Richemont's Net-A-Porter Opens Flagship Store on Alibaba's Tmall
September 30 2019 - 4:01AM
Dow Jones News
By Cristina Roca
Compagnie Financiere Richemont SA (CFR.EB) said Monday that its
luxury-goods ecommerce business is launching a store in Alibaba
Group Holding Ltd.'s (BABA) luxury marketplace.
Richemont's Net-A-Porter business is opening a flagship store in
Alibaba's Tmall Luxury Pavilion, the companies said in a joint
press release.
The launch is the first tangible step following the inking last
October of a joint venture between the Swiss luxury-goods group and
the Chinese ecommerce giant aimed at targeting China's luxury-goods
market.
The store already sells brands including Brunello Cucinelli SpA
(BC.MI), Capri Holdings Ltd.-owned (CPRI) Jimmy Choo and Tom Ford,
as well as Richemont-owned brands including Cartier, its star
jewelry brand, and several luxury watch brands.
"This partnership between Alibaba and Yoox Net-A-Porter is
bringing Chinese consumers unprecedented access to the world's
leading luxury brands," said Jian Fan, president of Alibaba's
Taobao and Tmall.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
September 30, 2019 03:46 ET (07:46 GMT)
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