The share price has been taken from a multiple of 26 times on expected earnings for 2010, reflecting Yoox’ rapid growth and putting the etailer ahead of Asos which trades at 20 times earnings in London.

The company – which as well as hosting it’s own site also provides an ecommerce platform for brands including Dolce & Gabbana, Roberto Cavalli, Jil Sander, Emporio Armani, Valentino and Diesel – expects to raise as much as €126 million when shares start trading tomorrow.

The flotation and top-of the range share pricing will no doubt be a welcome relief to European online fashion retailers following the recession.