LVMH Group's Bvlgari recently reached strategic cooperation with Tmall.com and the brand will open a store on Tmall in May 2020 to sell perfume and cosmetics.
Prior to this, LVMH Group's many brands, including Rimowa, Guerlain, Benefit, Givenchy, Zenith, and Moet Hennessy, have launched stores on Tmall.
Statistics show that so far, Tmall has gathered more than 150 luxury brands. Its luxury goods consumption saw a significant growth since March 2020 and on March 8, its luxury goods sales reached a year-on-year increase of 140%.
China is the world's largest and the most unique market for luxury brands. Bain & Company pointed out that in 2019, the global luxury goods sales were USD310 billion and China contributed 35%.
It is predicted that by 2025, online sales will accounted for 25% of total sales of luxury goods.