LVMH deepens partnership with Alibaba to boost tech presence in China

Pedestrians and shoppers wait to cross a road in front of a Louis Vuitton store, operated by LVMH Moet Hennessy Louis Vuitton SE, in the Central district of Hong Kong, China, on Sunday, Oct. 27, 2019. Photographer: Paul Yeung/Bloomberg

FRENCH Luxury group LVMH is to deepen its partnership with Alibaba to leverage the firm's cloud and artificial intelligence capacities and boost its presence in China, it said on Wednesday.

"The reinforcement of our partnership will help us to further accelerate our omni-channel business growth," said Stephane Bianchi, group managing director of LVMH, referring to various shopping avenues both in-store and online.

LVMH, the world's biggest luxury group, and the Chinese e-commerce giant first forged a partnership in 2019. The reinforced ties come as luxury companies redouble efforts to cater to shoppers in China, where demand has been dampened by a property crisis and high youth unemployment. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

LVMH , Alibaba , luxury , China , AI , cloud


Next In Business News

KTI Landmark opens unchanged at IPO price of 30 sen
Ringgit gains against US$ in early trade
FBM KLCI to continue consolidation, oil and gold counters rally
Trading ideas: TM, MAHB, Bursa Malaysia, UEM Sunrise, MUI, Nestcon, BM Greentech, Sunview, Berjaya, Plytec, BWYS, LBS, IOI, Matrix, Poh Kong
Economy is set for steady rebound in 2Q
Bursa Malaysia may relocate to TRX
Companies in building material sector deliver improved earnings
Strong energy storage rates a boon for Dialog
Lower quarterly loss anticipated for Top Glove
Competitive ranking slips

Others Also Read