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]
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]
References
^"Li Rixue". Businessoffashion.com. Archived from the original on 2020-02-02. Retrieved 2020-02-02.
^"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.
^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.
