In The Review, we round up breaking news discussed in our daily newsletter, The Daily Brief. This week, we discussed:
- Yoox Net-a-Porter‘s potential partnership with Alibaba,
- The Chinese Government taking charge on Blockchain development,
- Gap’s apology to China after map design blunder,
- Tesla setting up a wholly-owned subsidiary in Shanghai, and
- China’s insatiable appetite for luxury travel shows no signs of showing
Monday, May 14
Italian luxury e-tailer Yoox Net-a-Porter announced today that the company would be open to a deal with one of China’s online retailers. Despite originally claiming they hoped to grow organically in China, YNAP’s recent buyout by Swiss-luxury group Richemont has accelerated the company’s Chinese ambitions, claiming a deal with a Chinese e-commerce platform is likely. E-tail giants Alibaba, WeChat and JD.com are all considered potential partners for Yoox Net-a-Porter.
China is currently the world’s biggest market for electric cars, yet Tesla holds just 8.6 percent of the market share. Click here to read more on how Tesla’s new roadster model will make a difference for the company in China.
Friday, May 18
China’s insatiable appetite for luxury travel shows no signs of showing, as an article released by The Economist today investigates. The report comments on Bicester Village, Value Retail’s most lucrative shopping outlet, that hosts brands like Prada, Gucci, and Versace. China represents 50 percent of the total Tax-Free Sales at the designer shopping village, with 60 percent of Chinese visitors to the United Kingdom spending time there.