SHANGHAI : German luxury e-tailer Mytheresa is refocusing its efforts to grow its business in China, a notoriously competitive e-commerce landscape dominated by local giants Alibaba and, increasingly, Douyin, the Chinese version of Tiktok. The company plans to court shoppers in the world's third largest
SHANGHAI : German luxury e-tailer Mytheresa is refocusing its efforts to grow its business in China, a notoriously competitive e-commerce landscape dominated by local giants Alibaba and, increasingly, Douyin, the Chinese version of Tiktok.
"The company [globally] has grown 20 per cent-plus in recent years and our expectation from China in coming years is double that," Chief Executive Michael Kliger told Reuters in Shanghai. Kliger said the company was positioned to appeal to"mature" luxury customers in China, adding that Mytheresa's top 3 per cent of customers account for 35 per cent of total sales.
Other global luxury e-commerce players, such as Farfetch and Yoox Net-a-Porter, have long tried to crack the China market. Both have now joined forces with market leader Alibaba, via an investment tie-up and joint venture deal respectively.
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