Luxury ecommerce platform’s decision comes at a time of weaker economic momentum in the mainland
Luxury clothing sales platform Yoox Net-a-Porter is closing its China operations, highlighting its struggle to compete in a vast ecommerce market where high-end retailers face a weaker economic backdrop. The decision was made “in the context of a global Yoox Net-a-Porter plan aimed at focusing investments and resources on its core and more profitable geographies”, said a spokesperson for Richemont, the Swiss luxury group that owns the retailer.
It entered China in 2013 and the combined group’s owner, Richemont, in 2018 entered a partnership with Alibaba to “bring its retail offerings . . . to Chinese consumers”. At that time, it said it distributed 950 luxury brands in the country. A year later, YNAP launched a store on Tmall, an ecommerce platform owned by Alibaba and the largest of its kind in China.
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