Richemont: to form Chinese luxury joint venture with Alibaba
(CercleFinance.com) - Swiss luxury group Richemont and Chinese Internet giant Alibaba agreed on Friday to form a joint venture that will launch two luxury retail platforms for Chinese consumers.
Under the terms of the deal, Richemont's unit Yoox Net-a-Porter will launch with Alibaba two mobile apps for Net-a-Porter and Mr Porter online stores in China.
Alibaba will provide technology infrastructure, marketing, payments, logistics and other technology support, the companies said.
Alibaba has currently over 600 million users, and Chinese consumers are expected to account for nearly half of the global luxury market by 2025, they added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Under the terms of the deal, Richemont's unit Yoox Net-a-Porter will launch with Alibaba two mobile apps for Net-a-Porter and Mr Porter online stores in China.
Alibaba will provide technology infrastructure, marketing, payments, logistics and other technology support, the companies said.
Alibaba has currently over 600 million users, and Chinese consumers are expected to account for nearly half of the global luxury market by 2025, they added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.