In case more proof was needed for the spending power of generation Z, discount fashion site Yoox has just launched a new platform dedicated entirely to those born after 1997.
Called Hi_Guyz!, the site went live on Tuesday and aims to go head-to-head with the likes of Ebay and Depop, to capture part of that all-important Gen Z market.
As part of the wider Yoox Net-A-Porter Group, the new platform will build on Yoox's existing retail model of offering discounted designer fashion, but Hi_Guyz! will be more tightly curated to appeal to a younger audience.
The site is fully accessible in the UAE, with prices marked in dirhams. It also ships to Saudi Arabia, Oman, Qatar, Israel, Lebanon and Egypt.
Like Yoox, it will offer overstocked and unsold designer pieces from past collections for discounted prices. What Yoox hopes will set Hi_GuyZ! apart, however, is how the stock is curated.
Instead of scrolling through thousands of options, the site instead draws on vast amounts of data gathered across the Yoox site to streamline the offering to the lines it feels will most appeal to Gen Z. There will be a stronger focus on gender-neutral lines, as well as emerging names and designers that support sustainable practices, all to better fit with Gen Z's demands.
However, Hi_GuyZ! steps into a crowded market. Resale sites such as Depop and Vinted are both well established, as are Asos and Unidays for those looking for fast fashion inspiration. Ebay has carved out a sizeable market share for itself, and search app Lyst is also extremely popular.
Speaking with The Business of Fashion, Paolo Mascio, president of the Yoox Net-a-Porter Group's fashion division explained the thinking behind the new launch.
“The idea was to create something that was welcoming, warmer and closer to their tone of voice and perspective. Our vision is to make sure they feel at home and inspired,” explained Mascio.
“We already have customers between 15 to 25 years of age and we already carry a lot of brands that appeal to this audience, but we want to represent a virtual place where young people can really meet and establish use.”
It's not hard to see why companies are vying to snag Gen Z customers. According to its latest consumer report, emerging markets company L Catterton classifies Gen Z as making up 17 per cent of the population in China, but is responsible for 25 per cent of total expenditure on new brands, while US management consultancy firm Mckinsey & Company puts Gen Z spending power in the US alone at $150 billion.
