Luxury online retailer Yoox Net-A-Porter is leaving China

(Bloomberg) — Fashion e-commerce platform for Richemont Yoox Net-A-Porter is withdrawing from China as customers’ reluctance to spend money on expensive products hampers the business of luxury brands.

A Richemont spokesman said the digital retailer known as YNAP plans to concentrate resources in its core geographic locations.

Net-A-Porter’s operator in China, a joint venture between YNAP and Alibaba Group Holding Ltd. called Feng Mao, is in liquidation, people familiar with the matter said.