Secoo

Secoo

Secoo

Chinese e-commerce platform

Not to be confused with Secom.
For other uses, see Siku.

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

Quick Facts Type of business, Type of site ...

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.[citation needed] 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’ 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. [1]
    "Li Rixue". Businessoffashion.com. Archived from the original on 2020-02-02. Retrieved 2020-02-02.
  2. [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. [3]
    "SECO:US". Bloomberg L.P. Retrieved 2020-01-26.
  4. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [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. [26]
    Lazazzera, Milena (2018-09-27). "Asian millennials ditch stigma attached to buying second-hand". Financial Times. Retrieved 2020-01-25.(subscription required)
  27. [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. [28]
    Ap, Tiffany (2018-07-23). "Secoo Names Federica Marchionni International CEO". Women's Wear Daily. Retrieved 2020-01-26.(subscription required)
  29. [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. [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. [31]
    Ap, Tiffany (2019-05-07). "LuisaViaRoma Inks Partnership With Secoo". Women's Wear Daily. Retrieved 2020-01-26.(subscription required)
  32. [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. [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.
  • Official website
  • Business data for Secoo Holding Limited:
Share this article:

This article uses material from the Wikipedia article Secoo, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.