Chinese giant Alibaba is courting Italian luxury houses

Chinese conglomerate Alibaba Group Holding's Lazada is eyeing Italian luxury houses such as Giorgio Armani and D&G, in a bid grow e-commerce sales to 100 billion dollars by 2030. Having premium European fashion and design brands in its portfolio would stave off other Asian competitors, reported Bloomberg.

The company's executives recently convened in Milan with representatives from multiple Italian luxury houses, which also included Ferragamo, and Tod's, Bloomberg said, to discuss potential partnerships through the newly launched LazMall Luxury platform.

Lazada's chief business officer, Jason Chen, emphasised the company's readiness to escalate its operations, focusing on profitability, commercialisation, and long-term gains. "Lazada is ready to ramp up as entering this new phase of e-commerce development, where profitability, commercialisation and long-term gains are priorities for the business," Chen told Bloomberg.

He highlighted the strategic importance of expanding the luxury segment, viewing it as a catalyst for reinforcing the brand's positioning. Drawing inspiration from Alibaba's Tmall Luxury Pavilion, Lazada aims to replicate this successful model in Southeast Asia, capitalising on the region's rapidly growing luxury market amidst China's economic challenges.