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

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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