Yoox Net-a-Porter to exit China
The luxury fashion e-tailer Yoox Net-a-Porter (YNAP) is believed to be in the process of closing its China operations in order to focus investment and resources on its more profitable regions
A spokesperson for Richemont, which owns Yoox Net-a-Porter (YNAP), said that the decision to withdraw from the Chinese market was part of a global plan to focus investment and resources on its more profitable geographical areas.
YNAP first entered China in 2013, later forming a joint venture with the country’s marketplace giant Alibaba in 2018. This was followed by the retailer’s launch on Tmall Luxury Pavilion, which saw 130 luxury brands added to the Chinese shopping site. The partnership is now being winded down.
The e-tailer faced strong competition and a challenging global macroeconomic situation, according to Lucrezia Seu, founder of Shanghai-based marketing agency Plush.Consulting, as quoted by Vogue Business. “It entered an already saturated market with major luxury brands already having a very dense presence both through their official online stores as well as offline players such as SKP and Reel”, she said.
The Swiss conglomerate Richemont has been seeking a buyer for YNAP since an earlier deal to sell its 47.5% stake to Farfetch fell through following Coupang’s acquisition of the British platform.
Image Credits: fashionunited.com
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