LVMH-linked L Catterton Asia and JD have jointly invested US$175 million into Asian luxury fashion platform Secoo, via convertible notes.
L Catterton and JD together will have the right to appoint a director and an observer to Secoo’s board of directors. But in a broader tie-up, Secoo will have access to L Catterton’s network of luxury leaders and strengthen relationships with leading luxury brands in the L Catterton stable, including Pepe Jeans and eyewear brand Gentle Monster.
“We are excited about this strategic partnership with L Catterton Asia and JD,” said Richard Li, Secoo’s chairman and CEO. “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.”
Shengli Hu, president of JD fashion & lifestyle, said the partnership will help JD enhance its luxury capabilities and provide the best possible luxury shopping experience to consumers in China.
“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.”
Secoo sells a wide collection of authentic, upscale products and lifestyle services on Secoo.com, mobile applications and offline experience centers, offering more than 300,000 SKUs, covering over 3000 global and domestic brands.