Richemont's Online Luxury Retailer Net-A-Porter to Exit China [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: BNN Bloomberg
The digital retailer known as YNAP plans to focus investments and resources on its core and more profitable geographies, a Richemont spokesperson said in an emailed statement. Net-A-Porter's operator in China, a joint venture between YNAP and Alibaba Group Holding Ltd. called Feng Mao, is in liquidation, said people familiar with the matter, who asked not to be identified discussing internal decisions. Alibaba didn't immediately respond to a request for comment, while Richemont didn't comment on the joint venture. YNAP's exit comes as China's middle class, an important source of revenue for global luxury brands, turns more cautious on spending. A weaker outlook following the country's economic downturn has dented household wealth and fueled youth unemployment. Some high-end labels have been hurt by soaring returns and cancellation rates on e-commerce platforms, while some are resorting to large discounts to boost sales. Richemont, the Switzerland-based luxury group, is still
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