(Yicai Global) Aug. 1 -- Leading French luxury fashion brand, Yves Saint Laurent (YSL), will make its debut in China's online retail market, Sina.com reported yesterday, citing a company statement. It marks an important move in the company's strategy to build up presence in the fast-growing Chinese market.
The French fashion house will partner up with British luxury goods retailer, Farfetch, an online fashion retailer platform, to sell its products via an online marketplace jointly developed by Farfetch and China's e-commerce behemoth, JD.com Inc. [NASDAQ:JD], said Francesca Bellettini, chief executive of Yves Saint Laurent.
The decision indicates that international brands increasingly realize the importance of the Chinese market outweighs their concerns over copycats sold online in China. The joint platform built by Farfetch and JD.com helped ease Yves Saint Laurent's worries about counterfeit issues, the company stated.
A growing number of consumers in China demand luxury goods in the domestic market. Their spending on luxury brands currently makes up about 30 percent of the total expenditures. This means that any luxury goods producer must build a strong presence in China if it wants to achieve sustainable sales growth going forward.
YSL will deliver all orders to customers in Beijing, Shanghai and Hong Kong on the same day, the French company said, adding that the delivery time will be cut to 90 minutes from October onward.