Richemont, Alibaba join forces in China’s online luxury market


  • TECH Premium
  • Friday, 26 Oct 2018

Customers browse luxury products for sale inside a Cartier store, a unit of Cie. Financiere Richemont SA, in the GUM department store on Red Square in Moscow, Russia, on Monday, Dec. 22, 2014. The ruble's rout, sparked by falling oil prices and sanctions imposed on businesses including OAO Sberbank, prompted Russians to begin buying luxury goods from Porsche sports cars to Tiffany rings to preserve the value of their savings. Photographer: Andrey Rudakov/Bloomberg

ZURICH: Cartier-owner Richemont is teaming up with Alibaba to try to crack China's online shopping market, potentially a major growth driver for luxury firms but which has proven difficult to tackle for outsiders going it alone. 

The partnership will feature offerings of Yoox Net-a-Porter Group (YNAP), the online retailer now fully-owned by Switzerland's Richemont, to Chinese consumers, the companies said. 

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