May 20, 2020
Alibaba enters global strategic partnership with Swiss luxury goods firm Richemont
Chinese conglomerate Alibaba Group has announced a strategic partnership with Richemont, a Swiss group specialising in luxury goods, that will bring the Richemont-owned YOOX NET-A-PORTER (YNAP) Group’s retail offerings to China
The joint venture, between Alibaba and YNAP, will see the launch of two mobile apps for the NET-A-PORTER and MR PORTER seasonal online stores in China.
Alibaba will provide the JV with the vital tech infrastructure to succeed in China’s competitive ecommerce market, as well as handling marketing, logistics, and payments.
YNAP, meanwhile, will utilise its strong existing relationships with top brands, numbering 950 currently available in China through 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,” said Johann Rupert, chairman of Richemont, in the joint statement.
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“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.”
He added that the JV will help to ensure that both NET-A-PORTER and MR PORTER grow as “neutral, open, and sophisticated platforms.”
Daniel Zhang, CEO of Alibaba, said:
“This multi-faceted partnership will bring Chinese consumers unprecedented access to the world’s leading luxury brands.
“Chinese consumers are expected to account for nearly half of the global luxury market by 2025, and through this partnership, Alibaba and YNAP will be even better positioned to capture this compelling market opportunity.”