- Prachi Singh |
Richemont and Alibaba Group have announced a global strategic partnership to bring the retail offerings of Yoox Net-A-Porter Group (YNAP), to Chinese consumers. Under the partnership, the companies will establish a joint venture to launch two mobile apps for YNAP’s Net-A-Porter and Mr Porter multi-brand in China, and their online stores on Alibaba’s Tmall Luxury Pavilion.
Commenting on the partnership, Johann Rupert, Chairman of Richemont, said in a statement: “Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry. 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.”
Alibaba will provide technology infrastructure, marketing, payments, logistics and other technology support to the JV and the partnership will also explore future offerings that enable the JV’s customers to enjoy unique and seamless online and offline shopping experiences. The JV will focus on serving consumers in China and will extend to Chinese consumers travelling abroad.
“Yoox Net-A-Porter has always built long-term relationships with its brand partners, protecting and nurturing the finest luxury names online. Together with Alibaba, we will offer our brand partners the same quality and reliability for the Chinese online market,” added Federico Marchetti, CEO of YNAP Group.
Further commenting on the tie-up, Daniel Zhang, CEO of Alibaba Group, said: “This multi-faceted partnership will bring Chinese consumers unprecedented access to the world’s leading luxury brands. Through this partnership, Alibaba and YNAP will be even better positioned to capture this compelling market opportunity.”