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In China, the We Chat app has more than 700 million users -- many of whom have their bank accounts linked to the service Online luxury retailer Yoox Net-a-Porter said it is developing technology to allow customers to buy products directly through Whats App as the e-commerce market for Prada and Versace goods becomes more competitive.
Yoox Net-a-Porter’s personal shoppers already communicate with clients via the text-messaging service, and the Milan-based company plans to expand its use of the mobile app, chief executive Federico Marchetti said.
Research firm Forrester has forecast the online luxury market will more than double to bn by 2021, but YNAP, Farfetch and others are aiming for a growing slice of that business.
Farfetch’s sales are growing about 60 per cent a year, according to analysts at Exane BNP Paribas.
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Whats App changed its privacy rules in August to allow companies to communicate directly with its 1 billion users as Facebook looks to start recouping some of the bn it paid to buy the service.YNAP, which sells ,000 (£9,800) Oscar de la Renta gowns and ,000 Dolce & Gabbana handbags via sites such as Net-a-Porter and the Outnet, is trying to get in closer contact with big spenders.About 40 per cent of its higher-margin in-season revenue comes from just 2 per cent of its clients, which it has dubbed EIPs, or “Extremely Important People.” “We’ve made some of our biggest sales to EIPs by chatting to them through Whats App,” Mr Marchetti said.His lavish lifestyle — with homes in Manhattan, Brooklyn, the Hamptons, Arlington, Virginia and elsewhere — were detailed in an indictment filed with the US District Court for the District of Columbia.Prosecutors said they found payments by Mr Manafort for four Range Rovers and a Mercedes-Benz among transactions they alleged came illegally from overseas to avoid paying US income taxes."In total, more than $US75,000,000 flowed through offshore accounts," the 31-page unsealed indictment read.