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French luxury fashion house LVMH-Moet Hennessy Louis Vuitton (OTC:LVMHF) (OTC:LVMUY) and e-commerce giant Alibaba Group Holding Limited (NYSE:BABA) have announced the expansion of their partnership.
The collaboration aims to elevate the luxury experience in China by utilizing Alibaba’s cloud technologies and AI-powered retail innovations.
This deeper partnership demonstrates both companies’ commitment to fostering retail innovation and delivering tech-driven luxury experiences.
With over 30 Maisons and Divisions in mainland China and Southeast Asia, the five-year extension of the partnership underscores a mutual commitment to exploring new markets, products, and technological frontiers.
Leveraging Alibaba’s capabilities will help LVMH enhance its omnichannel, data, and tech presence in China.
Stephane Bianchi, Group Managing Director of LVMH said, “The reinforcement of our partnership will help us to further accelerate our omni-channel business growth, and to keep on leveraging the transformative capabilities of cloud and AI technologies, along with Alibaba’s world-leading expertise in ecommerce operations.”
Eddie Wu, CEO of Alibaba Group, expressed excitement about transforming the high-end consumption experience through their advanced technologies in cloud computing and AI.
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This partnership has already enhanced the retail experience for LVMH customers worldwide, particularly in China via Tmall.
LVMH has integrated Alibaba Cloud’s generative AI capabilities, including Qwen and Model Studio (Bailian), to create novel applications and services.
LVMH will access more of Alibaba Cloud’s technologies to optimize operations, enhance customer insights, and streamline supply chain management.
Since its inception in 2019, the strategic partnership has enabled LVMH to utilize Alibaba Cloud’s data management tools and machine learning platforms to personalize services for the Chinese market.
The announcement follows successful integrations with Tmall in luxury brands like Tiffany and Chaumet, as well as numerous omni-retail initiatives.
Price Action: LVMHF shares are trading lower by 2.23% at $814.20 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
