A new report from Deloitte shows a surprising leader among China’s luxury online shopping platforms. According to “China’s Luxury Online Consumption Report”, Secoo (寺库中国), a name unfamiliar even to many Chinese e-commerce fans, has grown to 25.3 percent market. They now have a much larger slice than Net-A-Porter, Alibaba’s Mei.com or JD.com’s Farfetch.
On November 16, Secoo (Nasdaq: SECO) released its financial data for the first time since going public in August. In the third quarter, it reported total net revenue of RMB 982.2 million ($147.6 million), seeing a year-on-year increase of 42 percent. Net profit was RMB 34.1 million ($5.1 million), representing a year-on-year increase of 902.9 percent. The boutique luxury e-tailer has attracted over 1.5 million active users and has achieved a Gross Merchandising Value of 1.946 trillion yuan (about $294.2 billion) in 2017.
Secoo has come a long way since Li Rixue (李日学) founded the company in 2008 as a platform dedicated to selling second-hand luxury goods.