(Yicai Global) April 19 -- China’s online upscale products and services firm Secoo Holding Ltd. signed a strategic cooperation agreement with HNA-Caissa Travel Group Co., a subsidiary of HNA Group Co., to explore business opportunities in travel life services, state-run China News Service reported.
Under the deal, Secoo will purchase shares of Beijing Xuri Travel Service Co., a subsidiary of HNA-Caissa, through capital increase and share transfer. However, both parties gave no details as to the investment and shareholding amount.
Secoo will market HNA-Caissa’s travel products targeting high-end customers on its e-commerce platform, while luxury products and services offered by Secoo will be sold on HNA-Caissa’s online platform and offline outlets.
Established in 1993, HNA-Caissa has become China’s leading outbound travel service provider after 25 years of development. It has set up branches in six top overseas tourism destinations including Paris, London and Los Angeles, and owns over 20,000 travel products covering more than 100 countries and regions worldwide.
Founded in 2008, China’s leading luxury items e-commerce platform Secoo has accumulated over 18.7 million high-end customers, selling products of more than 3,000 local and international brands and occupying 25.3 percent of high-end online products market share in China and 15.4 percent in Asia. In terms of offline business, it has opened experience stores in core cities such as Beijing, Shanghai and Hong Kong.
Secoo also has agreements with Chinese real estate giant Country Garden Holdings Co. and Malaysian retail giant Parkson Retail Group Ltd to collaborate on joint projects.
Editor: Mevlut Katik