Richemont said Friday it has joined with Alibaba Group in a strategic partnership to bring the retail offerings of Yoox Net-a-porter Group to Chinese consumers.
YNAP and Alibaba will establish a venture to launch two mobile apps for Net and Mr Porter, with Alibaba providing technology infrastructure, marketing, payments, logistics and other technology support to the JV.
In addition, Net and Mr Porter will open online stores on Alibaba’s Tmall Luxury Pavilion. The JV will focus on serving consumers in China and extend to Chinese consumers traveling abroad.
“Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry said Johann Rupert, chairman of Richemont.
The financial terms of the deal were not disclosed, Richemont and Alibaba said during a conference call early Friday. Michael Evans, board director and president of Alibaba, said the investment costs in creating the apps and stores were "relatively small" compared with the opportunities that YNAP will have in China once the fashion e-commerce player is fully integrated into the Chinese platform.
What about Cartier’s knock off on Alibaba website ?