Richemont partners with Alibaba to fight counterfeiting
Luxury titan Richemont has joined Chinese ecommerce giant Alibaba’s Anti-Counterfeiting Alliance (AACA). It’s the latest company to partner with Alibaba over intellectual property rights, and follows on from an agreement to work together online in October. That venture will see Alibaba work more closely with Richemont’s Yoox Net-A-Porter (YNAP) online fashion platform.
Richemont’s share price increased by 3% last week
Source: Yahoo Finance
According to a report in Chinese luxury news outlet Jing Daily, Richemont will be sharing its “expertise, technology, and information to Alibaba to aid its efforts to identify and curb counterfeiting.” With the addition of Richemont, AACA is now composed of 115 members, including big names like Swarovski, L’Oreal, and Louis Vuitton. It was launched in 2017, with just 30 members signed up.
AACA shows promise. The initiative polices both the offline and online worlds. And last year, in collaboration with Louis Vuitton, an AACA offline investigation seized $14.4 million worth of counterfeit goods in a single operation.
Michael Yao, Alibaba’s senior vice president and head of brand protection and cooperation, released a statement over the partnership, saying: “The protection of intellectual property rights requires all stakeholders to work closely together and share their expertise. The AACA will continue its efforts to establish industry best practices for IP protection by creating effective collaboration among brands, platforms, and law enforcement.”
This partnership comes alongside another one, inked at the end of October, which will see Richemont’s Mr. Porter and Net-A-Porter stores launch on Alibaba’s Tmall Luxury Pavilion. These brands will then benefit from Alibaba’s insights into the China market, as well as its powerful platform and marketing knowledge.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.