Yoox Net-a-porter's plan to exit China stems from a global strategy to focus investments and resources in core, and more profitable, geographies.
, will be terminated soon, according to an internal memo seen by WWD. It was sent by Yating Wu, chief executive officer of Fengmao, to employees on Thursday night.joint venture is part of a wider plan by YNAP to exit China in order to focus investments and resources on core and more profitable geographies.There could be another reason behind dissolution of the partnership.
Richemont also revealed that sales at YNAP declined by 14 percent in fiscal 2024 “in a challenging environment for luxury e-commerce.”A year later, Net-a-porter opened its flagship on Tmall’s Luxury Pavilion offering a wide selection of more than 130 luxury and designer brands such as Brunello Cucinelli, The Row, Balmain, Isabel Marant, Jimmy Choo and Tom Ford. The same year,
The partnership with YNAP helped Alibaba to populate its search results with legitimate luxury products and urge brands to sign direct deals with the platform.on a landmark deal that aimed to give Farfetch “enhanced access to the China market” and accelerate the digitization of the global luxury industry.At the same time, Alibaba has been struggling to maintain a high level of growth post-pandemic.
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