Richemont, the luxury goods powerhouse behind Yoox Net-a-Porter, on Friday unveiled a tie-up with Chinese internet giant Alibaba to crack the Asian online shopping market.
Switzerland’s Richemont, which also owns Cartier, said it will launch menswear etailer Mr Porter and multi-brands specialist Net-a-Porter apps and online stores in China. Alibaba will provide logistics and tech support.
Richemont chairman Johann Rupert said his firm’s digital business in China is “in its infancy”, and the move will help “us to become a significant and sustainable online player in this market”.
Richemont had a stake in Yoox Net-a-Porter but completed a full acquisition of the business — which sells goods from design houses such as Burberry and Prada — earlier this year.
Daniel Zhang, chief executive of Alibaba Group, 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.”
