Luxury fashion conglomerate Tapestry, Inc. is strengthening its presence in China via a new alliance with Tmall.
The group, which owns Coach, Kate Spade and Stuart Weitzman, has joined forces with Alibaba's B2C e-commerce platform to launch flagship stores for all of its labels on Tmall Luxury Pavilion, Alibaba Group's dedicated platform for luxury and premium brands. The stores will feature products sold exclusively to Tmall shoppers, as well as offering personalized content and services.
"Tapestry is committed to the Chinese market," said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. "We have a leadership position in China and all of our brands have tremendous opportunity for further growth. Given Tapestry's focus on customer experience, creating innovative strategic partnerships with leaders such as Tmall helps us to connect our unique lifestyle brands with the important fashion and digitally savvy Chinese consumer."
"We are committed to offering a compelling experience for Chinese consumers wherever they choose to shop: our stores, direct brand and third party websites or social platforms," added Noam Paransky, Chief Digital Officer of Tapestry, Inc. "Our partnership with Tmall is a foundational part of this strategy, which allows our brands to connect with a broader audience."
Currently, Tapestry sales to Chinese consumers globally count for less than 20% of the group's revenue, meaning that growth in China represents an area of enormous potential for the company. The alliance with Alibaba's Tmall, which boasts an active user base of more than 750 million, will expand the reach of its brands throughout the country.
Tapestry isn't the only major fashion player with its eye on China: in July, Michael Kors announced the launch of a ‘digital flagship' store on Tmall's Luxury Pavillion, with John D. Idol, Chairman and CEO of parent company Capri Holdings Limited, saying: "Consumers are becoming more digitally engaged with luxury shopping in China and Tmall Luxury Pavilion is the perfect venue for us to communicate Michael Kors' brand vision." The H&M-owned label & Other Stories also recently announced that it was making its debut on Tmall this fall.