- Cettire (CTT) announces its plans to enter the Chinese market in the second half of this year
- The company has entered into a partnership with Chinese e-commerce platform, JD.Com to help drive traffic, brand awareness, and growth upon market entry
- In further preparation for the market entry, the company has developed a local talent pool in China with a focus on engineering talent
- The company expects China to be the world’s largest market for personal luxury goods by 2025, representing $150 billion of potential market opportunity for Cettire
- Shares were trading 12.8 per cent higher today at $2.64 each
Global luxury online retailer, Cettire (CTT) has announced its plans to enter the Chinese market.
The company expects to launch in the country within the second half of this year.
To support the market entry, Cettire has entered into a partnership with the Chinese e-commerce platform, JD.Com.
JD.Com has more than 550 million active customers and is China’s largest online retail platform.
The partnership will allow consumers access to Cettire’s luxury selection and post-sales support. JD.Com will help drive traffic, brand awareness, and growth for Cettire upon market entry.
Cettire will also have the option to leverage JD.Com’s local logistics capability.
In further preparation for the market entry, the company has developed a local talent pool in China with a focus on engineering talent. A number of senior technology professionals were hired late last year.
Cettire believes local engineering talent will support the development of features specific to China and Chinese speakers globally. This will include launching Chinese language websites to all existing markets.
The company expects China to be the world’s largest market for personal luxury goods by 2025, representing $150 billion of potential market opportunity for Cettire.
Founder and CEO Dean Mintz said this is a significant milestone for the company.
“Our entry into China is a significant milestone towards our goal of being the world’s largest luxury destination,” he said.
“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.”
Shares were trading 12.8 per cent higher today at $2.64 each at 2.09 pm AEDT.