Swiss luxury goods and retail group Richemont has unveiled a new global partnership with Alibaba to bring Yoox Net-A-Porter (YNAP) to China.
YNAP, which is owned by Richemont, and Alibaba have established a joint venture that will see them launch two mobile apps for the Net-A-Porter and Mr Porter retail brands for consumers in China.
Under the new joint venture, YNAP will benefit from the Alibaba’s technology infrastructure, marketing, payments and logistics.
For Alibaba, tapping into YNAP’s strong relationship with luxury brands is key, with 950 already distributed through the luxury fashion platform’s own operations in China.
The joint venture will also see Net-A-Porter and Mr Porter stores launch on Alibaba’s Tmall Luxury Pavilion.
“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,” Richmont chairman Johann Rupert said.
“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.”
Alibaba chief executive Daniel Zhang said: “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.
“As Chinese consumers continue to upgrade their lifestyles, we want to meet the desires of Alibaba’s more than 600 million users.”