Secoo Gets $175 Million From Partnership With L Catterton Asia and JD.com
BEIJING & SINGAPORE--(BUSINESS WIRE)--Jul 10, 2018--L Catterton Asia, the Asian unit of the largest and most globalized consumer-focused private equity firm in the world, and JD.com (“JD”), China’s largest retailer, today announced a strategic partnership with Secoo Holding Limited (NASDAQ: SECO), Asia’s largest online integrated upscale products and services platform. Through the partnership, L Catterton Asia and JD will invest $175 million in Secoo.
Secoo is the world’s leading online luxury fashion retailer and provides customers with an unparalleled selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform that offers more than 300,000 SKUs covering more than 3,000 global and domestic brands.
By partnering with L Catterton Asia, Secoo will be able to leverage the firm’s global fashion and retail expertise to further expand within the luxury market. The partnership will provide Secoo the opportunity to collaborate with existing L Catterton portfolio companies. The transaction will also enable Secoo to continue enhancing shareholder value and strengthen its leading position in the rapidly growing Chinese luxury e-commerce market.
Ravi Thakran, Chairman and Managing Partner of L Catterton Asia, said, “We believe that Secoo is one of the strongest high-end platforms for the Chinese consumers. We look forward to working together with Richard and his outstanding team to take Secoo to the next level and continuously build out the platform for high-end consumers.”
“This partnership will help us enhance our luxury capabilities and provide the best possible luxury shopping experience to consumers in China,” said Shengli Hu, President of JD Fashion & Lifestyle. “Chinese consumers are increasingly discerning about their luxury purchases. As we look to continue to meet this demand, we see many potential areas for future collaboration with Secoo.”
“We are excited about this strategic partnership with L Catterton Asia and JD,” said Richard Li, Chairman and CEO of Secoo. “Secoo is poised to gain invaluable name recognition and further boost the Company’s reputation in the international luxury consumer space. Secoo will be able to leverage L Catterton and JD’s operational expertise and vast resources to expand and deepen our market presence not only in China, but across the globe.”
View source version on businesswire.com:https://www.businesswire.com/news/home/20180710005480/en/
Cassie Liu, +86 755-83599993
KEYWORD: ASIA PACIFIC CHINA SINGAPORE
INDUSTRY KEYWORD: LUXURY ONLINE RETAIL PROFESSIONAL SERVICES FINANCE RETAIL FASHION
SOURCE: Secoo Holding Limited
Copyright Business Wire 2018.
PUB: 07/10/2018 06:50 AM/DISC: 07/10/2018 06:50 AM