Swiss luxury goods group Richemont has entered a global strategic partnership with Alibaba Group to tap China’s online luxury market.
As part of the collaboration, online luxury fashion retailer Yoox Net-A-Porter Group (YNAP) and Alibaba will form a joint venture (JV) to introduce two mobile apps for YNAP’s Net-A-Porter and Mr Porter brands in the country.
Alibaba will also offer technology infrastructure, marketing, payments, logistics and other technology support to the JV.
Richemont chairman Johann Rupert said: “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.
“Alibaba has become the preferred online destination in China, with world-class teams in technology, logistics and marketing. Through this joint venture, we look forward to opening the important Chinese market to Net-A-Porter, Mr Porter and the luxury brands they offer their clientele.
“To this end, we will work with Alibaba to ensure Net-A-Porter and Mr Porter’s continuing expansion as neutral, open and sophisticated platforms.”
In addition, the JV will introduce Net-A-Porter and Mr Porter online stores on Alibaba’s Tmall Luxury Pavilion.
YNAP and Alibaba will also work collaboratively to allow the JV to offer enhanced online and offline shopping experiences by digitising and fully integrating the retail value chain across merchandising, marketing, payments and last-mile delivery domains.
Alibaba Group CEO Daniel Zhang said: “By integrating online and offline commerce through our New Retail technologies, we will be able to deliver a seamless experience to consumers as well as better enable these leading brands to engage their customers in new and innovative ways.”