Richemont and Alibaba tie bonds: Net-a-Porter opens flagship in Tmall
The Swiss holding has announced today the launch of a new platform of Net-a-Porter inside the Luxury Pavilion, a destined luxury division inside Tmall.
Richemont and Alibaba grow closer. The Swiss holding has announced today the launch of a flagship store of Net-a-Porter inside the Luxury Pavilion, a destined luxury division inside Tmall platform.
This is the first step that both companies take after the creation, in October 2018, of a joint venture between Richemont and Alibaba. The objective of this alliance was to promote Yoox Net-a-Porter in the country with the launch of two mobile apps and the opening of this online store.
As Richemont explained in a statement, the new flagship store of Net-a-Porter will be in a “key” position of the Luxury Pavilion and will meet the offer of men and women. The launch will be made official the second week of October, after China’s Golden Week.
Richemont closed its first quarter (between April and June) with a revenue of 3.7 billion euros, 12% more. In its online channel, the company’s sale were 648 million euros, which meant an increase of 54% over the previous year.
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