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My Favorite China's Brands
CLASS

Coltorti joins forces with Alipay to grow in the Chinese online luxury market

May 25, 2020


Abstract : The multi-brand boutique has announced a partnership with Ant financial's payment system. The intent is to intercept the 1.2 billion active users of the most popular mobile wallet in China, with sophisticated omnichannel marketing solutions.

MILAN, May 22 (Class Editori) -- Coltorti joins forces with Alipay to grow in the Chinese online luxury market. The multibrand boutique has announced a partnership with Ant Financial's payment system. The intent is to intercept the 1.2 billion active users of the most popular mobile wallet in China, with sophisticated omni-channel marketing solutions.

The boutique directed by Riccardo Bilancioni, former manager of Brioni, is focused on reinventing its stores, as demonstrated by initiatives such as Negotium, the innovative phygital lab project in Jesi, in the province of Ancona.

The initiative of the company founded in 1934 as a haberdashery is also part of market dynamics which have been strengthened by the coronavirus epidemic. Many phenomena that were already present before the health emergency had a great acceleration, due both to a particular confidence on the part of the population - accustomed to sudden changes - and to a customer journey forced to change by the lockdown, emerged in a recent online seminar organized by Netcomm, the Italian consortium for digital commerce.

According to data from Deloitte, the international trade channel in China, it recorded a compound annual growth rate of 76% between 2015 and 2018, originating 78.5 billion yuan in gross volume of goods in 2019. Many important luxury brands, like Armani and Prada, that were not present on the marketplaces, have recently launched their presence on Tmall.

Boston Consulting explains in a report published last week that Chinese consumers remain more loyal to luxury brands (+2%). As the first one to recovery from the emergency, they are now slowly returning to the boutiques. The recovery in purchases could accelerate in the coming weeks, fueled by a psychological effect that analysts call "revenge spending". They will no longer buy products in the low-cost segments, but as Italians do, they will be very careful with promotions.

(Source: Class Editori)

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Keyword: online luxury market

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