Ropes & Gray Advises Alibaba Group in its Strategic Partnership with Richemont and Joint Venture with YOOX Net-A-Porter Group
Ropes & Gray represented Alibaba Group in its strategic partnership with Richemont to bring the retail offerings of YOOX Net-A-Porter Group to Chinese consumers. Under the partnership, YNAP and Alibaba will establish a joint venture to launch two mobile apps for the Net-A-Porter and Mr Porter retail brands for consumers in China. The joint venture will also see Net-A-Porter and Mr Porter stores launch online on Alibaba’s Tmall Luxury Pavilion, an exclusive platform dedicated to the world’s leading luxury brands. The transaction was announced on October 26.
Switzerland-based Richemont is a leading luxury goods group, which owns notable international brands such as Cartier, Dunhill, IWC Schaffhausen, Montblanc, Piaget and Van Cleef & Arpels. Italy-based YNAP is a leading online luxury fashion retailer that buys previous seasons overstocked items from renowned brands and sell them at discounted outlet prices. Richemont acquired YNAP earlier this year.
The Ropes & Gray team was led by private equity partner Peng Yu.