Richemont partners with Alibaba to fight counterfeiting
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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

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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.

Dominion holds Richemont in its Global Trends Luxury Fund, as well as Alibaba in its Global Trends Ecommerce Fund.

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