Secoo

Secoo (Chinese: 寺库; pinyin: Siku) is an online to offline e-commerce platform and the largest online luxury retailer in China.

Secoo Holding Ltd
Type of businessPublic
Type of site
E-commerce
Available inChinese, English
Traded asNASDAQ: SECO (American depository receipts)
Founded2008 (2008)
HeadquartersBeijing, China
Area servedWorldwide
Founder(s)Richard Rixue Li
Key people
IndustryInternet, online retailing
Revenue CN¥5,387 million (US$783.6 million, 2018)[3]
Net income CN¥151.83 million (US$22 million, 2018)[3]
URLsecoo.com
Users27 million[4]

History

Secoo was launched as Secoo Jimai in 2008, by Richard Rixue Li.[5][6] 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.[7] By 2011, Li had 10 small shops in the provinces and opened his first flagship “Secoo” store in Beijing.[5] In January 2011, Secoo website was launched.[5]

On July 19, 2011, Secoo got $10 million on investments from IDG Capital.[8] In April 2012, Secoo closed a Series B found of funding, raising $30 million from IDG Capital Partners, Yintai Investments and Bertelsmann Asia Investments.[9] 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.[10][11]

Secoo's mobile app was launched in December 2013.[12] In 2013, the company had shops in Beijing, Shanghai, Chengdu and Hong Kong.[13] 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.[14][15][16] In July 2015, the firm completed a $55 million Series E round of funding, lead by Ping An Ventures, the venture investment arm of Ping An Insurance.[17][18] Secoo incorporated representatives companies in the United States (2014) and in Italy (2015).[12] In September 2015, during China Fashion Week, the firm presented its “Fashion+” vision that aimed to open China’ market to European fashion designers.[19] In 2016, Secoo opened its first shop in Johor Bahru, Malaysia.[20]

On September 22, 2017, Secoo began trading on the NASDAQ exchange, after launching its IPO and raising about $140 million.[21][17][22]

In January 2018, Secoo signed a collaboration contract with Parkson Retail Group, a major Asian-based department store operator.[23][24] 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.[25][26] JD.com aimed to become Secoo's domestic online retail partner, while L Catterton Asia, was set to provide industry expertise.[27] Later in July 2018, the company appointed Federica Marchionni as its Chief Strategy Officer and International CEO.[2][28] In November 2018, Secoo was among other leading Chinese retailers which de-listed Dolce & Gabbana items, following the firms’ controversial ads.[29][30]

In November 2019, the firm established partnerships with the Italian fashion retailer Luisa Via Roma and Prada.[31][32]

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.[33]

References
  1. "Li Rixue". Businessoffashion.com. Archived from the original on 2020-02-02. Retrieved 2020-02-02.
  2. Cometto, Maria Teresa (2018-07-31). "Marchionni (Secoo): per portare il lusso nel mondo serve essere italiani" [Marchionni (Secoo): to bring luxury to the world you need to be Italian]. Corriere della Sera (in Italian). Archived from the original on 2018-08-01. Retrieved 2020-01-25.
  3. "SECO:US". Bloomberg L.P. Retrieved 2020-01-26.
  4. Smith, Tamsin (2019-10-01). "The BoF 500 2019: The 6 Chinese Figures Helping to Shape the Fashion Industry". JingDaily.com. Archived from the original on 2020-02-13. Retrieved 2020-01-25.
  5. Erling, Johnny (2011-10-26). "Die bizarre Welt der reichen Chinesen" [The bizarre world of the rich Chinese]. Die Welt (in German). Archived from the original on 2011-10-25. Retrieved 2020-01-25.
  6. 校对, 杨梓铭 (2018-07-09). "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]. The Beijing News (in Chinese). Archived from the original on 2020-06-30. Retrieved 2020-06-30.
  7. "When on-line shopping needs an off-line presence". China Network Television. 2014-07-31. Archived from the original on 2014-12-09. Retrieved 2020-01-25 – via China Internet Information Center.
  8. Wen, Wang (2011-08-15). "VCs approach luxury retailers". China Daily. Archived from the original on 2012-06-14. Retrieved 2020-01-25.
  9. "The Daily Start-Up: YouTube Co-Founders Tap Google Ventures In Latest Venture". The Wall Street Journal. 2012-03-30. Archived from the original on 2014-02-15. Retrieved 2020-01-25.
  10. "Chinese Second-Hand Luxury Goods Retailer Secoo Completes Series C Round". chinamoneynetwork.com. 2013-07-07. Archived from the original on 2014-07-31. Retrieved 2020-01-25.
  11. Cheung, Sonja (2012-12-19). "Secoo Raising Series C, Expected to Close North of $30M". The Wall Street Journal. Retrieved 2020-01-25.
  12. "Secoo Holding Limited:Representing 4,250,000 Class A Ordinary Shares (prospectus)". U.S. Securities and Exchange Commission. 2017-09-21. p. 5. Archived from the original on 2020-01-26. Retrieved 2020-01-26.
  13. "人物：寺库李日学_科技时代_新浪网" [Characters: Secoo Li Rixue: Technology Times]. Sina Corp (in Chinese). 2013-12-24. Archived from the original on 2013-12-29. Retrieved 2020-01-26.
  14. Griffith, Erin (2014-07-22). "Deals of the Day: Contigo, Griffin's Foods, Urban Compass". Fortune. Archived from the original on 2020-01-25. Retrieved 2020-01-25.
  15. Cheung, Sonja (2014-07-24). "Secoo Bags Around $100M to Bring Fifth Avenue to China". The Wall Street Journal. Retrieved 2020-01-25.(subscription required)
  16. Millward, Steven (2014-08-05). "Luxury estore gets $100M funding to attack China's big-bucks couture fashion market". Tech in Asia. Archived from the original on 2014-08-18. Retrieved 2020-01-25.
  17. Gonzalez-Rodriguez, Angela (2017-08-31). "Chinese luxury e-commerce platform Secoo files for 100 million IPO in the U.S." FashionUnited. Archived from the original on 2020-01-26. Retrieved 2020-01-26.
  18. Xiang, Nina (2015-07-12). "Inside China's Smart Money This Week: July 6–10". Forbes Asia. Archived from the original on 2020-01-26. Retrieved 2020-01-26.
  19. "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]. People's Daily (in Chinese). 2015-10-29. Archived from the original on 2015-10-30. Retrieved 2020-01-26.
  20. Said, Halim (2016-10-01). "Luxury goods heavyweight Secoo opens first Southeast Asian store in Forest City". New Straits Times. Archived from the original on 2016-10-02. Retrieved 2020-01-26.
  21. "Secoo trades on Nasdaq after launching IPO". China Daily. 2017-09-23. Archived from the original on 2019-10-14. Retrieved 2020-01-26.
  22. Flannery, Russell (2017-10-10). "China Online Retailer Secoo Plunges On Rival JD.com's Latest Luxury Push". Forbes. Archived from the original on 2020-01-26. Retrieved 2020-01-26.
  23. Reyes, Mira (2018-01-23). "China's Secoo partners with Parkson Retail Group". S&P Global. Archived from the original on 2020-01-26. Retrieved 2020-01-26.
  24. 肖鹏 (2018-01-23). "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]. Sina Corp (in Chinese). Archived from the original on 2018-01-23. Retrieved 2020-01-26.
  25. "L Catterton Asia, JD.com Invest $175 Million in Secoo". The Wall Street Journal. 2018-07-09. Retrieved 2020-01-26.(subscription required)
  26. Lazazzera, Milena (2018-09-27). "Asian millennials ditch stigma attached to buying second-hand". Financial Times. Retrieved 2020-01-25.(subscription required)
  27. Tao, Li; Chen, Celia (2018-07-09). "Chinese luxury retailer Secoo drives expansion via US$175m deal with JD.com, L Catterton". South China Morning Post. Shenzhen. Archived from the original on 2020-01-05. Retrieved 2020-01-26.
  28. Ap, Tiffany (2018-07-23). "Secoo Names Federica Marchionni International CEO". Women's Wear Daily. Retrieved 2020-01-26.(subscription required)
  29. "Dolce & Gabbana scompare dall'e-commerce cinese" [Dolce & Gabbana disappears from Chinese e-commerce]. la Repubblica (in Italian). 2018-11-22. Archived from the original on 2018-11-22. Retrieved 2020-01-26.
  30. "D&G: China shopping sites pull products in ad backlash". BBC News. 2019-11-23. Archived from the original on 2019-09-01. Retrieved 2020-01-26.
  31. Ap, Tiffany (2019-05-07). "LuisaViaRoma Inks Partnership With Secoo". Women's Wear Daily. Retrieved 2020-01-26.(subscription required)
  32. Ap, Tiffany (2019-05-28). "Secoo to Sell Prada and Miu Miu Online". Women's Wear Daily. Archived from the original on 2019-06-03. Retrieved 2020-01-26.(subscription required)
  33. Jiang, Yaling (2020-06-08). "Can Two Chinese Luxury E-Tailers Move The Needle By Teaming Up?". jingdaily.com. Archived from the original on 2020-06-17. Retrieved 2020-06-30.
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