Richemont, Alibaba Form JV Aimed at Chinese Customer

LONDON – Richemont said Friday it is has joined with Alibaba Group in a strategic partnership to bring the retail offerings of Yoox Net-a-porter Group to Chinese consumers.
YNAP and Alibaba will establish a joint venture to launch two mobile apps for Net and Mr Porter, with Alibaba providing technology infrastructure, marketing, payments, logistics and other technology support to the JV. In addition, Net and Mr Porter will open online stores on Alibaba’s Tmall Luxury Pavilion, while YNAP and Alibaba said they will also explore future offerings that enable the JV’s customers to enjoy “unique and seamless online and offline shopping experiences” through digitizing and fully integrating the retail value chain from merchandising and marketing to payments and last-mile delivery.
The JV will focus on serving consumers in China and will extend to Chinese consumers travelling abroad.
“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.
“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 has become the preferred online destination in China, with world-class

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