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
