1. News
October 29, 2018

Richemont and Alibaba partner for China’s online luxury market

Swiss luxury goods group Richemont has entered a global strategic partnership with Alibaba Group to tap China’s online luxury market.

Swiss luxury goods group Richemont has entered a global strategic partnership with Alibaba Group to tap China’s online luxury market.

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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.

“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.”

Free Whitepaper
img

What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • Which multinational companies have been affected?
  • What is the effect of lockdowns on foodservice?
  • What is the effect of lockdowns on Chinese ports?
  • Spotlight on Shanghai: what is the situation there?
  • How have Chinese consumers reacted?
  • How might the Chinese government react?
  • What are the potential growth opportunities?
by GlobalData
Enter your details here to receive your free Whitepaper.