Richemont taps China’s demand for luxury with Farfetch-Alibaba joint venture
06 November 2020 - 09:02
UPDATED 08 November 2020 - 05:01
Johann Rupert’s Richemont, the luxury goods group that owns the Cartier brand, has announced a joint venture with online luxury retailer Farfetch and e-commerce giant Alibaba as it seeks to tap into China’s rapidly growing demand for luxury goods.
China recently overtook the US as the group’s most lucrative market, with Richemont saying on Friday it and Alibaba would invest a collective $1.1bn (R17.3bn) in Farfetch, which will launch its shopping channels on Alibaba’s e-commerce platforms...
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