Secoo

Secoo, also known by the Chinese name Siku and initially launched as Secoo Jimai, is a Chinese luxury-commerce platform built around the combination of digital retail, physical stores, authentication, and luxury-goods services. The company was founded in 2008 by Richard Rixue Li, initially focusing on pre-owned luxury products. Its operating model depended on professional appraisal and authentication: Secoo hired specialists in jewelry and luxury goods to examine merchandise before it was offered to customers, addressing one of the central trust problems in the second-hand luxury market. The business developed from a small physical retail presence into an online-to-offline platform. By 2011, it reportedly operated ten smaller shops in Chinese provinces and had opened its first flagship Secoo store in Beijing. Its website launched in January 2011, creating a dedicated online channel for individuals buying and selling luxury goods. Secoo later expanded its physical and commercial footprint to cities including Beijing, Shanghai, and Chengdu, as well as Hong Kong. By 2014, it was described as China's largest website for individuals buying and selling luxury goods. Secoo's growth was supported by successive rounds of venture financing. IDG Capital invested $10 million in July 2011, followed by a $30 million Series B round in April 2012 involving IDG Capital Partners, Yintai Investments, and Bertelsmann Asia Investments. A Series C round in August 2013 brought in more than $30 million from investors led by Vangoo Capital Partners. The company raised a further $100 million in Series D financing in July 2014 and completed a $55 million Series E round led by Ping An Ventures in July 2015. These financings supported technology development, retail expansion, brand relationships, and international activity. The company added a mobile application in December 2013 and began establishing overseas corporate operations, including representative companies in the United States in 2014 and Italy in 2015. In 2015, during China Fashion Week, Secoo presented its Fashion+ concept, which was intended to connect European fashion designers with the Chinese market. It also opened a store in Johor Bahru, Malaysia, in 2016, extending its physical retail model outside mainland China. Secoo became a publicly traded company on NASDAQ on September 22, 2017, raising approximately $140 million through its initial public offering. After the listing, it pursued broader retail and strategic relationships. In January 2018, it signed a collaboration agreement with Parkson Retail Group. Later that year, JD.com and L Catterton announced a combined investment of $175 million. JD.com was expected to become Secoo's domestic online retail partner, while L Catterton was positioned to contribute luxury-industry expertise. Secoo also appointed Federica Marchionni as chief strategy officer and international chief executive in July 2018. The platform continued to develop international brand connections. In November 2019, it established partnerships with Italian luxury retailer Luisa Via Roma and Prada. In June 2020, Qudian announced the purchase of approximately $100 million worth of Secoo shares, representing 28.9 percent and making Qudian the company's largest shareholder according to the cited reference material. Secoo's documented business scope therefore spans authenticated pre-owned luxury goods, new luxury and fashion retail, mobile and web commerce, stores, designer and retailer partnerships, and cross-border luxury distribution. The available reference material does not establish the company's current operating status, ownership structure, or website, so those fields remain unresolved.

Secoo was launched as Secoo Jimai in 2008 by Richard Rixue Li. Its initial business centered on second-hand luxury goods, a category in which authenticity and condition are critical to customer confidence. To support this proposition, the company employed jewelry and luxury-goods appraisers to verify merchandise before sale. The model combined resale with professional evaluation rather than treating the business as an unmoderated peer-to-peer marketplace. The company began developing a physical retail network alongside its digital business. By 2011, it reportedly had ten small shops in Chinese provinces and had opened its first flagship Secoo store in Beijing. Its website launched in January 2011. The combination of stores, online listings, appraisal capabilities, and customer services formed the basis of Secoo's online-to-offline approach. By 2013, the company had stores or operations in Beijing, Shanghai, Chengdu, and Hong Kong. In December of that year, it launched a mobile application. By 2014, Secoo was described as China's largest website for individuals buying and selling luxury goods. Secoo's expansion was accompanied by multiple financing rounds. IDG Capital invested $10 million in July 2011. In April 2012, Secoo closed a $30 million Series B round backed by IDG Capital Partners, Yintai Investments, and Bertelsmann Asia Investments. In August 2013, it raised more than $30 million in Series C financing led by Vangoo Capital Partners, with participation from IDG Capital Partners, Ventech Capital, and Crehol Capital. A $100 million Series D round followed in July 2014, involving existing investors and China Media Capital, Ventech China, Crehol Meaningful Capital, and Vangoo Investment Partners. In July 2015, Ping An Ventures led a $55 million Series E round. The company also began formalizing an international footprint. It incorporated a representative company in the United States in 2014 and another in Italy in 2015. During China Fashion Week in September 2015, Secoo presented its Fashion+ vision, which sought to bring European fashion designers to Chinese consumers. In 2016, it opened its first shop in Johor Bahru, Malaysia. These moves reflected an effort to evolve from a domestic second-hand marketplace into a broader cross-border luxury and fashion platform. On September 22, 2017, Secoo began trading on NASDAQ after an initial public offering that raised approximately $140 million. In January 2018, it entered a collaboration with Parkson Retail Group. In July, JD.com and L Catterton announced a $175 million investment. The proposed relationship gave JD.com a role as Secoo's domestic online retail partner, while L Catterton was expected to contribute sector knowledge and strategic support. That month, Secoo appointed Federica Marchionni as chief strategy officer and international chief executive. The platform's brand relationships remained an important part of its strategy. In November 2018, it removed Dolce & Gabbana products in the wake of a controversy involving the brand's advertisements, joining other prominent Chinese retailers. In November 2019, Secoo formed partnerships with Luisa Via Roma and Prada. In June 2020, Qudian announced that it had purchased approximately $100 million worth of Secoo shares, equivalent to 28.9 percent, and had become the largest shareholder according to the cited material. The available reference does not establish Secoo's subsequent operating condition, current ownership beyond the 2020 announcement, current executive team, or present trading status. Those matters therefore remain open for verification.

1. 2020Qudian becomes the largest shareholder

   Qudian announces the purchase of 28.9 percent of Secoo shares for approximately $100 million.

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2. 2018Parkson, JD.com, and L Catterton relationships

   Secoo collaborates with Parkson Retail Group and receives announced strategic investment from JD.com and L Catterton.

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3. 2017NASDAQ listing

   Secoo begins trading on NASDAQ after an IPO that raised approximately $140 million.

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4. 2016First Malaysian shop opens

   Secoo opens its first shop in Johor Bahru, Malaysia.

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5. 2015Fashion+ vision is presented

   Secoo presents a concept aimed at introducing European fashion designers to Chinese consumers.

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6. 2014Secoo is described as China's largest individual luxury resale website

   The company reaches a leading position in China's online buying and selling market for individual luxury goods.

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7. 2013Mobile application launches

   Secoo adds a mobile application to its website and store network.

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8. 2011Website and Beijing flagship expand the business

   Secoo launches its website, operates approximately ten smaller shops, and opens its first flagship store in Beijing.

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9. 2008Secoo is launched as Secoo Jimai

   Richard Rixue Li launches the business with a focus on second-hand luxury goods and professional authentication.

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A China-focused online-to-offline luxury retailer combining authenticated pre-owned goods, new luxury fashion, physical stores, mobile commerce, and international brand access.

• Pre-owned luxury goodsLuxury resale2008

  Secoo began with second-hand luxury as its principal category. The platform's model included appraisal and authentication by staff specializing in jewelry and luxury goods, helping establish trust in the provenance and condition of merchandise offered to individual buyers and sellers.

• New luxury fashionLuxury retail

  As Secoo developed beyond resale, it expanded into the sale of new luxury and fashion products. Its partnerships with international retailers, designers, and brands supported a wider assortment than the original second-hand marketplace.

• Secoo website and marketplaceE-commerce platform2011

  Launched in January 2011, the website provided an online channel for luxury-goods discovery, buying, and selling. It operated as part of Secoo's online-to-offline model, which connected digital commerce with stores and authentication services.

• Secoo mobile applicationMobile commerce2013

  The mobile application, launched in December 2013, extended Secoo's marketplace and retail access to smartphones and complemented the company's website and physical-store network.

• Fashion+Fashion platform concept2015

  Fashion+ was a strategic concept presented during China Fashion Week in 2015. It aimed to help European fashion designers reach the Chinese market and reflected Secoo's attempt to broaden its identity from luxury resale into international fashion retail.

• 2015Fashion+

  China · Europe

  Secoo presented Fashion+ during China Fashion Week as a vision for connecting European fashion designers with China's consumer market.

  Outcome. The available reference does not provide a measured commercial outcome.

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• 2020Qudian announces acquisition of a major Secoo stakeM&A

  Qudian sought a substantial ownership position in Secoo.

  What changed. Qudian announced the purchase of approximately $100 million worth of shares, equivalent to 28.9 percent of Secoo.

  Aftermath. Qudian became Secoo's largest shareholder according to the cited reference.

  Purchase value and ownership stake. approximately $100 million for 28.9 percent (June 2020)

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• 2018Secoo accepts announced investment from JD.com and L CattertonM&A

  Secoo sought to strengthen domestic online distribution and obtain additional luxury-industry expertise.

  What changed. JD.com and L Catterton announced a combined $175 million investment; JD.com was intended to serve as a domestic online retail partner and L Catterton as an industry adviser and strategic investor.

  Aftermath. The announcement expanded Secoo's relationship with a major Chinese e-commerce company and a global luxury-focused investment firm.

  Announced investment. $175 million (July 2018)

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• 2018Secoo removes Dolce & Gabbana merchandiseOther

  Dolce & Gabbana faced controversy over advertising in China.

  What changed. Secoo joined other leading Chinese retailers in delisting Dolce & Gabbana items.

  Aftermath. The action aligned Secoo with the broader retail response described in the reference material.

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• 2017Secoo pursues a public listing on NASDAQStrategy

  After several rounds of private financing and international expansion, Secoo sought public-market capital.

  What changed. The company launched an IPO and began trading on NASDAQ on September 22, 2017, raising approximately $140 million.

  Aftermath. The listing made Secoo a publicly traded luxury-commerce company, although the available material does not establish its later trading status.

  IPO proceeds. approximately $140 million raised (September 22, 2017)

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• 2020Qudian announces purchase of 28.9 percent of Secoo shares

  Qudian announced the purchase of approximately $100 million worth of Secoo shares, representing 28.9 percent and making Qudian the largest shareholder according to the cited reference.

  M&A
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• 2019Secoo partners with Luisa Via Roma and Prada

  Secoo established partnerships with Italian luxury retailer Luisa Via Roma and Prada as it broadened its international brand and retail relationships.

  Other
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• 2018Secoo signs collaboration agreement with Parkson Retail Group

  The agreement connected Secoo with Parkson Retail Group, an Asian department-store operator.

  Other
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• 2018JD.com and L Catterton announce $175 million investment in Secoo

  JD.com and L Catterton announced a combined investment intended to support Secoo's domestic online retail partnership and luxury-industry development.

  M&A
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• 2018Secoo removes Dolce & Gabbana products after advertising controversy

  Secoo was among Chinese retailers that removed Dolce & Gabbana products following controversy surrounding the fashion house's advertisements.

  Other
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• 2017Secoo completes approximately $140 million NASDAQ IPO

  Secoo began trading on NASDAQ on September 22, 2017, after an initial public offering that raised approximately $140 million.

  Other
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• 2013Secoo launches its mobile application

  Secoo introduced a mobile app, extending its luxury retail and marketplace services beyond its website and stores.

  Product launch
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• 2012Secoo completes $30 million Series B financing

  The Series B round included IDG Capital Partners, Yintai Investments, and Bertelsmann Asia Investments.

  Other
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• 2011Secoo receives $10 million investment from IDG Capital

  Secoo received a reported $10 million investment from IDG Capital as it expanded its authenticated luxury-commerce business.

  Other
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1. Secoo