LVMH deepens partnership with Alibaba to boost tech presence in China
Hindustan TimesFrench luxury group LVMH will deepen its partnership with Alibaba to leverage the firm's cloud and artificial intelligence capacities and boost its presence in China, the companies said on Wednesday. The partnership also illustrates the growing focus of the high end luxury brands on improving online shopping, even as they invest in ever-more sophisticated physical retail stores. LVMH has around 30 brands on Luxury Pavilion, the high end site on Alibaba's Tmall shopping platform, including jewellery houses Chaumet and Tiffany, which recently joined the platform, highlighting the embrace of digital channels by even the most traditional of luxury businesses. Although high end labels were traditionally reticent about entering the realm of digital shopping, the COVID crisis and increasing influence of social networks have accelerated the global industry's push to meet shoppers online.
History of this topic
Louis Vuitton-owner LVMH becomes Europe’s first $500bn company
The Telegraph
China e-commerce giant Alibaba outlines future strategy
Associated Press
Louis Vuitton takes the AI route
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