Due to the agreement, Net-A-Porter and menswear site Mr Porter will launch flagship stores on Alibaba’s Tmall Global ecommerce platform, as well as mobile apps. Moreover, YNAP, which is owned by Richemont, will leverage its relationships with leading luxury brands, while Alibaba will lend its resources in payments and technology infrastructure.
The joint venture is 51% owned by YNAP and 49% owned by Alibaba.
Earlier in September 2018, Alibaba Group has signed an agreement with Banking Circle to use Banking Circle’s infrastructure and global network.
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