In China, the focus will be on luxury and on Fengmao, a joint venture between Richemont and Alibaba. Net-a-porter opened its flagship on Alibaba’s business-to-consumer platform Tmall’s Luxury Pavilion on Sept. 30 with a store that marked the start of the new joint venture.
Yoox is an off-season outlet business, a model that’s proven challenging for international retailers. The Outnet, another bargain-shopping web site from Yoox Net-a-porter, exited China in 2015. Even full-price, in-season online retail has been difficult, with Neiman Marcus exiting the Chinese market only five months after its launch in 2012.
The Yoox China business is understood to have been small.
Jérôme Lambert, chief executive officer at Richemont, the owner of YNAP, said earlier this month during an earnings call that “we need localized services in places like the Middle East and China. We will also be adding elements and investing in future adjustments to make the sites more client-focused and welcoming.”