Alipay, Rebecca Minkoff Team Up For Fashion Week
While I’m more of a T-shirt-and-jeans guy, there are plenty of people who avidly follow the events of New York’s legendary Fashion Week. Apparently, more than a few of those folks will be elements of the growing Chinese tourist class, because a new report has emerged of a partnership between Alipay and Rebecca Minkoff.
With the partnership in place, Chinese shoppers at the upscale fashion shop—or those shopping from home on the rebeccaminkoff.com website, which is apparently not blocked by the Great Firewall—will be able to pay for their purchases using Alipay. The partnership fired up just ahead of Rebecca Minkoff’s appearance at New York’s Fashion Week, and now, Alipay is accepted not just in New York, but also in Chicago, San Francisco, and all other Rebecca Minkoff outlets.
CEO and co-founder of Rebecca Minkoff, Uri Minkoff, commented “Chinese travelers represent an important and growing audience for Rebecca Minkoff. By offering Alipay, we are ensuring that Chinese shoppers visiting any of our U.S. stores or our website are met with an exceptional experience which includes the easiest and most familiar payment method for them. We are excited to be able to offer Alipay.”
Since Alipay counts just over 520 million users to its credit—well over the entire United States population—the end result is a potentially huge shot of new market for Rebecca Minkoff items and a slate of new payments to process for Alipay. Good news all around, really.
While it remains to be seen just how many Alipay users will be traveling to get in on Rebecca Minkoff products—it’s a safe bet that most of that 520 million isn’t doing a lot of traveling nor is it particularly interested in couture—any extra push of market is a good thing for a business. Even one extra customer, gained profitably, is that much more profit for the overall system.
Yet even if just one in 10 of that 520 million has an interest in shopping, that’s like adding a market that’s roughly the size of California and Ohio combined. Two whole states of new shoppers is no market to sneeze at, and Rebecca Minkoff has just tossed its sharply-appointed hat into this major new ring.