BEIJING, June 19, 2018 /PRNewswire/ -- Secoo announced 2018 Q1 unaudited financial report today. GMV reached RMB 1,119.5 million (US$178.5 million) for Q1 2018, representing an increase of 43.2% from Q1 2017. Total net revenues reached RMB 802.5 million (US$127.9 million), increasing by 42.8% from RMB 562.0 million for Q1 2017. Total number of orders was 306.1 thousand for Q1 2018, representing an increase of 45.3% from 210.7 thousand for Q1 2017.
The increase of the financial report represents the business strategy of Secoo is on the right track. Not like the traditional luxury e-commerce platform, Secoo claims as a premium lifestyle platform. Luxury products are still the main business and the foundation of Secoo, however, the company attempts to attract consumers with an in-depth service.
The founder and CEO of Secoo, Li Rixue said that fashion, cosmetics and other product sales are indeed a key part of our business, but not entirely. We also provide valuable services and relevant products to our consumers, including customized travel, personalized education, and personal shopping services. This diversifies the offers, while maintaining a premium level, as well as giving our consumers much more than purely a purchasing channel.
He also mentioned that the first quarter of 2018 was a fruitful quarter for Secoo as we successfully carried out our business strategy of further tapping into China's robust luxury consumer market demand. With our consistent focus on both the diversity and quality of the products and services that we offer to our customers, we are confident that we are well positioned to capture emerging opportunities driven by the consumption upgrade in China and unlock values both to our customers and investors.
Moreover, Secoo expands partnership in different areas, including Parkson Retail Group (cosmetic products), Capital Outlets Group (brands entry), Caissa Travel (customized travel service), and Pernod Richard (alcohol products). Besides, Secoo also cooperates with independent designers to provide uniqueness and exclusivity to consumers.
Recently, Secoo welcomes the ten-year anniversary. Besides wide online promotion, Secoo also cooperates with Edison Chen - a famous Chinese actor, rapper and designer – to release limited merchandizes. Additionally, Secoo signed a well popular idol group 'Yue Hua Seven' as new representatives to attract more younger generations to become consumers.
With China's robust luxury consumer market demand, Secoo devotes to leveraging both our online and offline capabilities to build a premium lifestyle platform to maximize our coverage to better serve our customers.
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