Yahoo Finance LVMH deepens partnership with China's Alibaba
STORY: LVMH will deepen its partnership with China's Alibaba.
The French luxury group said Wednesday it wants to work with the firm's cloud and AI capacities.
It also hopes to boost its presence in China.
The world's biggest luxury firm first built a partnership with the e-commerce giant five years ago.
The reinforced ties come as luxury companies up their efforts to appeal to Chinese shoppers.
Demand in the country was hit by a property crisis and high youth unemployment.
The partnership also shows the growing focus of high end brands on improving their online shopping presence.
LVMH said reinforcing the partnership will help accelerate business growth.
It has around 30 brands on Luxury Pavilion, the high end site on Alibaba's Tmall shopping platform.
Both companies said LVMH will also gain access to technology from Alibaba Cloud.
That aims to improve supply chain processes and customer insights.
