Swiss luxury brands seek larger market online

Global Business

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Swiss luxury group Richemont has invited two of its rivals, LVMH and Kering Group, to build an e-commerce platform to sell luxurious goods. The high-profile move is intended to give the luxury brands control of their own internet space. The news comes as more and more luxury brands are entering the Chinese e-commerce market. CCTV America’s Mi Jiayi filed this report.

Luxury brands seek larger market online

Luxury brands seek larger market online

Swiss luxury group Richemont has invited two of its rivals -- LVMH and Kering Group -- to build an e-commerce platform to sell luxurious goods. The high-profile move is intended to give the luxury brands control of their own internet space. The news comes as more and more luxury brands are entering the Chinese e-commerce market.

More details:

  • Luxury brands are trying to attract younger consumers online.
  • An analyst from research company McKinsey says that about six percent of all luxury sales now occur online, and that this should increase to 18 percent in ten years time.

 


Source: McKinsey Consumer & Shopper Insights