Luxury clothing sales platform Yoox Net-a-Porter is closing its China operations, highlighting its struggle to compete in a vast ecommerce market where high-end retailers face a weaker economic backdrop.
The decision was made “in the context of a global Yoox Net-a-Porter plan aimed at focusing investments and resources on its core and more profitable geographies”, said a spokesperson for Richemont, the Swiss luxury group that owns the retailer.
Yoox Net-a-Porter operated in China under a joint venture with Chinese ecommerce group Alibaba, which will be liquidated, according to a person familiar with the matter.
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