Beijing -- Secoo.com, a Chinese luxury and high-end fashion e-commerce company, recently completed a new round of financing that has raised around $100 million. The event represents the largest amount of financing raised in one round across the Chinese luxury and high-end fashion e-commerce sector to date.
The financing was led by CMC Capital Partners, with the participation of IDG Capital Partners, Ventech China, Crehol Capital (Mulliez Family Fund), and Vangoo Capital. Silicon Valley Bank also provided a credit line valued at several tens of millions dollars to the company.
Secoo provides Chinese high-end consumers with "one-stop" professional luxury services, from the identification, appraisal and sale of luxury products to after-sales maintenance and auction sale of luxury goods. Secoo now has more than three million high-end members and sells products from hundreds of top international brands. Secoo operates off-line clubs across mainland China, Hong Kong and Tokyo, and is in the midst of opening more off-line experience clubs in Milan, New York and Paris.
"The funds will mainly be used in our global strategic layout and overseas business expansions, as well as higher budget in marketing, developing its information technology infrastructure,” said Li Rixue, CEO of Secoo. “In the future, we will try our best to meet the demands of high-end clients, both in mainland China and abroad, providing them with authentic, seasonal, and desirable luxury products."