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Swiss luxury goods Group, Richemont, has announced Yoox Net-A-Porter (YNAP) has signed a global strategic partnership with Chinese conglomerate, Alibaba Group.
Under the partnership, YNAP and Alibaba are to establish a joint venture to launch two mobile apps for YNAP’s Net-A-Porter and MR Porter multi-brand, in-season online stores for consumers in China. Alibaba is to provide technology infrastructure, marketing, payments, logistics and other technology. According to Richemont, the partnership will also leverage YNAP’s strong relationship with leading luxury brands, some 950 of them being currently distributed through YNAP in China.
“Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry. 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”, said Johann Rupert, Chairman, Richemont. “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.”