Nike, Adidas, and Capri Holdings, owner of luxury brands Versace, Jimmy Choo, and Michael Kors, have all warned investors this week that as the coronavirus grips China, sales could take a hit.
No matter how much money some Chinese young professionals earn each month, their desire for luxury goods and lifestyle remains unsatiated.
Alibaba Group and Richemont, a Switzerland-based luxury goods holding company, announced a global strategic partnership today with the purpose of bringing the retail offerings of YOOX NET-A-PORTER GROUP S.p.A. (YNAP), the world’s leading online luxury retailer, to Chinese consumers.
Gucci expressed reluctance on the topic of cooperating with Chinese e-commerce platforms led by Alibaba and JD.com due to concerns of counterfeiting scandals, according to Financial Times.
With e-commerce platforms competing with each other in luxuries, luxury goods which were out of reach now have become commodities that could be ‘ordered simply on mobile". Of course, you must have enough money in your bank account. Although before, JD.com hired dama (aged women) as models for luxury goods and the Gucci glasses sold…