GENEVA, Oct. 26 (Xinhua) -- Swiss luxury good group Richemont said Friday it, and the Alibaba group are forming a partnership to gain access to the Chinese retail market.
The strategic partnership will feature retail offerings of Yoox Net-a-Porter Group (YNAP), the online luxury retailer, to Chinese consumers, Richemont said in a statement.
YNAP and Alibaba are to 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.
"Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry," said Richemont chairman Johan Rupert.
He said the digital offering in China is in its infancy and the company believes that that partnering with Alibaba will enable it to become a significant and sustainable online player in the market.
"Alibaba has become the preferred online destination in China, with world-class teams in technology, logistics and marketing," said Rupert.
Daniel Zhang, CEO of Alibaba Group, said in the statement that Chinese consumers are expected to account for nearly half of the global luxury market by 2025.
Through the new partnership, Alibaba and YNAP "will be even better positioned to capture this compelling market opportunity."
Zhang said, "This multi-faceted partnership will bring Chinese consumers unprecedented access to the world's leading luxury brands."
