Conglomerate Richemont is joining e-commerce giant Alibaba’s Anti-Counterfeiting Alliance, becoming the latest luxury company to link up with the Chinese firm on intellectual property efforts.
The AACA works to prevent IP theft both online and offline in China, where counterfeiting is a major concern. Through this move, Richemont is strengthening its relationship with Alibaba, following the signing of a joint e-commerce venture in October.
Countering counterfeits#
Richemont has pledged its expertise, technology, and information to Alibaba to aid its efforts to identify and curb counterfeiting, the company said. The company's portfolio includes brands such as Chloé, Cartier, and Montblanc.
Launched in 2017 with 30 members, the AACA now includes 115 partners including Swarovski, L’Oreal and Louis Vuitton.
An offline AACA investigation with Louis Vuitton led Alibaba to find and seize $14.4 million worth of counterfeit goods.
“The protection of intellectual property rights requires all stakeholders to work closely together and share their expertise,” said Michael Yao, senior vice president and head of brand protection and cooperation at Alibaba, in a statement.
“The AACA will continue its efforts to establish industry best practices for IP protection by creating effective collaboration among brands, platforms, and law enforcement.”
Richemont’s Yoox Net-A-Porter Group is strengthening its digital presence in China by teaming up with local e-commerce giant Alibaba.
Through a joint venture signed on Oct. 26, the retail company will launch Net-A-Porter and Mr. Porter stores on Alibaba’s Tmall Luxury Pavilion, taking advantage of Alibaba’s expertise in marketing and e-commerce operations in China. This partnership comes as Chinese e-commerce sites continue to ramp up their efforts in the luxury market, catering to the growing appetite and customer base for high-end goods in the nation.