BEIJING, Sept. 6, 2018 /PRNewswire/ -- Secoo (NASDAQ:SECO) announced 2018 Q2 unaudited financial report today. GMV reached RMB 1,653.4 million (US$249.9 million) for Q2 2018, representing an increase of 44.7% from Q2 2017. Total net revenues reached RMB 1220.1 million (US$184.4 million), increasing by 55.5 % from RMB 784.7 million for Q2 2017. The number of active customers increased by 97.6% to 255.5 thousand for Q2 2018 from 129.3 thousand for Q2 2017.
The robust increase indicates the latent luxury market in China and Secoo's successful business strategy. Mr. Richard Rixue Li, Chairman and Chief Executive Officer of Secoo, said that Secoo is pleased to continue the strong growth momentum in the second quarter of 2018, highlighted by year-over-year growth in total revenues and GMV of 55.5% and 44.7%, respectively. The robust results in the second quarter of this year reaffirm the leading position in the Chinese online luxury products and services industry and reflect the achievements to continuously improve the shopping experience on Secoo's integrated online and offline platforms through a broadened spectrum of upscale products and services and strengthened technological capabilities.
Secoo remains committed to establishing solid relationships with leading partners to increase brand awareness and further strengthen Secoo's leading position in the sector. Notably, Secoo is thrilled about the recently disclosed investments from L Catterton and JD, along with business collaboration opportunities with these leaders in the world's consumers, luxury and e-commerce space.
In the second quarter of 2018, Secoo expanded collaborations with 35 top international brands and 120 Chinese designer brands, including Stella McCartney, Alexander Wang, Mulberry and Richard Ginori, expressing further testament to the unique value that Secoo brings to brands targeting China's luxury consumers. In addition, Secoo launched 618 and 707 promotion events, and introduced a Chinese idol group NEXT7 as the brand representative to gain valuable brand awareness and expand the brand's influence among China's younger generation. Secoo is also the first e-commerce company to utilize blockchain technology for product applications in the luxury industry.
The way Secoo leaped to the top of the premium e-commerce league only proves the huge potential in China's online luxury market. It is however still plagued by such issues as counterfeiting and logistical challenges.
Secoo has come a long way in only 10 short years, its impact on the entire luxury ecosystem in China has been quite significant, with an infrastructure that allows a more integrated marketplace for all luxury things, bridging the online-to-offline experience gap and covering various lifestyle aspects with customized offerings.
As China's luxury market continues to drive the global luxury market, Secoo will gain even greater industry recognition, attract even more leading fashion brands to the platform and further capture the rising demand for high-end products and services among Chinese consumers. The multipronged business strategy positions Secoo well to deliver strong growth in the immediate future and over the long run.
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SOURCE Secoo Group
This article was written by cool news network.