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.

In recent weeks online stores have been opened by Valentino, Armani, Roberto Cavalli and Ferragamo. All four have opted for a strategic partnership with an existing e-commerce provider. Valentino and Cavalli have opted for a relationship with Yoox, whilst Armani and Ferragamo have gone with Neiman Marcus. Whilst the operational benefits of partnering existing operators undoubtedly make the transition to selling online more manageable, a clear downside is a lack of differentiation between the various offerings.

Gucci set the benchmark for a luxury brand’s e-commerce site a couple of years ago, with a beautifully designed, Flash-free website. Since then we’ve seen a dearth of innovation in the field and sadly these recently examples do little more to impress.