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Yoox Net-A-Porter quits China

Online luxury platform Yoox Net-a-Porter is shutting down its China operations amid tough competition with high-end merchants, London’s Financial Times reported.

A spokesperson for Richemont, the Swiss group that owns Yoox Net-a-Porter, said that the move was done “in the context of a global Yoox Net-a-Porter plan aimed at focusing investments and resources on its core and more profitable geographies”.

Yoox Net-a-Porter’s China operations, a joint venture with e-commerce giant Alibaba, will be liquidated, according to the report.

The FT noted that China has been experiencing challenging luxury retail market conditions amid a prolonged property slowdown and weaker consumer demand.

Net-a-Porter started in London in 2000 and merged with Italy’s Yoox in 2015 before entering China in 2018.

The FT said Richemont has been keen to divest its stake in Yoox Net-a-Porter but a potential sale to competitor Farfetch did not push through.

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