PRESS RELEASE. The Board of Directors of YOOX S.p.A.:

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1 PRESS RELEASE The Board of Directors of YOOX S.p.A.: Approves the consolidated interim financial statements at September 30, 2011 Consolidated financial highlights for the first nine months of 2011: Net revenues: Euro million (+35.6% compared with Euro million at September 30, 2010) EBITDA 1 : Euro 11.8 million (+20.2% compared with Euro 9.8 million at September 30, 2010). EBITDA Excluding Incentive Plan Costs 2 : Euro 15.0 million (+19.9% compared with Euro 12.5 million at September 30, 2010) Net Income: Euro 3.6 million (-9.9% compared with Euro 4.0 million at September 30, 2010) Net financial position 3 : positive at Euro 0.6 million (compared with Euro 22.8 million at December 31, 2010) Average number of monthly unique visitors 4 : 9.4 million (compared with 8.1 million at September 30, 2010) Number of orders: 1,481 thousand (compared with 1,115 thousand at September 30, 2010) AOV (Average Order Value) 5 : Euro 174 (in line with Euro 174 at September 30, 2010) Zola Predosa (BO), November 9, The Board of Directors of YOOX S.p.A. (MTA, STAR: YOOX) today examined and approved the consolidated interim financial statements at September 30, Note: For clarity of information, the percentage changes reported in this press release have been calculated using exact figures. Any differences found in some of the tables are due to the rounding of values expressed in millions of Euros. 1 EBITDA is earnings before depreciation and amortisation, non-recurring expenses, financial income and expenses and income taxes. Since EBITDA is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard. Group management uses EBITDA to monitor and measure the Group s performance. The management believes that EBITDA is an important indicator of operating performance in that it is not affected by the various criteria used to calculate taxes, the amount and characteristics of invested capital and the related amortisation and depreciation methods. The criterion used by the Group to calculate EBITDA might not be consistent with that adopted by other groups. Accordingly, the resulting figures may not be comparable between groups. 2 EBITDA Excluding Incentive Plan Costs is defined as EBITDA before the costs associated with Stock Option Plans and Company Incentive Plans, as described in the Group's Consolidated Interim Financial Statements. 3 Net debt (or net financial position) is the sum of cash and cash equivalents, other current financial assets, net of bank loans and borrowings and other financial payables falling due within one year, other current financial liabilities and non-current financial liabilities. Net debt (or net financial position) is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. 4 Monthly unique visitor is defined as a visitor who opened at least one browser session to visit the online store over the month. The figure reported is calculated as the average of monthly unique visitors in the reporting period. 5 Average Order Value or AOV indicates the average value of all orders placed, excluding VAT. 1

2 Notes to the income statement In the first nine months of 2011, YOOX posted consolidated net revenues, net of returns and customer discounts, of Euro million, up 35.6% from Euro million at September 30, 2010 (+37.3% at constant exchange rates). Consolidated net revenues by business line In millions of Euros September 30, 2011 September 30, 2010 Change Multi-brand % % % Mono-brand % % % Total YOOX Group % % % The Multi-brand business line, which includes yoox.com and thecorner.com, posted consolidated net revenues of Euro million, an increase of 31.4% compared with Euro million at September 30, This increase is attributable both to the outstanding performance of thecorner.com, which continues to post higher results than expected, and to the strong growth of yoox.com. Overall, at September 30, 2011, the Multi-brand business line accounted for 74.6% of the Group s consolidated net revenues. The Mono-brand business line includes the set-up and management of the Online Stores of some of the leading global fashion brands. Products available in the Online Stores are sold and invoiced directly to end customers by YOOX Group. This business line posted consolidated net revenues of Euro 52.0 million, up 49.7% from Euro 34.7 million at September 30, The growth in the Mono-brand business line is partly due to the strong performance of the 23 Online Stores that were already active at December 31, 2010, and partly due to the 5 new Online Stores launched in the first nine months of 2011: y-3store.com, brunellocucinelli.com, bikkembergs.com, dolcegabbanstore.com and moncler.com. The Marni, Bally, D&G and Dolce & Gabbana Online Stores in China and the Diesel Online Store in Japan were also added. Overall, at September 30, 2011, the Mono-brand business line accounted for 25.4% of the Group's consolidated net revenues with 28 Online Stores. Consolidated net revenues by geographical area In millions of Euros September 30, 2011 September 30, 2010 Change Italy % % % Europe (excluding Italy) % % % North America % % % Japan % % % Other countries % % % Not country related % % % Total YOOX Group % % % All the key markets in which the Group operates reported growth compared with the first nine months of 2010, confirming balanced revenue growth, increasingly weighted towards international expansion. The North American market recorded significant growth of 37.5% compared with the first nine months of 2010, despite the effects of the unfavourable exchange rate. In the third quarter of 2011, for the first time in YOOX s history, North America became the Group s no. 1 market, contributing 20.4% to consolidated net revenues. At constant exchange rates, North America would also have been the Group s no. 1 market in the first nine months of the year, growing by 47.1% and contributing 20.8% to total net revenues. 2

3 Italy grew by 18.8% compared with the same period in the previous year, with revenues of Euro 41.8 million, while the rest of Europe recorded growth of 38.2%. The main countries that contributed to the Group s revenues in Europe in the first nine months of 2011 were France, Germany and the UK, which all reported improved figures compared with the same period in 2010, and Russia, which is benefiting from the localisation strategy implemented during the third quarter of Japan posted an outstanding performance, up 43.5% on the first nine months of 2010 (+38.1% at constant exchange rates), while Other Countries continued to record sustained growth (+178.1% compared with the same period in 2010). Finally, there was also an increase in the Not country related item (+74.2% compared with the first nine months of 2010), which includes fees from the set-up and maintenance of the Online Stores, media partnership projects for the Multi-brand business line, the web marketing and web design services for the Mono-brand business line and other services offered by Yagency. EBITDA Pre Corporate Costs In the first nine months of 2011, EBITDA Pre Corporate Costs 6 (or Operating Profit by business line) came in at Euro 29.5 million, up 23.5% from Euro 23.9 million as of September 30, 2010, with a margin on net revenues of 14.4% compared with 15.8% at September 30, Multi-brand Mono-brand Group Total In millions of Euros Sept 30, 2011 Sept 30, 2010 Sept 30, 2011 Sept 30, 2010 Sept 30, 2011 Sept 30, 2010 EBITDA Pre Corporate Costs % of business line net revenues 13.4% 15.8% 17.3% 16.0% 14.4% 15.8% % change 12.1% 61.3% 23.5% EBITDA Pre Corporate Costs in the Multi-brand business line recorded growth of 12.1%, with a margin on net revenues of 13.4%, mainly affected by lower gross profit, which was impacted by unfavourable movements in the Euro/US dollar exchange rate in the first nine months of This result was also due, in the third quarter, to the greater contribution to yoox.com total sales, compared with 2010, by the 2011 Spring/Summer collection, triggered by the exceptional heat wave in September, a month when the Spring/Summer collection is marked by strong promotional activities. EBITDA Pre Corporate Costs in the Mono-brand business line grew by 61.3%, with a margin of 17.3%. The increase as a percentage of net revenues was primarily attributable to the greater contribution from the set-up and maintenance fees of the Online Stores. EBITDA EBITDA rose to Euro 11.8 million at September 30, 2011 from Euro 9.8 million at September 30, EBITDA as a percentage of net revenues went from 6.5% in the first nine months of 2010 to 5.8% at September 30, The Group s profitability was affected by non-cash incentive plan costs, which amounted to Euro 3.1 million, compared with Euro 2.6 million in the first nine months of Stripping out these costs, EBITDA Excluding Incentive Plan Costs 7 amounted to Euro 15.0 million, corresponding to a margin on net revenues of 7.3%, compared with 8.3% at September 30, Note that in the first nine months of 2011 the Group s profitability was impacted, compared with 2010, by the costs relating to the start-up of activities in China, which commenced in the fourth quarter of EBITDA Pre Corporate Costs is defined as earnings before general expenses, other income and expenses, depreciation and amortisation, non-recurring expenses, financial income and expenses and income taxes. Since EBITDA Pre Corporate Costs is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that used by other groups. Accordingly, the resulting figures may not be comparable. EBITDA Pre Corporate Costs corresponds to the operating profit by business line reported in the Group's Consolidated Interim Financial Statements. 7 See note 2. 3

4 Net income Consolidated net income was Euro 3.6 million compared with Euro 4.0 million at September 30, This result was affected by higher depreciation and amortisation connected with the Group s investments in its new highlyautomated global operations and distribution platform, multi-channel technology platform improvements, as well as the opening of a new office in Milan, the expansion of the premises in Bologna and the start-up of operations in China. This result was also influenced by higher financial expenses stemming mainly from unfavourable exchange rate movements, especially the depreciation of the US dollar, and, to a lesser extent, the partial utilisation of the credit line for the logistics automation project, as well as the decreased financial income resulting from lower cash investments. Notes to the balance sheet Net working capital Net working capital 8 rose from Euro 24.8 million at December 31, 2010 to Euro 40.3 million at September 30, This rise is due largely to the increase in stock needed to support the future growth of the Multi-brand business line. Net financial position The Group s net financial position remained positive and changed from Euro 22.8 million at December 31, 2010 to Euro 0.6 million at September 30, This cash absorption, in line with the Company s forecasts, is attributable to greater investments (of Euro 16.3 million) in technology, the development of the new highly-automated global operations and distribution platform, the expansion of the Bologna office, the new office in Milan and the start-up of operations in China, together with the increase in working capital necessary to support the Group s future growth. Overview of the third quarter 2011 In the third quarter of 2011, the Group posted consolidated net revenues of Euro 73.2 million, up 35.0% from Euro 54.2 million in the third quarter of 2010 (+37.8% at constant exchange rates). EBITDA Pre Corporate Costs amounted to Euro 9.4 million, an increase of 15.6% compared with Euro 8.2 million reported in the third quarter of EBITDA came in at Euro 3.9 million, up 31.1% on the Euro 3.0 million in the third quarter of 2010, with a margin on net revenues of 5.4%, substantially in line with last year s figure. EBITDA Excluding Incentive Plan Costs amounted to Euro 4.9 million, with a margin on net revenues of 6.7%. Consolidated net income was Euro 0.7 million, up 3.4% on the Euro 0.7 million in the third quarter of This result was affected by higher depreciation and amortisation mainly connected with the Group s investments in its new highly-automated global operations and distribution platform, as well as the multi-channel technology platform improvements, the opening of a new office in Milan, the expansion of the premises in Bologna and the start-up of operations in China. 8 Net working capital is current assets, net of current liabilities, with the exception of cash and cash equivalents, bank loans and borrowings and other financial payables falling due within one year and financial assets and liabilities included under other current assets and liabilities. Net working capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. 4

5 Key performance indicators September 30, 2011 September 30, 2010 Number of monthly unique visitors 9 (millions) Number of orders ( 000) 1,481 1,115 AOV (Euro) Number of active customers 10 ( 000) At September 30, 2011, the Group recorded a monthly average of 9.4 million unique visitors, up from the 8.1 million at September 30, During the first nine months of 2011, the number of orders saw an increase of 32.8%, up from 1,115 thousand orders in the first nine months of 2010 to 1,481 thousand orders at September 30, 2011, with an average order value (AOV) of Euro 174 (excluding VAT). The number of active customers also increased in the period to September 30, 2011, rising by 29.6% to 746 thousand from 576 thousand at September 30, Significant events during the first nine months of 2011 Mono-brand Online Stores The first quarter of 2012 will see the launch of the barbarabui.com Online Store in Europe, the US and Japan, following the signing of an agreement between Barbara Bui S.A. and YOOX S.p.A. on August 29, The trussardi.com Online Store will be launched in December 2011 following the signing of an agreement between TRS Evolution S.p.A. and YOOX S.p.A. on August 29, trussardi.com will be mainly active in Europe, the US and Japan featuring the Trussardi 1911 brand. The moncler.com Online Store was launched in Europe and the US on September 16, 2011, and the Z Zegna line was added to the zegna.com Online Store on September 26, On July 13, 2011, the Dolce & Gabbana Online Store was launched following the signing of an agreement between Dolce & Gabbana Industria S.p.A. and YOOX S.p.A. on July 12, dolcegabbanastore.com Powered by YOOX Group, which was initially active mainly in Europe, the US and Japan, was also extended to the Chinese market on August 8, On June 9, 2011, bikkembergs.com was launched in Europe with the Dirk Bikkembergs and Bikkembergs brands, and in March 2011 the y-3store.com and brunellocucinelli.com Online Stores were launched in Europe, the US and Japan. In May 2011, Marni International S.A., Marni S.r.l. and YOOX S.p.A. renewed the partnership agreement for the management of the marni.com Online Store in Europe, the US, China and Japan for another five years until August 31, 2016, and in March 2011, the partnership agreement between Valentino S.p.A. and YOOX S.p.A. to manage the valentino.com Online Store in Europe, the US and Japan was also renewed for another five years until February 28, The Marni and Bally Online Stores were extended to the Chinese market in March and May 2011, and on February 21, 2011, the diesel.com Online Store was also extended to Japan, both on desktop and mobile platform (Keitai). Lastly, on February 8, 2011 the Just Cavalli line was added to the robertocavalli.com Online Store and on January 13, 2011 the Jil Sander Navy line was added to the jilsander.com Online Store. Geographical expansion On September 26, 2011, following its entry into the Chinese market with the Mono-brand business line at the end of 2010, the YOOX Group also launched its multi-brand store thecorner.com.cn, with a selection of major luxury 9 Source: SiteCatalyst for yoox.com and Google Analytics for thecorner.com and the Online Stores. 10 An active customer is defined as a customer who placed at least one order during the 12 preceding months. 5

6 brands and cutting-edge designers dedicated to the Chinese market. In addition to providing a premium and fullylocalised service, thecorner.com.cn offers a number of services specifically designed for this market. These include an exclusive butler service, which offers the customer the option to try on the article as soon as it is delivered and, if necessary, return it immediately to the courier. In April and May 2011, the Group opened new geographical markets, bringing the number of countries served to over 100, and set up a branch in Hong Kong to manage the Asia-Pacific countries using a more localised approach. This subsidiary is fully-owned by YOOX S.p.A. and operates through a local office and a logistics centre. The logistics hub will subsequently be equipped with digital production studios to photograph and catalogue products sourced locally. The Chinese and Japanese markets will continue to be served by their respective local logistics centres. Technological innovations To coincide with the launch of thecorner.com in China in September 2011, Release 4.0 of thecorner.com was rolled out globally. In addition to a graphics revamp, Release 4.0 improved the usability of the entire site and made content more accessible. In the first nine months of 2011, the Group's technology team also focused on implementing new technical solutions for developing web applications for the Group's online stores, with the aim of consolidating the YOOX Group s multichannel strategy. In June 2011, on the occasion of the Group's eleventh birthday, Release 9.5 of yoox.com was launched to further strengthen the integration between yoox.com and social networks. This release introduced new functionalities to MYOOX - the area dedicated to registered users - enabling users to share their favourite products and styles with their Facebook friends, with the aim of enhancing the shopping experience and attracting potential new customers. In April 2011, the thecorner.com web application for iphone and Android was released; it is the Group s first application to incorporate a fast check-out function on the mobile channel. Over the following months, web apps were released for a few mono-brand Online Stores, and on May 9, 2011 the new native application for yoox.com on Android was also released. thecorner.com presentation and navigation structure has also been revised in order to be optimized for the ipad platform. Logistics: new highly-automated global operations and distribution platform In mid-august 2011, ahead of schedule, the YOOX Group completed its project to automate its global operations and distribution platform, which has been fully operational since the end of September The new automated operations and distribution platform, which has been specifically designed for the fashion e- commerce industry within the current facilities in Interporto (Bologna), will support the Group's projected growth through to 2016 by significantly increasing product handling and warehousing capacity, and will also bring with it an increase in operational efficiency. The unique nature of this project, which sees YOOX once again at the forefront of its sector, lies in the combination of state-of-the-art automation systems and RFid (Radio Frequency identification) technology. The initiative has been developed with environmental sustainability in mind, in line with the Group's policies. All of the containers used in the system are made from recycled material and are 100% recyclable, and the technology employed enables significant energy savings compared to the traditional process. Exercise of stock options In the first nine months of 2011, a total of 1,218,984 ordinary shares were issued following the exercise of a total of 23,442 options related to existing Stock Option Plans Incentive Plans In accordance with the Regulations for the YOOX S.p.A Incentive Plan, the Board of Directors resolved during the first nine months of 2011 to allocate free of charge a total of 53,721 ordinary shares, of which 3,481 have since lapsed. In accordance with the Regulations for the YOOX S.p.A Stock Option Plan, the Board of Directors resolved during the first nine months of 2011 to allocate a total of 10,116 options, valid for the subscription of 526,032 shares (in the ratio of 52 new shares for each option exercised). 6

7 For further information about the terms and conditions of the YOOX S.p.A Incentive Plan and the YOOX S.p.A Stock Option Plan, please refer to the press releases previously issued and the Information Documents prepared pursuant to Article 84-bis of the Issuer Regulation deposited at the registered offices of YOOX S.p.A. in Zola Predosa (BO), Via Nannetti 1, and available on the Company's website Share buyback programme On August 5, 2011, the Company announced the launch of a share buyback programme in accordance with the resolution passed by the ordinary Shareholders meeting of May 5, 2011, and by the Board of Directors. The share buyback programme is intended to establish a bank of shares necessary to service the Incentive Plan for employees of YOOX S.p.A and its subsidiaries and was approved by the Shareholders meeting held on September 8, During the first nine months of 2011, the Group purchased a total of 65,000 ordinary YOOX S.p.A. shares, representing % of the share capital at the time, at an average unit price of Euro per share including fees, for a total amount of Euro 623, Significant events after September 30, 2011 Mono-brand Online Stores On October 6, 2011, the new armani.com Online Store Powered by YOOX Group was launched following the signing of an agreement between Giorgio Armani S.p.A. and YOOX S.p.A. on June 30, The agreement lasts for five years, until August 31, armani.com - optimised for iphone, ipad and Android - is active mainly in Europe, the US and Japan, and, since October 20, also in China featuring the Giorgio Armani, Armani Collezioni, Armani Junior, EA7, Emporio Armani and Armani Jeans brands. On October 13, 2011, the bikkembergs.com Online Store was extended to the US market. Geographical expansion South Korea To seize the opportunities available in the promising South Korean market, which already shows high Internet penetration rates as well as a high propensity to online shopping, on November 3, 2011, the Group launched the localised version of yoox.com for this market, which is served by the Hong Kong logistics hub. The new online store was created entirely in Korean. The number of the Group s official languages has thus increased to 10. Russia Following the recent success of yoox.com in Russia, and based on the strong growth potential of this market, on October 21, 2011, thecorner.com was also launched in Russia, with a localisation strategy aimed at offering its customers an extremely high-quality customised service. thecorner.com has been made available entirely in Russian with a dedicated Russian-language customer care service. Exercise of stock options On October 14, 2011, a total of 81,172 ordinary shares were issued following the exercise in September 2011 of a total of 1,561 options relating to existing Stock Option Plans. As a result of the above, the new share capital issued to date by YOOX S.p.A. is equal to Euro 530, divided into 53,063,712 ordinary shares with no indication of nominal value. Share buyback programme On October 4, 2011, YOOX S.p.A. purchased 27,331 ordinary YOOX S.p.A. shares at an average unit price of Euro per share including fees, for a total amount of Euro 259, At the date of this press release, the Company holds a total of 154,331 ordinary YOOX S.p.A. shares, equivalent to % of current share capital. 7

8 Business outlook In light of the positive performance of the online retail market and the demand for luxury goods, we are confident that, in the fourth quarter of the year, the Group will again achieve net revenue growth in line with market expectations. Contribution to this growth is expected to come from both the Multi-brand business line, which will benefit from the recent openings in new markets, and the Mono-brand business line, partly thanks to the new Online Stores launched in the first nine months of the year. The Company is carefully monitoring its customers buying habits, which at the moment do not seem to be affected by the feared deterioration in the general economic environment, with customer demand remaining strong not only in the US and Asia, but also in Europe and Italy. However, the exceptional heat wave in September triggered a greater contribution to total yoox.com sales, compared with 2010, by the Spring/Summer collection, which had a negative impact on the margins of the Multi-brand business line due to strong promotional activities. Moreover, the new global operations and distribution platform, which has been fully operational since the end of September, will be able to support the Group s future growth and bring with it an increase in operational efficiency, with a resulting improvement in expected profitability in the coming years. The investment policy built around the automation of the global operations and distribution platform and the development and strengthening of the Group's multi-channel technology platform is continuing in line with expectations. *** Pursuant to Article 154-bis, paragraph 2 of the Italian Consolidated Law on Finance, Francesco Guidotti, the Director responsible for preparing the financial statements, certifies that the accounting information contained in this press release corresponds to documentary records and to accounting books and ledger entries. 8

9 CONFERENCE CALL A conference call will take place today, Wednesday November 9, 2011, at 18:00 (CET), during which the management of YOOX Group will present the results for the first nine months of If you wish to take part in the conference call, please call one of the following numbers: from Italy: from the UK: from the US (toll-free number): from the US (local number): The presentation may be downloaded before the start of the conference call from the Investor Relations section of the YOOX Group website at: A recording of the conference call will be available from Thursday November 10, 2011 until Thursday November 24, 2011 on the following numbers: from Italy: from the UK: from the US (toll-free number): from the US (local number): Access code: 863# For further information: Silvia Scagnelli Image Building Investor Relations Simona Raffaelli, Emanuela Borromeo YOOX Group Tel.: Tel.: investor.relations@yoox.com yoox@imagebuilding.it 9

10 YOOX Group YOOX Group is the global Internet retailing partner for leading fashion & design brands. It has established itself amongst the market leaders with multi-brand stores yoox.com and thecorner.com, as well as with numerous monobrand Online stores, such as zegna.com, valentino.com and diesel.com, all Powered by YOOX Group. The Group has offices and operations in Europe, the United States, Japan, China and Hong Kong and delivers to more than 100 countries worldwide. yoox.com, established in 2000, is the leading virtual store for multi-brand fashion and design in the world. Thanks to long-standing direct relationships with designers, manufacturers and official retailers worldwide, yoox.com offers a never-ending selection of products that are hard-to-find elsewhere, including: an edited range of end-of-season clothing and accessories from the world s most prestigious designers, exclusive capsule collections, eco-friendly fashion, a unique assortment of home design objects, rare vintage finds and art books. thecorner.com is the online boutique showcasing a selection of cutting-edge fashion and accessories for men and women through dedicated mini-stores. The basis of this trailblazing retail concept is the corner - a mini-store and creative platform for designers to feature their latest collections alongside multimedia content - where visitors fully experience the designers world and inspirations. Since 2006, YOOX Group designs and manages mono-brand Online Stores for fashion brands looking to offer their latest collections on the Internet. Thanks to years of experience and online shopping expertise, YOOX Group offers its brand-partners a complete solution including a customized technological platform, innovative interface design, global logistics, excellent customer care and international web marketing. 10

11 ANNEX 1 - YOOX GROUP RECLASSIFIED CONSOLIDATED INCOME STATEMENT Period as of In millions of Euros 3Q Q 2010 Change 30/09/11 30/09/10 Change Consolidated net revenues % % Cost of goods sold (48.3) (34.2) 41.3% (130.5) (93.6) 39.4% Gross Profit % % % of consolidated net revenues 34.0% 36.9% 36.2% 37.9% Fulfilment costs (8.0) (5.5) 45.8% (22.3) (15.5) 44.5% Sales and marketing costs (7.5) (6.4) 17.0% (22.1) (17.8) 24.4% EBITDA Pre Corporate Costs % % % of consolidated net revenues 12.9% 15.1% 14.4% 15.8% General & administrative expenses (4.9) (5.0) -2.3% (16.9) (13.6) 24.1% Other income and expenses (0.6) (0.2) >100% (0.8) (0.4) 88.0% EBITDA % % % of consolidated net revenues 5.4% 5.5% 5.8% 6.5% Depreciation and amortisation (2.1) (0.8) >100% (4.9) (2.3) >100% Non-recurring items Operating profit % % % of consolidated net revenues 2.5% 4.0% 3.4% 5.0% Financial income 14 (0.2) (0.2) 26.9% % Financial expenses (0.0) (0.4) -97.1% (0.8) (0.9) -16.0% Profit before tax % % % of consolidated net revenues 2.2% 3.0% 3.2% 4.8% Taxes (0.9) (1.0) -6.4% (2.9) (3.2) -9.9% Consolidated net income % % % of consolidated net revenues 1.0% 1.3% 1.8% 2.7% EBITDA Excluding Incentive Plan Costs % % % of consolidated net revenues 6.7% 8.0% 7.3% 8.3% 11 Gross profit is profit before fulfilment costs, commercial expenses, general expenses, other operating income and expenses, depreciation and amortisation, nonrecurring expenses, financial income and expenses and income taxes. Since gross profit is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that adopted by other groups. Accordingly, the resulting figures may not be comparable. 12 See note See note As a result of valuing balance sheet items in currencies other than the Euro, unrealised exchange rate gains decreased during the period compared with the previous quarter. 15 See note 2. 11

12 ANNEX 2 - YOOX GROUP RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION In millions of Euros Balance at September 30, 2011 Balance at December 31, 2010 Change Net working capital % Non-current assets % Non-current liabilities (excluding financial liabilities) (0.5) (0.4) 35.9% Net invested capital % Shareholders' equity % Net debt / (net financial position) 18 (0.6) (22.8) -97.2% Total sources of financing % ANNEX 3 - YOOX GROUP RECLASSIFIED CONSOLIDATED STATEMENT OF CASH FLOWS In millions of Euros September 30, 2011 September 30, 2010 Change Cash flow from (used in) operating activities (4.2) (9.0) -53.3% Cash flow from (used in) investing activities (16.3) (5.1) >100% Sub-Total (20.5) (14.1) 45.5% Cash flow from (used in) financing activities 8.9 (9.8) >100% Total Cash Flow for the period (11.6) (23.9) -51.2% 16 See note Net invested capital is the sum of net working capital, non-current assets and non-current liabilities, net of non-current financial liabilities. Net invested capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. 18 See note 3. 12