Brexit will have a positive impact on the core earnings of online luxury fashion retailer Yoox Net-A-Porter, the company's chief executive told CNBC on Friday.
Yoox Net-A-Porter reported first-half net revenues of 897 million euros ($999.4 million), a 15.8 percent year-on-year rise on a constant currency basis. Meanwhile first-half adjusted earnings before interest, tax, depreciation and amortization (EBITDA), was 15.2 percent higher year-on-year at 76.5 million.
The U.K.'s vote to leave the European Union in June caused turmoil in financial markets and hit consumer confidence, but Federico Marchetti, the CEO of Yoox Net-A-Porter said it could help the company's earnings.
"Brexit for us in terms of revenues will have a negative impact because U.K. represents 15 percent of our total orders. But overall in terms of the margins, it will have a positive impact, because we have more cost than revenues, so we expect a slightly positive impact on EBITDA," Marchetti told CNBC in a TV interview.
"The point on Brexit is that up to July after the shock of the first few days, U.K. demand and consumer appetite went back to normal…and again going back to Brexit, I think Yoox Net-A-Porter is uniquely positioned because we have a strong footprint in the U.K. and strong footprint in continental Europe…having said that it is going to be more difficult for European retailers to get into the UK…as well as British it get into continental Europe, but we have a strong footprint in both markets."