Luxury Online Retailer Yoox Net-A-Porter to Quit China

(Bloomberg) — Richemont’s high fashion e-commerce platform Yoox Net-A-Porter is pulling out of China, as customers’ reluctance to splash out on expensive items is putting a strain on luxury brands’ operations.

The digital retailer known as YNAP plans to focus resources on its core geographies, a Richemont spokesperson said.

Net-A-Porter’s operator in China, a joint venture between YNAP and Alibaba Group Holding Ltd. called Feng Mao, is in liquidation, people familiar with the matter said.