Compagnie Financiere Richemont, the world's largest jewelry maker, and Alibaba Group Holding, an e-commerce company in China, decided to create a joint venture to boost sales of luxury goods produced by Internet retailer Yoox Net-a-Porter owned by Richemont. The relevant agreement, signed by the companies, provides for the placement of new joint ventures with Net-a-Porter and Mt Porter online stores on the Tmall platform, which is owned by Alibaba. According to forecasts by Alibaba CEO Daniel Zhang, the number of Chinese consumers by 2025 will be almost half of all luxury goods buyers in the world.
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