Oct 17, 2018 (China Knowledge) - Marco Bizzarri, CEO of Italian luxury brand Gucci, has said, today, that his company is reluctant to cooperate with Chinese e-commerce platforms operated by Alibaba and JD.com because of the proliferation of counterfeits, the Financial Times reported.
'Frankly, there are a lot of fake products on most of these platforms, and I don't want to certify them [as authentic] because of my presence there.' Bizzarri said at a conference in Shanghai hosted by the Business of Fashion (BoF).
Bizzarri said he wants to keep a distance from the fakes, even though he still is in touch with both Alibaba and JD.com. He said that he thinks it is better to wait than to take a risk, as he is still in wait-and-see mode.
In pursuit of high margins and prestige, Alibaba last year signed dozens of luxury brands, including Burberry, Hugo Boss, Tiffany and Moschino, to its Tmall luxury channel. Meanwhile, JD.com has also established partnerships with Kering's Yves Saint Laurent, Alexander McQueen and British e-commerce platform Farfetch.
However, some fake and inferior commodities often appear on their e-commerce platforms. Because of counterfeits, Alibaba was sued by Kering in 2015.
At present, China is the world's largest luxury market. According to the data from Bain, luxury consumption in China rose 20% to RMB 142 billion (USD 20.5 billion) last year.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI