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News: Richemont Enters Alibaba’s Den

reversodegriff

Richemont Group has announced a Joint Venture (Global Strategic Partnership) a few moments ago with Chinese & Online giant – Alibaba.COM.This is yet another move towards expanding the digital sales channel. Richemont Group owns brands such as:

  • A. Lange & Söhne
  • Baume & Mercier
  • Cartier
  • IWC
  • Jaeger-LeCoultre
  • Montblanc
  • Officine Panerai
  • Piaget
  • Roger Dubuis
  • Vacheron Constantin
  • Van Cleef & Arpels

Both China & Online retail have had a tremendous impact on the luxury industry, and this is a logical move. Richemont is no stranger to the online market, already active with its Yoox Net A Porter Group (YNAP). And it is the latter that is at the midst of the dance with the dragon. As per Reuters: “Under the partnership, YNAP and Alibaba will establish a joint venture to launch two mobile apps for the Net-a-Porter and Mr Porter multi-brand, in-season online stores for consumers in China”. Essentially Alibaba will provide the technological backbone to this venture, whereas YNAP will bring its brands & relationships. Several apps will be launched as well as a launch via Alibaba’s Tmall Luxury Pavilion.

Full coverage on Reuters right here.

The times, they are a changing.

2 replies »

  1. Alibaba and Luxury, sounds so odd, but they are gigantic indeed. You sir, get extra points for the creative title! 😀

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