The partnership will use YNAP’s strong relationship with leading luxury brands, some 950 of them being currently distributed through YNAP in China, and launch the brands on Alibaba’s Tmall Luxury Pavilion.
“Chinese customers at home and abroad are an increasingly important customer base for Richemont and for the broader luxury industry,” said Richemont chairman Johann Rupert.
“Our digital offering in China is in its infancy and we believe that partnering with Alibaba will enable us to become a significant and sustainable online player in this market. Alibaba has become the preferred online destination in China, with world-class teams in technology, logistics and marketing.”
Rupert said the company would work with Alibaba to ensure Net-A-Porter and Mr Porter continued to expand “as neutral, open and sophisticated platforms”.
YNAP group CEO Federico Marchetti said Alibaba provided “a neutral and powerful platform to maximise China’s immense potential” for the group.
Daniel Zhang, CEO of Alibaba Group, added: “We believe this announcement is just the beginning of a long-term partnership, and together we are committed to exploring many more opportunities to collaborate in the future.”