(Yicai Global) Aug. 16 -- US luxury brand, Michael Kors Holdings Ltd. [NYSE:KORS], has reached a comprehensive cooperation agreement with Alipay, online payment platform of Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA], under which fashion buyers will be able to use 'Ant Credit Pay,' a consumer credit product of Alipay, to make payments for Michael Kors products.
After the cooperation agreement takes effect, consumers will be able to buy products of Michael Kors on the luxury brand's official online shop in China by way of 'Ant Credit Pay' including the installment and pre-authorization tools of this product, online media jiemian.com reported yesterday.
Pre-authorization of Ant Credit Pay means consumers can order limited products of Michael Kors, making the down-payment by part of their credit limit in Ant Credit Pay. Alipay users can also order the new limited handbags of Michael Kors via the homepage of Ant Credit Pay. After this activity kicked off at 11.00 a.m. on Aug. 15, some 150 handbags were sold out in only 300 seconds.
Under the agreement, Alipay will also help Michael Kors find targeted consumers via its Big Data technologies to offer new marketing channels for the luxury brand, reported mshishang.com.
Ant Credit Pay users are granted credit limits varying from CNY500 (USD75) to CNY5,000. Alipay previously established similar cooperation ties with other two luxury brands, Louis Vuitton and Burberry.