Swiss group Richemont has announced that it is to stop selling in China and focus on more profitable markets, as it looks to dispose of its loss-making e-commerce subsidiary YNAP.
E-commerce and the Chinese market were once the growth drivers of luxury goods…
Different times, different customs. The Swiss group Richemont has just revealed that its Yoox Net-a-Porter (YNAP) luxury apparel sales platform is ceasing operations in China, against a backdrop of slowing consumer spending in the Middle Kingdom.
Richemont confirmed to the business press that this withdrawal was part of YNAP’s overall plan to “focus its investments and resources on its core and more profitable geographical areas“.
Liquidation
According to internal sources, Feng Mao, the joint venture established in 2018 by Yoox Net-a-Porter with Alibaba, the Chinese e-commerce giant, is being liquidated.
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Featured Photo: © Net-a-Porter
