Luxury goods stocks have been hammered in recent weeks by concerns about weakening demand in China and a looming trade war with the US. But the real picture is much more mixed, the chairman of Alibaba said on Monday.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
With an increasing number of brands looking to consumer analytics, the apparel retailer has announced that it has used “action learning” to apply First Insight’s analytic technology throughout its business.
Richemont and China’s Alibaba Group have unveiled a global strategic partnership that will see the two star retail brands under the Yoox Net-A-Porter banner being taken directly to the all-important Chinese consumer.