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Yoox-Net-A-Porter has shut down its operations in China as it looks to focus on more profitable markets according to reports from The Financial Times.
The company’s ecommerce platforms, which are run as a joint venture with Alibaba, will be liquidated.
Owner Richemont stated that the decision was made as a result of “the context of a global Yoox Net-a-Porter plan aimed at focusing investments and resources on its core and more profitable geographies”.
The platform entered China in 2013 and in 2018, Richemont entered a partnership with Alibaba to “bring its retail offerings to Chinese consumers”.
The news comes as Richemont has been looking to offload its majority stake in the platform for years; a deal with rival platform Farfetch fell through at the end of last year.
The company stated last month that “discussions are ongoing with potential buyers” and that it “expects to be in a position to disclose more before the end of the year”.
Retail Sector has contacted YNAP for comment.
