Alibaba launches Luxury Soho targeting younger consumers
Alibaba Group Holding Ltd. has launched Luxury Soho, a platform aimed at Gen Z and younger shoppers from lower-tier cities in China. Alibaba notes the growing number of tech savvy luxury consumers born after 1995. The platform also offers brands the opportunity to customize their presence on the site. Tapestry Inc.'s Coach brand is an example of the kinds of labels Christina Fontana, head of Tmall fashion and luxury in Europe, thinks would be appropriate for this e-commerce channel. "There will be more flexibility in how people shop for luxury items and how brands handle off-season or excess products," she said in an interview posted on the Alibaba website. She also says the coronavirus pandemic is shifting more brands to e-commerce from stores, where many luxury names have traditionally sold their goods. Alibaba stock is up 7.6% for the past year while the S&P 500 index is up 0.2% for the period.
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