Net-a-porter has appointed Devina Foley president, Americas. In her new role she will lead the company’s U.S. business, overseeing its strategy and operations and further strengthening Net-a-porter’s position in one of its most important markets.
Foley, who succeeds Jeffrey Trosch, reports to Heather Kaminetsky, chief executive officer of Net-a-porter. Foley is based in New York. Kaminetsky divides her time between the company’s London headquarters and New York.
Foley brings more than 20 years of experience across retail, merchandising and e-commerce to the role. She has led teams through periods of transformation at both start-ups and billion-dollar companies. Among her roles have been chief merchandising and product officer of Camp, chief product officer of Rockets of Awesome, chief merchandising officer of Bandier, vice president of merchandising, women’s apparel at Gilt.com and director/merchandise manager at Old Navy.
“Devina brings an impressive breadth of experience and a proven track record of driving growth and leading businesses through transformation,” said Kaminetsky. “Her leadership and expertise will be invaluable as we continue to strengthen and grow Net-a-porter’s business in the U.S.”
Foley said, “I am thrilled to join Net-a-porter, a brand that has long been at the forefront of luxury fashion and innovation. I look forward to working with Heather and the team to build on the brand’s strong foundation and shape its next chapter in the U.S.”
Discussing the specific growth opportunities for Net-a-porter in the U.S., Kaminetsky told WWD, “As our leading market, the U.S. represents 50 percent of our business and remains a primary engine for growth. With Devina’s track record in identifying and unlocking new revenue streams, we are well-positioned to capitalize on the significant scale and potential we see across our U.S. operations.”
Kaminetsky added that U.S. customers continue to demonstrate resilience and a strong appetite for luxury. “Our focus is on delivering a seamless, high-touch experience that caters to her time-poor lifestyle while inspiring her with a mix of established brands and emerging talent. We see balanced potential across ready-to-wear, leather goods, and jewelry, as our customers are increasingly interested in styling these categories together for a curated, complete look.”
Foley, when asked why she wanted to join Net-a-porter and what she sees as the biggest challenges and opportunities for the retailer, said, “There is so much potential to build on what the brand has established while continuing to strengthen our position in the market. I see significant opportunities to grow our presence across the U.S., particularly on the West Coast, while further developing our business in Canada.”
Asked how much of Net-a-porter’s strategy is acquiring new customers versus getting their existing high-value customers to spend more, Foley said, “They’re equally important parts of Heather’s strategy, and this is key in the U.S. We will continue to focus on our most loyal clients, including our EIPs [Extremely Important People]. Our personal shopping team develops genuine relationships with our clients to understand how they shop, what they love and what they are looking for. This level of service and trust is what builds loyalty.
“At the same time, there is a new generation of clients coming into our orbit,” said Foley. “They may be searching for a dress for the first wedding they have been invited to, or a first job interview. These are big moments, and getting them into a look that creates confidence is our goal. By delivering the strongest edit, we allow them to find that perfect outfit, work through their anxiety and emerge confidently. Again: service plus trust equals loyalty.”
As reported last month, Michael Kliger, chief executive officer of LuxExperiences, parent company of Net-a-porter, said about Net-a-porter and Mr Porter’s fourth-quarter performance, “The last quarter really was a turnaround. Combined, they grew 5.6 percent, and had a profitable EBITDA margin of 2.7 percent. This is the first quarter since we acquired the business where we had growth and profitability. We now really see ourselves on that trajectory.…It still averaged out for the year at 0.5 percent sales growth, and minus 0.6 percent EBITDA margin. But it’s really a continued improvement from H1 to H2. The last quarter was the best. There’s momentum. Net-a-porter and Mr Porter are back, growing, and profitable.”
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