With unprecedented levels of unspent inventory, diminished sources of revenue and consumers closing their wallets, Tmall – China’s largest e-commerce platform attached to the Alibaba Group – acted with a sense of urgency. The Chinese giant just announced the launch of its new “Luxury Soho” Outlet to enable high-end brands to offer their merchandise at discounted prices and thus increase their digital footprint in post-Covid-19 China.
In the context of the VIDOC-19 crisis, many global players of the luxury sector have faced problems of overstocking but also of drastic reductions in their activities and profits.
Faced with these difficulties, China, the world’s largest luxury market, tried to come to their rescue, helped by an early resumption of its activities.
Tmall, the Chinese e-commerce site belonging to Alibaba Group Holding Ltd. launched “Luxury Soho” on Monday 20 April, a new store format enabling luxury brands to sell their goods at lower prices, in the wake of Luxury Pavilion e-store, already launched by Tmall in 2017.
Featured photo : © Alibaba Group / Facebook