Chinese e-commerce giant Alibaba Group Holding Limited has teamed up with Swiss luxury group Compagnie Financiere Richemont SA to form a joint venture, said the duo in a joint statement released on Friday.
The partnership taps into China’s vast retail market by providing enhanced access to overseas luxury brands, bringing the retail offerings of YOOX NET-A-PORTER GROUP S.p.A. (YNAP), an online luxury retail subsidiary of Richemont, to Chinese consumers.
Two mobile apps for YNAP’s Net-a-Porter and Mr Porter multi-brand, in-season online stores will be launched by Alibaba. Meanwhile, the two online stores are to open on Alibaba’s Tmall Luxury Pavilion, an online marketplace designed to extend the experience of offline luxury to e-commerce.
Source: China Money Network