Melbourne-based luxury online retailer Cettire is set to expand into the Chinese market and has announced a partnership with JD.com.
The announcement comes after the eTailer revealed its first half results, revealing significant increases in sales, active customers and website visits.
Cettire's expansion into the Mainland China market comes as the personal luxury goods sector booms in the region.
According to a Bain & Company and Altagamma study, China is expected to be the world's largest market for personal luxury goods by 2025, accounting for around 25% of the AUD$600 billion global market – representing a AUD$150 billion potential market opportunity for Cettire.
Cettire founder and CEO Dean Mintz said that the entry into China forms part of the business' larger goal.
"Our entry into China is a significant milestone towards our goal of being the world’s largest luxury destination.
"China represents a vast market opportunity and it is core to our strategy to make our world class proposition available to additional markets.
"Today’s announcement is another step in our strategic journey to achieve this goal," he said.
To strengthen its entry into the Chinese market, Cettire has partnered with Chinese eCommerce platform JD.com.
With more than 550 million active customers, JD.com will provide Cettire and its suppliers with an additional channel with big potential.
Cettire's offering will complement JD.com's existing luxury assortment, with the Chinese eTailer set to drive traffic and brand awareness to Cettire, accelerating growth.
Through the partnership, Chinese consumers will have access to Cettire’s luxury selection - which includes brands such as Alexander McQueen, Off-White, Fendi and Valentino - as well as post-sales support.
Additionally, Cettire is set to explore the possibility of leveraging JD's local logistics capability, which provides one of the largest fulfilment infrastructures globally.
Mitnz welcomed the deal with JD.com.
"We are very delighted to be announcing this partnership with JD.com.
"The partnership represents the first step in our China market entry and provides an opportunity to test and learn the market with the support of an exceptional partner with significant market presence," he said.
To further support this expansion, Cettire has been assembling a team of local talent in China.
The business has so far focused on engineering talent, recruiting a number of senior technology staff in late 2021.
Cettire intends that the engineering team will support the development of features specific to the mainland China market and Chinese speakers globally.
This will include launching Chinese language websites to all existing markets.
Cettire was founded in 2017 and has a catalogue of over 1,700 luxury brands and over 200,000 products of clothing, shoes, bags, and accessories.