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Richemont may be very proud of the age of their brands but they have certainly stuck with the times when it comes to selling their goods. According to Tech Central the Richemont Alibaba joint venture went live yesterday.
The e-commerce site allows customers in China to buy 130 luxury brands. The launch campaign will start in the second week of October so that they will be ready for Single's Day on the 11th of November.
The joint venture which will be 51% owned by Richemont and 49% by Alibaba will still use the Net-a-Porter brand for the website.
The deal makes perfect sense. The Chinese have embraced online retail with open arms and we know how much they love luxury goods. China is Richemont's biggest region by sales. Richemont and Alibaba feels like a match made in heaven.
