L Catterton Asia and JD.com will invest $175 million in Secoo, an online integrated upscale products and services platform in Asia. L Catterton Asia is the Asian unit of L Catterton.
BEIJING and SINGAPORE, July 9, 2018 /PRNewswire/ — L Catterton Asia, the Asian unit of the largest and most global 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 (“Secoo” or the “Company”) (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, which consists of Secoo.com, mobile applications and offline experience centers. Across Secoo’s unique platform, the Company offers more than 300,000 SKUs, which cover 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 are thrilled to enter into a partnership with Secoo, the luxury e-commerce leader in China. E-commerce continues to play an increasingly important role for consumers across all demographics, and as evidenced by our investment, we believe that Secoo is one of the strongest high-end platforms for the Chinese consumer. 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, demanding more variety and choice than ever. 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 Chief Executive Officer of Secoo. ” L Catterton is the leading consumer-focused investment firm in the world, and JD is China’s largest retailer and the leading e-commerce giant in China. By establishing relationships with leading partners in the consumer, luxury goods and e-commerce spaces, Secoo is poised to gain invaluable name recognition and further boost the Company’s reputation in the international luxury consumer space. Through this partnership, 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.”
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s largest online integrated upscale products and services platform as measured by GMV in 2016. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the http://Secoo.com website, mobile applications and offline experience centers, offering over 300,000 SKUs, covering over 3,000 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform. For more information, please visit secoo.com.
About L Catterton Asia
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest and most global consumer-focused private equity firm in the world. L Catterton’s team of more than 160 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
Launched in 2009, L Catterton Asia (previously known as L Capital Asia) is the Asian franchise of L Catterton, the world’s leading consumer growth investor. It has offices in Singapore and Mauritius, with further regional advisory presence in Hong Kong, Mumbai, Shanghai and Sydney. L Catterton Asia invests in select consumer lifestyle businesses that will benefit from growing discretionary consumption in Asian markets. L Catterton Asia leverages its strategic relationship with LVMH and Groupe Arnault across the entire investment process, from proprietary deal origination and industry-specific due diligence to post-investment operational value-add to its portfolio companies. L Catterton Asia’s investments include: Trendy International, Pepe Jeans, Gentle Monster, YG Entertainment, Impresario Entertainment & Hospitality and Sasseur — one the largest operators and developers of lifestyle-focused outlet malls in China.
About JD.com, Inc.
JD.com, Inc. is China’s leading technology-driven e-commerce company. Its cutting-edge retail infrastructure enables consumers to buy whatever they want, whenever and wherever they want it. The company has opened its technology and infrastructure to partners, brands and other sectors as part of its Retail as a Service, offering to help drive productivity and innovation across a range of industries. JD.com is the largest retailer in China, a member of the NASDAQ100 and a Fortune Global 500 Company.