Cettire Limited (Cettire), a global luxury online retailer, announced its plan to expand into the Chinese online luxury market in partnership with e-commerce giant JD.com.
According to Bain & Company, Mainland China is expected to be the world’s largest market for personal luxury goods by 2025, representing around 25 percent of the AU$600 billion (US$ 428 billion ) global market – an approximate of AU$150 billion (US$ 107 billion) potential market opportunity for Cettire. Given the market size for personal luxury goods and the importance of online commerce in the market, mainland China represents a key priority for the Company’s expansion.
“Our entry into China is a significant milestone towards our goal of being the world’s largest luxury destination. China represents a vast market opportunity and it is core to our strategy to make our world class proposition available to additional markets. Today’s announcement is another step in our strategic journey to achieve this goal,” said Dean Mintz, Cettire’s Founder and CEO.
The company said it will launch to mainland Chinese consumers during the second half of 2022, following its alliance with JD.com which has more than 550 million active customers and is one of China’s largest online retail platforms.
Through the partnership, Chinese consumers will have access to Cettire’s extensive luxury selection and post-sales support. JD.Com will help to drive traffic, brand awareness and accelerate growth for Cettire in the market upon entry. There is further scope for Cettire to leverage JD.Com’s extensive local logistics capability, which provides one of the largest fulfilment infrastructures globally.
Commenting on the JD.Com partnership, Mr Mintz said: “We are very delighted to be announcing this partnership with JD.Com. The partnership represents the first step in our China market entry and provides an opportunity to test and learn the market with the support of an exceptional partner with significant market presence.”