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Alibaba has agreed a deal with Swiss luxury retail group Richemont to bring its fashion brand Yoox Net-A-Porter to China through the launch of a mobile app and flagship shops on the e-commerce giant’s Tmall platform.
The two parties have agreed to form a joint venture, the Hangzhou-based firm said in a statement, adding that Alibaba will assist Richemont in terms of marketing, payments and technology infrastructure. Richemont will leverage its ties to luxury brands present on YNAP.
“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,” Richemont Chairman Johann Rupert said. “I don’t think there’s any doubt in anybody’s mind that the new luxury, the new shopping experience will be in a different form, everybody is excited about China and Chinese travelers, and this is obviously the best way to go.”
Milan-based YNAP, formed through a British-Italian merger, owns almost 1,000 luxury, designer and beauty brands. The JV will also launch stores for YNAP’s Net-A-Porter and Mr Porter brands on Luxury Pavilion, a section of Alibaba’s business-to-consumer e-commerce platform Tmall.
Richemont completed an EUR2.7 billion (USD3.1 billion) takeover of YNAP in June, which led to its delisting from the Italian stock exchange.
This is not the first time that Alibaba has invested in the luxury goods industry. The tech titan holds a minority interest in UK luxury online wholesale startup Ordre.
Source: yicaiglobal.com
