Richemont and Alibaba to launch luxury retail platform in China
29/10/2018
They have said this partnership will provide luxury brands with better access to the Chinese market.
It will be focused around luxury retailer Yoox Net-A-Porter (YNAP), which Richemont acquired earlier this year. Two mobile applications will be launched in China for YNAP’s Net-A-Porter and Mr Porter brands. These brands will also launch on Alibaba’s Tmall online shopping platform.
In addition, the joint venture will benefit from YNAP’s strong relationships with leading luxury brands, with around 950 of them already distributed by the company in China.
Johann Rupert, chairman of Richemont, said: “Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry. Our digital offering in China is in its infancy and we believe that partnering with Alibaba will enable us to become a significant and sustainable online player in this market.”
For his part, Daniel Zhang, CEO of Alibaba, said the partnership would give Chinese consumers “unprecedented access to the world’s largest luxury brands”.
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