Alibaba partners with global icon as share price soars
Chinese e-commerce giant Alibaba has partnered with one of the world’s most famous retail brands, as its share price continues to power through global economic headwinds.
Fortnum & Mason, described as “the world’s most famous cornershop,” has announced a deal that will see its products sold on Tmall Global, which is a cross-border online marketplace owned by Alibaba (HK: 9988) (NYSE: BABA).
Ecommerce accelerator Pattern is acting as Fortnum & Mason’s Trade Partner, supporting every aspect of running the new online store.
Alibaba’s share price has endured a turbulent period – it is down nearly 50 per cent over the past 12 months, but, encouragingly for investors, has risen 25 per cent since a month ago.
This deal with a 315-year-old British retail and hospitality giant is another reminder of Alibaba’s reach and international significance.
The new Tmall Global flagship store will give Chinese consumers access to some of Fortnum’s most famous products, including its famous teas, biscuits, hot chocolate, wine & spirits, teaware and wicker hampers.
“For centuries, Fortnum’s has thrived on delivering a sense of pleasure for our customers and we are delighted to share that with a new audience in China,” said Fortnum & Mason’s Asia Pacific spokesperson Carmen Chiu.
“We are excited and proud to establish our brand and bring a piece of Piccadilly to our Chinese customers before they visit us in London and Hong Kong.
“Fortnum & Mason is positioned perfectly to create the aspirations for those seeking for high-quality experience to elevate their lifestyle.
“As a multi-category brand, we can meet the needs for every occasion worth celebrating with something more special.
“We are also very excited about the journey ahead which will provide us a great deal of learning of the Chinese market as an international brand.”
Arthur Cheung, the General Manager of Pattern Asia, said it is proud to be “joining hands” with Fortnum & Mason.
“(We) will be working together closely to ensure a successful launch for the Tmall Global store,” he said.
“While the Chinese ecommerce market is extremely competitive, there is always space for brands with a strong history and pedigree, who offer unique and authentic products targeted at sophisticated cross-border shoppers.
“We look for reputable international brands to partner with, and bring our expertise to support their growth in China.
“Most importantly, we deliver a data-driven approach to trading on Tmall ,with complete visibility for a sustainable partnership.”