Richemont’s Online Luxury Retailer Net-A-Porter to Exit China
- Richemont says YNAP will focus on more profitable geographies
- Joint venture between YNAP and Alibaba in liquidation process
Net-A-Porter branding.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
Richemont’s luxury e-commerce platform Yoox Net-A-Porter is pulling out of China, as weak consumer spending puts increasing strain on high-end brands’ operations in the world’s second-largest economy.
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.