On October 26th, Alibaba Group announced that it has established a joint venture with Yoox Net-A-Porter (YNAP), a luxury E-Commerce company of Richemont Group.
According to the official, Alibaba will provide support for the joint venture company in terms of technology, payment, logistics and other basic support and data selection, consumer insight and so on. The new joint venture will serve women and male consumers in the Chinese market through Net-A-Porter and Mr Porter respectively. At the same time, Net-A-Porter and Mr Porter will also be located in the Tmall luxury exclusive platform.
For this cooperation, Zhang Yong said that consumers are pursuing consumption upgrades. We also hope that this will meet the consumption needs of 600 million active users of Alibaba’s retail platform, and look forward to bringing consumers online and offline through Tmall‘s new retail. The ultimate consumer experience.
Alibaba’s emphasis on the luxury sector is traceable. In 2017, Tmall launched the luxury channel Luxury Pavilion; in April 2018, the Luxury Pavilion brand preview conference, Tmall also announced the goal of the next three years in the luxury sector, that is, three years to build a luxury brand and The communication bridge between the new generation of consumers after 90s and 00, serving 100 million new middle class.