China’s Alibaba Partners with a Swiss Luxury Goods Firm
Chinese e-commerce giant Alibaba has reportedly announced a partnership with Swiss luxury goods group Richemont for the purpose of developing platforms in China for high-end products.
According to the deal, Richemont's online unit Yoox-net-a-porter and Alibaba will set up a joint venture with two mobile phone applications that are Net-a-Porter and Mr Porter. This is basically being done to serve the Chinese market.
The two companies Net-a-porter and Mr Porter will also be made available on Alibaba's specialist luxury site, Tmall Luxury Pavilion that was started last year. Also, the companies have agreed to explore other opportunities to develop the luxury goods market in China.
"Our digital offer in China is just getting started," Richemont chief Johann Rupert said.
Richemont, rank...