Industry News by Nemesis

Richemont and Alibaba Bring Luxury to China

October 29, 2018

 

Richemont has partnered with Alibaba Group to improve Chinese consumers’ access to the Swiss retailer’s luxury platforms. 

Alibaba will provide the technology and infrastructure to help Richemont sell to the Chinese market through its e-commerce sites, Net-a-Porter and Mr Porter, the companies said Friday. Richemont will launch two mobile apps for those platforms, as well as making the online stores available on Alibaba’s Tmall Luxury Pavilion, a platform for high-end brands. 

“Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry,” said Johann Rupert, chairman of Richemont, which owns Cartier and Van Cleef & Arpels. “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-owned Yoox Net-à-Porter (YNAP) — which incorporates both Net-à-Porter and Mr Porter — already sells products from about 950 luxury brands to the Chinese market, the groups explained. 

“As Chinese consumers continue to upgrade their lifestyles, we want to meet the desires of Alibaba’s more than 600 million users,” said Alibaba CEO Daniel Zhang. “We believe this…is just the beginning of a long-term partnership, and together we are committed to exploring many more opportunities to collaborate in the future.” 

Image: Alibaba Group headquarters, Hangzhou, China. (The Craft)

 

Source: Rapaport

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