Secoo Explained

Secoo Holding Ltd
Company Type:Public
Traded As:NASDAQ: (American depository receipts)
Founder:Richard Rixue Li
Location:Beijing, China
Revenue: (US$783.6 million, 2018)[1]
Net Income: (US$22 million, 2018)
Area Served:Worldwide
Num Users:27 million[2]
Industry:Internet, online retailing
Website Type:E-commerce
Language:Chinese, English

Secoo is an online to offline e-commerce platform and the largest online luxury retailer in China.

History

Secoo was launched as Secoo Jimai in 2008, by Richard Rixue Li.[3] [4] Secoo started out with second-hand luxury as its main product. The company hired a staff of jewellery and luxury goods appraisers to verify their products were genuine.[5] By 2011, Li had 10 small shops in the provinces and opened his first flagship “Secoo” store in Beijing. In January 2011, Secoo website was launched.

On July 19, 2011, Secoo got $10 million on investments from IDG Capital.[6] In April 2012, Secoo closed a Series B found of funding, raising $30 million from IDG Capital Partners, Yintai Investments and Bertelsmann Asia Investments.[7] In August 2013, the company raised more than $30 million in a Series C funding led by Vangoo Capital Partners, with IDG Capital Partners, Ventech Capital and Crehol Capital participating.[8] [9]

Secoo's mobile app was launched in December 2013.[10] In 2013, the company had shops in Beijing, Shanghai, Chengdu and Hong Kong.[11] By 2014, Secoo became China's largest website for individuals buying and selling their luxury goods. In July 2014, the company raised $100 million in a Series D round of funding from the existing investors and China Media Capital, Ventech China, Crehol Meaningful Capital and Vangoo Investment Partners.[12] [13] [14] In July 2015, the firm completed a $55 million Series E round of funding, led by Ping An Ventures, the venture investment arm of Ping An Insurance.[15] [16] Secoo incorporated representatives companies in the United States (2014) and in Italy (2015). In September 2015, during China Fashion Week, the firm presented its “Fashion+” vision that aimed to open China’ market to European fashion designers.[17] In 2016, Secoo opened its first shop in Johor Bahru, Malaysia.[18]

On September 22, 2017, Secoo began trading on the NASDAQ exchange, after launching its IPO and raising about $140 million.[19] [20]

In January 2018, Secoo signed a collaboration contract with Parkson Retail Group, a major Asian-based department store operator.[21] [22] In July, private equity firm L Catterton and JD.com, one of China's largest online retailers, announced they would invest $175 million in Secoo.[23] [24] JD.com aimed to become Secoo's domestic online retail partner, while L Catterton Asia, was set to provide industry expertise.[25] Later in July 2018, the company appointed Federica Marchionni as its Chief Strategy Officer and International CEO.[26] In November 2018, Secoo was among other leading Chinese retailers which de-listed Dolce & Gabbana items, following the firms’ controversial ads.[27] [28]

In November 2019, the firm established partnerships with the Italian fashion retailer Luisa Via Roma and Prada.[29] [30]

In June 2020, Qudian announced the purchase of $100 million-worth (or 28.9 percent) of Secoo's shares, making it the largest stockholder in the company.[31]

Notes and References

  1. Web site: SECO:US. Bloomberg L.P.. 2020-01-26.
  2. Web site: The BoF 500 2019: The 6 Chinese Figures Helping to Shape the Fashion Industry. Smith. Tamsin. JingDaily.com. 2019-10-01. https://archive.today/20200213163006/https://jingdaily.com/the-bof-500-2019-the-6-chinese-figures-helping-to-shape-the-fashion-industry/. 2020-02-13. 2020-01-25.
  3. Web site: Die bizarre Welt der reichen Chinesen. The bizarre world of the rich Chinese. German. Erling. Johnny. Die Welt. 2011-10-26. https://web.archive.org/web/20111025214430/https://www.welt.de/wirtschaft/article13680668/Die-bizarre-Welt-der-reichen-Chinesen.html. 2011-10-25. 2020-01-25.
  4. Web site: 寺库宣布获得L Cattertion Asia和京东1.75亿美元投资 盘前涨逾10%. Secoo announced 1.75 billion investments from L Catterton and JD.com. Chinese. 杨梓铭. 校对. The Beijing News. 2018-07-09. https://web.archive.org/web/20200630062524/http://www.bjnews.com.cn/finance/2018/07/09/494388.html. 2020-06-30. 2020-06-30.
  5. Web site: When on-line shopping needs an off-line presence. China Network Television. China Internet Information Center. 2014-07-31. https://web.archive.org/web/20141209174205/http://china.org.cn/video/2014-07/31/content_33104943.htm. 2014-12-09. 2020-01-25.
  6. Web site: VCs approach luxury retailers. Wen. Wang. China Daily. 2011-08-15. https://web.archive.org/web/20120614082302/http://www.chinadaily.com.cn/business/2011-08/15/content_13111517.htm. 2012-06-14. 2020-01-25.
  7. Web site: The Daily Start-Up: YouTube Co-Founders Tap Google Ventures In Latest Venture. The Wall Street Journal. 2012-03-30. https://web.archive.org/web/20140215200317/http://blogs.wsj.com/venturecapital/2012/04/30/the-daily-start-up-youtube-co-founders-tap-google-ventures-in-latest-venture/. 2014-02-15. 2020-01-25.
  8. Web site: Chinese Second-Hand Luxury Goods Retailer Secoo Completes Series C Round. chinamoneynetwork.com. 2013-07-07. https://web.archive.org/web/20140731182755/http://www.chinamoneynetwork.com/2013/08/07/chinese-second-hand-luxury-goods-retailer-secoo-completes-series-c-round. 2014-07-31. 2020-01-25.
  9. Web site: Secoo Raising Series C, Expected to Close North of $30M. Cheung. Sonja. The Wall Street Journal. 2012-12-19. 2020-01-25.
  10. Web site: Secoo Holding Limited:Representing 4,250,000 Class A Ordinary Shares (prospectus). U.S. Securities and Exchange Commission. 5. 2017-09-21. https://archive.today/20200126112506/https://www.sec.gov/Archives/edgar/data/1633441/000104746917006032/a2233348z424b4.htm. 2020-01-26. 2020-01-26.
  11. Web site: 人物：寺库李日学_科技时代_新浪网. Characters: Secoo Li Rixue: Technology Times. Chinese. Sina Corp. 2013-12-24. https://web.archive.org/web/20131229093755/http://tech.sina.com.cn/z/featurelrx/. 2013-12-29. 2020-01-26.
  12. Web site: Deals of the Day: Contigo, Griffin's Foods, Urban Compass. Griffith. Erin. Fortune. 2014-07-22. https://archive.today/20200125191802/https://fortune.com/2014/07/22/deals-of-the-day-contigo-griffins-foods-urban-compass/. 2020-01-25. 2020-01-25.
  13. Web site: Secoo Bags Around $100M to Bring Fifth Avenue to China. Cheung. Sonja. The Wall Street Journal. 2014-07-24. 2020-01-25.
  14. Web site: Luxury estore gets $100M funding to attack China's big-bucks couture fashion market. Millward. Steven. Tech in Asia. 2014-08-05. https://web.archive.org/web/20140818073816/http://www.techinasia.com/china-luxury-fashion-ecommerce-site-secoo-funding-100-million-bucks/. 2014-08-18. 2020-01-25.
  15. Web site: Chinese luxury e-commerce platform Secoo files for 100 million IPO in the U.S.. Gonzalez-Rodriguez. Angela. FashionUnited. 2017-08-31. https://web.archive.org/web/20200126110330/https://fashionunited.uk/news/business/chinese-luxury-e-commerce-platform-secoo-files-for-100-million-ipo-in-the-u-s/2017083125657. 2020-01-26. 2020-01-26.
  16. Web site: Inside China's Smart Money This Week: July 6–10. Xiang. Nina. Forbes Asia. 2015-07-12. https://archive.today/20200126111600/https://www.forbes.com/sites/rogersands/2019/08/03/the-best-electric-razors-of-2019/%23572143b211c4. 2020-01-26. 2020-01-26.
  17. Web site: 寺库携海外设计师品牌亮相中国国际时装周2015DHUB. Secoo brings overseas designer brands to China International Fashion Week 2015. Chinese. People's Daily. 2015-10-29. https://web.archive.org/web/20151030134821/http://lady.people.com.cn/n/2015/1029/c1014-27753187.html. 2015-10-30. 2020-01-26.
  18. Web site: Luxury goods heavyweight Secoo opens first Southeast Asian store in Forest City. Said. Halim. New Straits Times. 2016-10-01. https://web.archive.org/web/20161002104252/http://www.nst.com.my/news/2016/10/177368/luxury-goods-heavyweight-secoo-opens-first-southeast-asian-store-forest-city. 2016-10-02. 2020-01-26.
  19. Web site: Secoo trades on Nasdaq after launching IPO. China Daily. 2017-09-23. https://web.archive.org/web/20191014084903/http://www.chinadaily.com.cn/business/2017-09/23/content_32356669.htm. 2019-10-14. 2020-01-26.
  20. Web site: China Online Retailer Secoo Plunges On Rival JD.com's Latest Luxury Push. Flannery. Russell. Forbes. 2017-10-10. https://archive.today/20200126121313/https://www.forbes.com/sites/bensin/2020/01/23/ticpods-2-pro-review-more-feature-packed-than-the-airpods-pro-but-fit-is-a-concern/%2316d5e25c1e8e. 2020-01-26. 2020-01-26.
  21. Web site: China's Secoo partners with Parkson Retail Group. Reyes. Mira. S&P Global. 2018-01-23. https://web.archive.org/web/20200126122519/https://www.spglobal.com/marketintelligence/en/news-insights/trending/nx30g1jqupsh0_blpz8dyw2. 2020-01-26. 2020-01-26.
  22. Web site: 寺库与百盛集团达成战略合作 布局线下渠道. Secoo partnered with the Parkson group and reached a strategic cooperation for online and offline channels. Chinese. 肖鹏. Sina Corp. 2018-01-23. https://web.archive.org/web/20180123112810/http://tech.sina.com.cn/i/2018-01-23/doc-ifyquptv8963568.shtml. 2018-01-23. 2020-01-26.
  23. Web site: L Catterton Asia, JD.com Invest $175 Million in Secoo. The Wall Street Journal. 2018-07-09. 2020-01-26.
  24. Web site: Asian millennials ditch stigma attached to buying second-hand. Lazazzera. Milena. Financial Times. 2018-09-27. 2020-01-25.
  25. News: Chinese luxury retailer Secoo drives expansion via US$175m deal with JD.com, L Catterton . Shenzhen. Tao. Li. Chen. Celia. South China Morning Post. 2018-07-09. https://web.archive.org/web/20200105002340/https://www.scmp.com/tech/e-commerce/article/2154505/chinese-luxury-retailer-secoo-drives-expansion-us175m-deal-jdcom-l. 2020-01-05. 2020-01-26.
  26. Web site: Secoo Names Federica Marchionni International CEO. Ap. Tiffany. Women's Wear Daily. 2018-07-23. 2020-01-26.
  27. Web site: Dolce & Gabbana scompare dall'e-commerce cinese. Dolce & Gabbana disappears from Chinese e-commerce. Italian. la Repubblica. 2018-11-22. https://web.archive.org/web/20181122104444/https://www.repubblica.it/esteri/2018/11/22/news/dolce_gabbana_scompare_dall_e-commerce_cinese-212280096/. 2018-11-22. 2020-01-26.
  28. Web site: D&G: China shopping sites pull products in ad backlash. BBC News. 2019-11-23. https://web.archive.org/web/20190901103812/https://www.bbc.com/news/business-46312844. 2019-09-01. 2020-01-26.
  29. Web site: LuisaViaRoma Inks Partnership With Secoo. Ap. Tiffany. Women's Wear Daily. 2019-05-07. 2020-01-26.
  30. Web site: Secoo to Sell Prada and Miu Miu Online. Ap. Tiffany. Women's Wear Daily. 2019-05-28. 2020-01-26. https://web.archive.org/web/20190603192535/https://wwd.com/fashion-news/fashion-scoops/secoo-to-sell-prada-and-miu-miu-online-1203141021/. 2019-06-03.
  31. Web site: Can Two Chinese Luxury E-Tailers Move The Needle By Teaming Up?. Jiang. Yaling. jingdaily.com. 2020-06-08. https://web.archive.org/web/20200617201723/https://jingdaily.com/can-two-chinese-luxury-e-tailers-move-the-needle-by-teaming-up/. 2020-06-17. 2020-06-30.

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