The online fashion retailer Net-A-Porter withdraws from China.
On its Chinese website, the company published a statement, according to which sales activities in the country via the online shop, the local app and other digital platforms will be discontinued on March 20. After that, “After-Sales Services” such as returns and exchanges would be offered by April 22, the statement said.
The Yoox Net-A-Porter Group (YNAP) has been active in China since 2013. In 2018, the group of companies founded the Joint Venture Fengmao with the Chinese e-commerce giant Alibaba, which has since operated the digital activities of YNAP in the country.
The withdrawal from China had been planned for a long time
According to media reports, the withdrawal from China had already been decided last summer. Accordingly, the online retailer wants to concentrate on its core markets and more profitable regions.
According to a current report by the Women’s War Daily (WWD) specialist magazine, the plan is now being implemented could also be related to the impending takeover of YNAP by the online retailer Mytheresa based in Munich.
In October, its listed umbrella company Myt Netherland’s Parent BV had concluded a corresponding agreement with the Swiss luxury goods group Richemont, who had long wanted to sell YNAP. The transaction is to be carried out in the first half of the year.