Richemont, the Swiss luxury goods group, and Alibaba Group has announce a global strategic partnership to bring Yoox Net-A-Porter (YNAP) to Chinese consumers.
Under the partnership, YNAP and Alibaba will establish a joint venture to launch two mobile apps for Net-A-Porter and Mr Porter multi-brand, in-season online stores for consumers in China. Alibaba will provide technology infrastructure, marketing, payments, logistics and other technology support to the JV. The partnership will also leverage YNAP’ relationship with luxury brands, the company currently distributes 950 luxury brands in China.
In addition, the venture will launch Net-A-Porter and Mr Porter online stores on Alibaba’s Tmall Luxury Pavilion, an exclusive platform dedicated to the world’s leading luxury brands.
YNAP and Alibaba will also explore future offerings that enable customers to enjoy unique and seamless online and offline shopping experiences through digitising and fully integrating the retail value chain from merchandising and marketing to payments and last-mile delivery.
Johann Rupert, chairman of Richemont, said: “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 marchetti us to become a significant and sustainable online player in this market.
“Alibaba has become the preferred online destination in China, with world-class teams in technology, logistics and marketing. 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. To this end, we will work with Alibaba to ensure Net-A-Porter and Mr Porter continuing expansion as neutral, open and sophisticated platforms.”
Daniel Zhang, CEO of Alibaba Group, added: “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.”