Swiss luxury brands seek larger market online

Global Business

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

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