Chinese online luxury fashion retailer Secoo Holdings has raised $175mn in recent funding from JD.com and private equity firm L Catterton Asia. The deal, announced on Monday, is part of Secoo’s strategic partnership with the Chinese ecommerce giant and L Catterton Asia.
L Catterton Asia is the regional branch of L Catterton, which based in the US and is the world’s biggest consumer-focused investment management company.
Secoo’s Chairman and Chief Executive, Richard Li Rixue, said in a statement: “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.”
According to the South China Morning Post, he added: “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.”
JD.com has around 500 warehouses across China which could greatly benefit Secoo. Founded in 2008, Secoo dubs itself a ‘lifestyle platform’ and has over 18mn registered members, connecting users with over 3,000 luxury lifestyle brands in the sectors of fashion, travel, entertainment, food and art.