(Yicai Global) Aug. 29 – Chinese luxury brand e-commerce site Secoo.com (Secoo), has submitted an application for an initial public offering to the US Securities and Exchange Commission (SEC) for a listing in the US.
Secoo, operated by Beijing Secoo Commerce Co., has applied for a listing under the symbol SECO, while the number of shares and initial offering price are yet to be disclosed, online media outlet Jiemian News.
The firm was Asia's largest comprehensive upscale brand products and services platform in terms of gross merchandise volume (GMV) in 2016, Frost & Sullivan stated in a report. Secoo's GMV reached CNY3.47 billion (USD511.9 million) last year, up 35 percent annually, while revenues rose nearly 50 percent to CNY2.59 billion (USD387 million).
Secoo reported revenues of CNY1.34 billion (USD200 million) in the first six months of this year, and net profit reached CNY52.3 million (USD7.7 million).
The enterprise achieved a GMV of CNY1.92 billion (USD283.9 million) in the first half and average sales per order online platform were higher than CNY3,500 (USD516.3). This was higher than that any other major e-commerce online platform in Asia. As of the end of June this year, it had accumulated 15.1 million registered members.
Secoo currently offers more than 300,000 stock keeping units (SKUs), covering 3,000 global and domestic brands, and has expanded into the field of high-end lifestyle services.
It has built a trusted and comprehensive global supply chain for upscale products and lifestyle services.
A number of top-tier international brands such as Tod's, Salvatore Ferragamo and Versace are among its suppliers. Secoo has also opened five offline experience centers in popular shopping areas and central business districts in mainland China, Hong Kong and Malaysia.
China saw total sales of luxury goods and services reach CNY250 million (USD36.9 million) last year, Frost & Sullivan said. China's upscale products and services market is set to maintain steady growth, mainly thanks to the emerging growing population with high purchasing power. The high-income population is expected to account for 42 percent of the country's total population by 2021.
The country's online luxury goods and services retail market is estimated to faster than those in other countries and regions.