BEIJING, April 4, 2019 /PRNewswire/ — Secoo, Asia’ largest premium lifestyle platform that strives to attain more recognitions in the industry worldwide through expanding business scope, partnering with influential luxury brands and applying new technology, released 2018 Q4 and full year financial report today.
According to the Unaudited Full Year 2018 Result, GMV reached US$1,170.5 million, representing an increase of 52.9% for 2017. Number of active customers increased by 69.8% to 730.0 thousand for 2018.
Secoo’s success benefits from the consumption upgrade in China. Based on the Chinese Consumer in 2030 Report by The Economist Intelligence Unit, as the second largest economy, China is at the stage of early consumption development. The proportion of low income population is decreasing and within 15 years 75% of Chinese will be defined as middle income, totaling 200 million.
Founder and CEO of Secoo, Li Rixue said “we are pleased with our financial and operational performance in 2018, which marks our tenth anniversary since our founding. Performance wise, the fiscal year was highlighted by year-over-year GMV growth of 52.9% and total revenue growth of 44.0%, as well as robust growth in the number of active customers that increased by 79.9% and 69.8%, respectively, for the fourth quarter and fiscal year, as luxury consumer spending remained resilient despite a macro-slowdown in the economy.“
In maintaining our leadership as both distinct trend-spotter and curator of luxury lifestyles the challenge has always been to meet the ever-evolving standards and definition of luxury to our consumers. In order to deliver on these goals, we not only upgraded our technology backbone but delved deeper into market segmentation, while expanding partnerships with high-end international consumer brands and service providers in order to continuously add to our evolving offerings. Ultimately our strategic positioning to be the leading boutique lifestyle platform is bearing fruit as we further strengthen our platform’s luxury eco-system through integration of our customer’s online and offline experiences.
Secoo continued direct collaboration efforts, adding over 100 brands, including sought-after international fashion and fashion brands. Secoo made efforts to diversify and curate its boutique lifestyle portfolios to meet the increasing demand in luxury and fashion lifestyle in China.
Looking ahead to 2019, Secoo welcomes the first year of the second decade, the platform will continue to increase online and offline presence, broaden luxury brand cooperation, improve global lifestyle customized services and enhance technical capability to further explore and strengthen the leading position in the luxury consumer market, both in China and internationally.
For more information about the financial reports, please visit: ir.secoo.com
SOURCE Secoo Group