Chinese e-commerce giant Alibaba has announced an 8% increase in annual revenue and has started integrating its generative AI capabilities, including Qwen, Alibaba’s proprietary large language model, and Model Studio (Bailian), a comprehensive AI model-building platform, with the world's largest luxury group, LVMH.
The Hangzhou-based company is a major player in the tech industry, with operations spanning retail, digital payments, artificial intelligence, and entertainment. Alibaba reported a revenue of $130.4 billion for the fiscal year ending March 31, compared to LVMH's $95.24 billion.
As part of the agreement announced on Wednesday, LVMH will gain access to technology from Alibaba Cloud to enhance supply chain processes and customer insights, according to statements from both companies.
This announcement follows the recent debut of Tiffany’s and Chaumet on Alibaba’s Tmall Luxury Pavilion, which offers features such as 3D product displays, virtual try-ons, and livestreaming.
The Hangzhou-based company is a major player in the tech industry, with operations spanning retail, digital payments, artificial intelligence, and entertainment. Alibaba reported a revenue of $130.4 billion for the fiscal year ending March 31, compared to LVMH's $95.24 billion.
As part of the agreement announced on Wednesday, LVMH will gain access to technology from Alibaba Cloud to enhance supply chain processes and customer insights, according to statements from both companies.
This announcement follows the recent debut of Tiffany’s and Chaumet on Alibaba’s Tmall Luxury Pavilion, which offers features such as 3D product displays, virtual try-ons, and livestreaming.
Eddie Wu, CEO of Alibaba Group, stated: “Alibaba is pleased to enable a transformation of the high-end consumption experience with retail leaders like LVMH through our world-class technologies in cloud computing and AI."
LVMH has around 30 brands on Luxury Pavilion, the high-end site on Alibaba’s Tmall shopping platform, including jewelry houses Chaumet and Tiffany, which recently joined the platform. This highlights the luxury sector's growing embrace of digital channels.
“The reinforcement of our partnership will help us to further accelerate our omni-channel business growth,” said Stephane Bianchi, group managing director of LVMH, referring to various shopping avenues both in-store and online.