A new luxury platform called Soho has been launched by Chinese e-commerce giant Alibaba Group Holding to target younger customers and to help high end brands reject the stock surplus they have generated during the global coronavirus lock-up. The platform would allow brands with full control of pricing , product range and strategy to run their own online stores. “Luxury sales, old collections, timeless classics and retro collectives” will be at home.
It will help high-end homes meet new buyers, including Chinese cities or Gen Z shoppers, young customers up to the age of twenty-five who just enter the luxury world and are expected to become ever more significant in the industry.
More than a third of the world’s luxury products are bought by Chinese buyers and China was first hit by the pandemic of coronavirus which forced brands to shut shops and brought international travel to virtual halt.