Luxury brand house Kering and Chinese ecommerce giant Alibaba are working together to stamp out the sale of fake goods on the platform.
As part of the deal, Kering will dismiss its long-standing lawsuit filed against Alibaba and affiliate Alipay, which was filed in the US district court in New York in 2015.
Kering and Alibaba said they have formed a joint taskforce tackling online and offline counterfeiters.
The companies said in a joint statement: “The new partnership represents a milestone in both parties’ investment and efforts to protect brands’ intellectual property rights.
“The companies have established a joint task force with the purpose of collaborating fully, exchanging useful information, and working closely with law enforcement bodies to take appropriate action against infringers of Kering’s brands identified with Alibaba’s advanced technology capabilities.”