LONDON — Almost a year after Richemont signed a strategic partnership with Alibaba Group to bring the retail offerings of Yoox Net-a-porter Group to Chinese consumers, more details of the deal begin to surface, WWD has learned.
Yating Wu in July was appointed the chief executive officer of the joint venture, called Fengmao, according to her LinkedIn profile.
Before that, Wu worked at Unilever for 15 years serving in several senior positions, such as vice president of digital and e-commerce of north Asia and managing director of Taiwan, Hong Kong and South Korea market.
Wu attended and gave a speech at the launch event of Alibaba’s “A100 Strategic Partnership” program this January.
Richemont has actively listed more than 15 jobs, including brand marketing director, data analyst and social media manager for this “game-changing start-up” in the past month.
As ongoing protests in Hong Kong cast a shadow on Richemont’s watch and jewelry business, having a solid presence on China’s biggest business-to-consumer platform would offset the negative impact on the balance sheet.
“Our digital offering in China is in its infancy and we believe that partnering with Alibaba will enable us to become a significant and sustainable online player in this market,” Johann Rupert, chairman of Richemont, said last year.
Claire Chung will remain as China general manager at Yoox Net-a-porter Group.