Cettire enters China’s online luxury market
Global luxury retailer Cettire has entered China’s online luxury market as it plans to tap country’s potential to become the world’s largest market for personal luxury goods.
China is expected to lead in terms of personal luxury goods by 2025, accounting for 25% of the global market, estimated to be worth A$600b. Cettire noted this could lead to around A$150b market opportunity for the company.
“Our entry into China is a significant milestone towards our goal of being the world’s largest luxury destination,” Cettire Founder and CEO Dean Mintz said.
“China represents a vast market opportunity and it is core to our strategy to make our world class proposition available to additional markets.” Its mainland propositions will be available to Cinese consumers starting the second half of the year.
In line with this, Cettire also partnered with JD.com to leverage of its strengths as a leading Chinese e-commerce platform.
Through the partnership, Cettire will become accessible to Chinese consumers. It will also allow the company to provide post-sale support.
“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,” Mintz said.
On top of its China entry and JD.com partnership, Cettire has also been developing a local talent pool with engineering capabilities in Mainland China.
This is intended to support the development of features specific to the Chinese market, including launching Chinese language websites to all existing markets.