Secoo.com Announces the Completion of Around 100M in New Financing: Brings Fifth Avenue to China
-- Rolls out global strategy
BEIJING, July 30, 2014 /PRNewswire/ -- Secoo.com, China's largest luxury and high-end fashion e-commerce company, recently announced the completion of a new round of financing that has raised around US$100 million. The event represents the largest amount of financing raised in one round across the Chinese luxury and high-end fashion e-commerce sector to date.
The financing was led by CMC Capital Partners, with the participation of IDG Capital Partners, Ventech China, Crehol Capital (Mulliez Family Fund), and Vangoo Capital. Silicon Valley Bank also provided a credit line valued at several tens of millions dollars to the company.
According to China Luxury Market Study 2013 released by Bain & Company, Chinese consumers spend 350 billion yuan (approx US$55 billion) buying luxury products annually, about two thirds of which are spent in overseas purchases. As the leading luxury and high-end fashion e-commerce firm in China, Secoo responded to this market trend, providing Chinese high-end consumers with "one-stop" professional luxury services, from the identification, appraisal and sale of luxury products to after-sales maintenance and auction sale of luxury goods. As a result of years of dedicated operations, Secoo now has more than 3 million high-end members and has received acclaim and recognition from the capital market.
Secoo now sells products from hundreds of top international brands. After having formed strategic alliances with several European, American and Japanese name-brand luxury retailers, as well as making available a collection of the most comprehensive and newest limited luxury products worldwide, Secoo.com is already the largest online sales platform of luxury products and high-end fashion products in China. The firm has also established the largest luxury identification, appraisal and maintenance service center in the country, with off-line clubs dotted across mainland China, Hong Kong and Tokyo. Secoo is in the midst of opening more off-line experience clubs in Milan, New York and Paris.
Secoo CEO Li Rixue said, "The funds will mainly be used in our global strategic layout and overseas business expansions, as well as higher budget in marketing, developing its information technology infrastructure. In the future, we will try our best to meet the demands of high-end clients, both in mainland China and abroad, providing them with authentic, seasonal, and desirable luxury products."
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