Farfetch, Alibaba and Richemont strike partnership to accelerate luxury sector digitisation

In a joint initiative with profound implications for the luxury sector – and potentially the travel retail channel – Farfetch, Alibaba Group and Compagnie Financière Richemont (Richemont) have announced a global strategic partnership to provide luxury brands with enhanced access to the China market.
The alliance, announced on 5 November, will also accelerate the digitisation of the global luxury industry, the partners pledged. The deal comes precisely one month after Alibaba Group agreed to form a strategic joint venture in China with the world’s leading travel retailer, Dufry and take up to 9.99% in the company. Read more…