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Richemont and Alibaba to Collaborate in Online Luxury Market

Chinese e-commerce giant, Alibaba has formed a joint venture with the Swiss luxury group, Richemont to penetrate luxury goods industry.

China: Swiss based luxury goods company, Richemont has formed a joint venture with Alibaba to break into China’s online shopping market. The company will launch online retail sites for their multi-brands, Net-A-Porter and Mr Porter, under a joint venture with Alibaba. Alibaba Group will provide technology, logistics, payment and marketing support for the venture. The agreement will cover both Chinese consumers shopping at home and abroad.

E-commerce conglomerate, Alibaba launched specialist site, Luxury Pavilion last year which will host Net-A-Porter and Mr Porter. Working with Richemont also lends weight to Alibaba’s attempt to carve out a niche in the luxury industry. The company is the biggest e-commerce site in the China and has decided to collaborate with Richemont after the 2nd e-commerce firm, JD.com invested in fashion retail. Alibaba and Richemont will also develop two online applications for the Chinese consumers.

The chairman of the Richemont stated that the digital offerings in China is in its infancy and partnership with Alibaba will enable Richemont to become a significant and sustainable online player in the market. There is not any luxury goods group in the world that can catch up with Alibaba in terms of its ecosystems. It’s sad that all the luxury goods groups are finding themselves with a prisoner’s dilemma, where everybody is fighting each other, when we’re entering a place, a market as vast as China, (where) we simply don’t have the tools.

According to TechSci Research, teaming up with Alibaba will give Richemont better consumers reach, while offering the Chinese company a wider selection of brands. Large customer base of the Alibaba and increasing market penetration will promote the growth of the global smartwatch market and global gems & jewelry market. Factors, such as growing e-commerce sales, changing lifestyle and expanding urbanization, are expected to propel the growth of the market. Moreover, increasing e-commerce sales is expected to elevate the demand for global application security market.

According to the recently published report by TechSci Research, Global Gems & Jewelry Market, By Type (Diamond in Gold, Silver, Platinum, Gold, etc.), By Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America), Competition Forecast & Opportunities, 2012-2022”, global gems & jewelry market is projected to cross US$443 billion by 2022, on account of booming tourism industry, establishment of a large number of exclusive showrooms by leading players, and rising online availability of gems & jewelry. Demand for gems & jewelry across the globe is dominated by Asia-Pacific and North America. Asia-Pacific is also emerging as the fastest growing market for gems & jewelry across the globe, on account of high demand from India, China, Vietnam, Thailand, Japan and Indonesia. High demand for gems & jewelry in the region can also be attributed to rising disposable income, and aggressive marketing and promotional strategies by leading players.

According to the recently published report by TechSci Research, Global Smartwatch Market, By Type (Classic, Standalone and Extension), By Application (Personal Assistance, Wellness, Medical/Health, etc.), By Operating System (Watch OS, Android, Tizen, RTOS, etc.), Competition Forecast and Opportunities, 2012-2021”, the global market for smartwatch is projected to grow at a CAGR over 25% during 2016-2021. Personal assistance application dominated global smartwatch market, on account of increasing usage of third party application in connected devices and rising demand for technologically advanced products. North America was the major demand generator for smartwatches across the globe, due to increasing number smartphone users, growing shift towards standardized connectivity coupled with increasing usage of smart functions. Apple Inc., Samsung Electronics Co. Ltd., Pebble Technology Corp., Garmin Ltd., etc., are few of the leading players in global smartwatch market.

According to the recently published report by TechSci Research, Global Application Security Market, By Testing Type (Static Application Security Testing, Dynamic Application Security Testing , etc.), By Component (Solutions and Services), By Organization Size (Small & Medium Enterprises and Large Enterprises), By Deployment Mode (Cloud and On-Premises), By Industry Vertical (Government & Défense, Healthcare, IT & Telecom, etc.), By Company and By Geography, Forecast & Opportunities, 2023”, Global Application Security Market is expected to reach USD 9.26 Billion by 2023 at a CAGR of over 26% during 2018-2023 owing to growing targeted attacks on the applications, growing security breaches at business application level and growing risk factors for mobile-based applications have increased the security needs for applications. Based on testing type, the market has been segmented into SAST, DAST and IAST. The IAST (Interactive Application Security Testing) segment is expected to grow at a highest CAGR during 2018-2023 since, it allows greater exposure of internal and external weaknesses in the applications, which might fault the applications. The key player in the market are WhiteHat Security, Veracode, Trustwave and many more. Moreover, North America region dominates the Application Security market in 2017 and is also expected to maintain its dominance over the next five years as well due to the region focuses on innovations and is investing heavily on its research & development technologies.

Relevant Reports

Global Gems & Jewelry Market, By Type (Diamond in Gold, Silver, Platinum, Gold, etc.), By Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America), Competition Forecast & Opportunities,

Consumer Goods and Retail | Feb, 2017

Rising per capita income levels, increasing consumer spending on lifestyle products, growing global population coupled with increasing youth working population to boost growth in global gems & jewelry market through 2022

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