Farfetch, Alibaba and Richemont in the tie-up to develop 'Luxury New Retail"
Farfetch, Alibaba Group and Richemont said Thursday they’re joining forces to provide luxury brands with enhanced access to China and speed up digitization of the global luxury industry.
Farfetch said it will launch luxury shopping channels on Alibaba’s Tmall Luxury Pavilion, Luxury Soho and cross-border marketplace Tmall Global, looking to bring “Luxury New Retail” to a new generation of shoppers via seamless integration of digital and physical experiences.
“This highly complementary partnership brings together some of the world’s leading luxury retail and technology platforms, representing another milestone in Alibaba’s strategy to meet the rapidly growing demand for luxury products in China,” said Alibaba Group Chairman and CEO Daniel Zhang. “The Chinese luxury market – which is expected to account for half of global luxury sales by 2025 – consists of hundreds of millions of young, digitally-native consumers. By partnering with Farfetch and expanding our existing relationship with Richemont, we will accelerate the digitization of the global luxury retail industry and transform the luxury shopping experience for consumers.”
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