Secoo

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.[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, led 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's 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]

Collaborations

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]

External links