Tapestry Strikes Strategic Alliance With Alibaba's Tmall
Tapestry, Inc. (NYSE: TPR), the New York-based house of luxury accessories and lifestyle brands, said Thursday it has partnered with with Alibaba Group Holding Ltd - ADR (NYSE: BABA)'s Tmall, a China-focused e-commerce platform.
Tapestry said it will be one of the first companies to collaborate with Tmall in adopting the recently unveiled Flagship Store 2.0 beginning later this month. The platform will provide Tapestry's brands with tools to feature customized content and offer shopping experiences for customers.
Tapestry and Alibaba will also collaborate on intellectual property rights protection. Tapestry's Coach is a member of the Alibaba Anti-Counterfeiting Alliance and uses Alibaba's tools and technology initiatives to protect its brand.
Earlier this month, Tapestry named Jide Zeitlin as its new CEO. Susan Kropf, a member of the Tapestry board, was named lead independent director.
"Tapestry is committed to the Chinese market. We have a leadership position in China and all of our brands have tremendous opportunity for further growth” Zeitlin said in a statement.
"Given Tapestry's focus on customer experience, creating innovative strategic partnerships with leaders such as Tmall helps us to connect our unique lifestyle brands with the important fashion and digitally savvy Chinese consumer."
Tapestry shares were trading up 1.82% at $26.25 in Thursday’s pre-market session. Alibaba shares were higher by 0.69% at $177.30.
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Photo courtesy of Tapestry.
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