Richemont, Alibaba To Form JV To Launch Retail Platform For Chinese Consumers

(RTTNews) - Richemont, the Swiss luxury goods group, and Alibaba Group (BABA) announced a global strategic partnership to bring the retail offerings of YOOX NET-A-PORTER GROUP S.p.A. or YNAP, online luxury retailer, to Chinese consumers.

As per the partnership, YNAP and Alibaba will 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 will provide technology infrastructure, marketing, payments, logistics and other technology support to the JV.

In addition, the JV will launch NET-A-PORTER and MR PORTER online stores on Alibaba's Tmall Luxury Pavilion, an exclusive platform dedicated to luxury brands.

YNAP and Alibaba will also explore future offerings that enable the JV's customers to enjoy unique and seamless online and offline shopping experiences through digitising and fully integrating the retail value chain from merchandising and marketing to payments and last-mile delivery. The JV will focus on serving consumers in China and will extend to Chinese consumers travelling abroad, Alibaba said.