity control his life.
As a child in Ravenna, Italy, Marchetti lived in a small apartment with three family members, excelled academically and sold Mickey Mouse comics by the beachside.
After receiving his undergraduate degree from Milan’s Bocconi University, Marchetti moved to New York City and received an MBA from Columbia University in 1999. While working in the finance and consulting industries, he built a business plan and connected with venture capitalist Elserino Piol, founding online fashion store YOOX in June 2000.
The start of something revolutionary was on the horizon.
YOOX was not only the very first lifestyle e-commerce website — it merged art, luxury and the internet to bring designer labels to doorsteps across the world. Since selling the company to Richemont in 2018 through a transaction valued at $6 billion, Marchetti has become a board member for fashion house Giorgio Armani and the chair of The Sustainable Markets Initiative’s Fashion Task Force for King Charles III. Marchetti went on to release his 2023 book “Le Avventure di un Innovatore” in Italy.
With fashion weeks taking over global capitals such as NYC, London, Milan and Paris, Marchetti released his best-seller, titled “The Geek of Chic: An American Dream Italian Style,” in the U.S on Sept. 9. On Friday afternoon, Marchetti spoke to approximately 200 Kellogg School of Management students about the book and provided insights into the tech and luxury industries.
The Daily sat down with Marchetti to discuss his newly released book, prominent career highlights that shaped his life and advice for NU students wanting to kickstart their entrepreneurial journey.
This interview has been lightly edited for brevity and clarity.
The Daily: The inspiration and story behind YOOX’s name is quite fascinating. Were there other names in the running or any memorable stories at the start?
Marchetti: When I found out YOOX.com was available for $10, I thought it was just a sign of destiny. But it was also going to be my name because it had the end of the chromosomes and the DNA of technology. Everything I did for 20 years was along these lines of finding a balance between human and machine, which is in the name. It definitely was a blessing.
One of the first orders from YOOX was coming from some nuns from a monastery in Umbria, Italy. This monastery ordered some shoes from Miu Miu. We emailed them and said “We’re gonna send you the shoes for free.” They responded with, “Thank you so much. We pray for your success.” So, everything went so well.
The Daily: Arguably, YOOX is the blueprint of fashion e-commerce. How did your Italian roots flourish in making YOOX a recognizable name in the industry?
Marchetti: YOOX is really an American dream, the Italian style because I don’t think that someone in Silicon Valley would have come up with something similar to this. What I tried to do was to combine American innovation like commerce processes and customer service with Italian creativity and culture through collaborations in order to surprise the customers. We are the ones that discovered JW Anderson, launched vintage in 2001 when nobody was talking about it. We featured art with Takashi Murakami doing a special edition for us.
I think it worked very well because the customers loved mixing art with fashion and design. It definitely helped a lot being an Italian talking to professionals. It’s obvious for proximity in terms of geography, but also for proximity to the culture.
The Daily: One quote from your book that stuck with me was: “The American dream was just one step away, I had only to achieve it.” In the position you are now, has the American dream changed for you?
Marchetti: No, I think the American dream will always be the American dream for everybody in the new generation because of what can happen in America. For example, in Italy, if you are born poor, there’s a great probability that you stay poor. You don’t become rich or successful. In America, it’s a land where you can make it if you have a great idea, imagination or if you come up with something as the first one. I think it’s still the country where you can make it.
The Daily: As the first non-family member of the Giorgio Armani Board of Directors, what did it mean for you that Mr. Armani wrote the foreword, especially after his passing?
Marchetti: I’ve known Mr. Armani 30 years before I became an entrepreneur and always admired him because he was the creative director, but he was also the businessman. He was the only one who combined, which is incredible. When he asked me to sit on his board as the only non-family member, it obviously was a great honor. I tried to help him a lot on the sustainability part with an amazing project.
I came up with the idea of producing organic regenerative cotton in Italy two years ago. In his honor, the product, which is the iconic Giorgio Armani blue t-shirt he wore every time when he closed a show, is now in the boutiques. So it’s amazing that Mr. Armani wrote the foreword.
The Daily: Why bring “The Geek of Chic” to the U.S. now, especially during New York Fashion Week?
Marchetti: I started from the “Italian Style” because I’m Italian and it’s been an unexpected best-seller in Italy. To finish my mosaic with the “American Dream” side, that’s why I came to America. At this point, the “American Dream Italian Style” is accomplished. Mission accomplished.
The Daily: What would you say to NU students early in their journey of entrepreneurship or innovation?
Marchetti: Take risks. You will find your luck by taking risks and everything is possible. If I made it with no contacts, no technology, no fashion and ended up working with the King of England, it means that everything is possible. You just need to dream it and also take all the possible gifts in order to be there.
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