Lifeng Group (CFRUY.US): Yoox Net-a-Porter will completely withdraw from the Chinese market in April

Zhitong Finance App learned that Yoox Net-a-Porter (YNAP), a luxury e-commerce company under Lifeng Group (CFRUY.US), the world's second-largest luxury goods company, recently announced that it will officially close all of its online platforms in China on March 20, including the Tmall store, WeChat Mini Program, Xiaohongshu and Douyin flagship stores, and the company's official website and app. The platform also confirmed that it will end its after-sales service on April 22, marking its complete withdrawal from the Chinese market. In response to exiting the Chinese market, a Richemont spokesperson said the decision was part of a global strategic adjustment aimed at concentrating investments and resources in more profitable regions.

According to reports, YNAP is a merger of two world-renowned luxury e-commerce platforms, Net-a-Porter and YOOX. After being acquired by Lifeng Group in 2010, Net-A-Porter entered the Chinese market in 2013, merged with rival Yoox in 2015 to establish Yoox Net-A-Porter (YNAP), becoming one of the world's largest luxury e-commerce platforms, with revenue reaching 2.1 billion euros in 2017. In 2018, Lifeng Group and Alibaba established a joint venture, Fengmao Trading (Shanghai) Co., Ltd., which is responsible for YNAP's operations in the Chinese market, with a registered capital of 1,266 billion yuan.

However, in the face of fierce competition and complex consumer trends in the Chinese luxury e-commerce market, YNAP has failed to achieve the expected long-term development, and its performance in the Chinese market in recent years has not been ideal. In June 2024, Wu Yating, CEO of Fengmao Trading, announced to employees that the company was about to disband and stopped placing orders with the brand starting with the 2025 spring/summer series.