Yoox to close its China website after joint venture with Alibaba
The other off-price platform of the group, The Outnet, exited the Chinese market in 2015. The objective now is to focus on full price websites in a partnership with Alibaba.
Yoox Net-a-Porter defines its new strategy in China. A year after sealing a joint venture with the Chinese giant Alibaba, the company decided to close Yoox in the country, according to WWD.
The objective of the group is to focus on the two platforms that work best in China, Net-a-Porter, for women, and Mr Porter, for men, both of which operate full price. The other off-price web of group, The Outnet, abandoned China in 2015.
The joint venture between Yoox Net-a-Porter and Alibaba, named Fengmao, took shape by opening a Net-a-Porter flagship store in Tmall’s Luxury Pavilion, which gathers the luxury division of the Chinese group. Yoox Net-a-Porter was born in 2015 from the merge of both companies. In 2018, Richemont took out the company from the stock market after reaching 98% of its capital.
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