Secoo Announced Unaudited 2018 Q3 Financial Report, GMV Increased 57.4%

2018-12-04 21:27 670

BEIJING, Dec. 4, 2018 /PRNewswire/ -- 4 December 2018, Secoo (NASDAQ: SECO) announced 2018 Q3 unaudited financial report officially today. GMV reached US$319.5 million, increased 57.4% compared to 2017 Q3. Moreover, total net revenue reached US$228.9 million, increasing by 60.1%. The number of active customers increased by 92.4% to 304 thousand for Q3 2018 from 158 thousand for Q3 2017.

The increase figures demonstrate that Secoo is on the right track and the luxury market in China is still promising. The Founder and CEO of Secoo, Rixue Li mentioned that Secoo is delighted to report third quarter 2018 results, another chapter of Secoo's strong growth story, highlighted by year-over-year GMV growth of 57.4% and total revenues growth of 60.1%. Secoo attributes this robust performance to ability of leveraging its premium and diverse product and service offerings and industry-leading capabilities to gain deep footholds across the value chain in the industry. In addition, Secoo's innovative and cutting-edge online-to-offline marketing activities and strategic focus on expanding alliances with leading partners contributed to the robust quarterly growth. Notably, the number of active customers increased by 91% year-over-year to a record high of 300,000 during the quarter. Further, from a technology perspective, Secoo continued to support more effective, advanced and efficient operations for the omnichannel platform, which Secoo will lay a solid foundation for sustainable future growth.

Mr. Li also said that Secoo continued to broaden and deepen alliances with premiere designers to further enhance product offerings and expand influence. In doing so, Secoo remained strategically active, entering into partnerships with 97 new brands throughout the quarter and recent months. These important partnerships serve not only as a means to increase Secoo's brand recognition among Chinese luxury and fashion consumers but also as a way to continue to offer superior luxury shopping experiences. As always, Secoo continues its ardent focus on providing the best shopping experience for customers.

During the third quarter of 2018, Secoo expanded its direct collaborations efforts, adding 97 brands, including renowned international fashion and lifestyle designers such as Calvin Klein, R. M. Williams, DIESEL, Nicole Miller, Alberta Ferretti, Philosophy , Mikael D, Villeroy & Boch, Marshall and LVMH's new beauty brand Cha Ling. Further, Secoo's advertising sales grew substantially, driven by a further increasing advertiser base, including Huawei Glory, Land Rover, Smart, Dunhill, COFCO, Haier, and DBS Bank.

In September 2018, Secoo entered into a strategic partnership agreement with SASSEUR Group, a leading operator of outlet malls in Asia, allowing both parties to leverage each other's resources and expertise to drive the growth of omni-channel retail networks, boost both companies' growing and leading market presence and jointly explore new business initiatives to offer superior luxury shopping experience for consumers in China.

Besides, in September, Secoo co-hosted the inaugural "Chinese Heritage Design Festival" in Beijing. The event featured a fusion of traditions and fashion among many Chinese master artisans, traditional craftsmen and the most cutting-edge Chinese designer brands.

Moreover, Secoo entered into a partnership with Feelunique, Europe's largest online beauty retailer, to launch a dedicated cosmetics store on Secoo's platform. Through the partnership, Feelunique will provide Secoo's customers with access to approximately 50 highly sought-after international brands, which helps bolster Secoo's beauty and cosmetics product portfolio.

In ten years, Secoo leads the trend in luxury e-commerce industry and keep continuing to provide premium products and services to its high-end consumers. Secoo is also making a revolution from a luxury shopping-focused online platform to become a full-fledged lifestyle brand. As Asia's largest premium lifestyle platform, Secoo launched a lush new brand campaign emphasizing its luxury DNA and Chinese identity. In the future, Secoo will gain greater industry recognition, attract more leading luxury brands and plan a comprehensive global strategic layout. The multipronged business strategy positions Secoo well to deliver strong growth in the immediate future and over the long run.

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Source: Secoo Group
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