Secoo Holding Ltd. (中国)

OVERVIEW
The Company, through its consolidated subsidiaries, variable interest entities and variable interest entities subsidiaries is primarily engaged in the sale of upscale brand products including handbags, watches, jewelry and other premium lifestyle products through its own internet platforms and offline experience centers. The Company also offers its website as a marketplace to third party merchants to facilitate their sales of upscale products and services.
Its principal executive offices are located at 15/F, Building C, Galaxy SOHO, Chaonei Street, Dongcheng District, Beijing 100000, The People s Republic of China. Its telephone number at this address is +86 10 6588-0135. Its registered office in the Cayman Islands is located at Suite 4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands.
Its ADSs have been approved for listing on the NASDAQ Global Market under the trading symbol SECO.
HISTORY
In February 2008, Mr. Richard Rixue Li and Ms. Zhaohui Huang, or the Founders, formed Hong Kong Secoo Investment Group Limited, or Hong Kong Secoo, in Hong Kong as a holding company. Its founders also formed Beijing Secoo Trading Limited, or Beijing Secoo, in Beijing, China in April 2009. The Company commenced its current upscale product retail business under its Secoo brand through Beijing Secoo in 2011. The Company opened its first offline experience center in Beijing in January 2011 and launched its website in April in the same year. Its mobile application was launched in December 2013.
In January 2011, the Company incorporated Secoo Holding Limited in the Cayman Islands as its offshore holding company in order to facilitate international financing and it acquired 100 of the equity interests in Hong Kong Secoo in February 2011. In May 2011, the Company established, through Hong Kong Secoo, a wholly owned PRC subsidiary, Kutianxia (Beijing) Information Technology Limited, or Kutianxia, which in turn established Beijing Zhiyi Heng Sheng Technology Service Co., Ltd in Beijing, China to conduct its after-sales repair and maintenance services in September 2012.
In September 2014, its Founders formed Beijing Wo Mai Wo Pai Auction Co., Ltd., or Beijing Auction, in Beijing, China, to operate the auction business and provide an online marketplace for auction sales of upscale products.
In January 2014, the Company incorporated Secoo Inc. in the United States. In March 2015, the Company incorporated Secoo Italia SRL in Italy. These two subsidiaries to conduct procurement and trading business in those regions.
Through Kutianxia, the Company obtained control over Beijing Secoo and Beijing Auction in May 2011 and September 2014, respectively, by entering into a series of contractual arrangements with Beijing Secoo and Beijing Auction and their respective shareholders. Beijing Secoo and Beijing Auction hold its internet content provision license, or ICP license, as an internet information provider and operates its website and Beijing Auction holds its license for auction businesses.
In March 2015, the Company incorporated Secoo Italia SRL in Italy
In December 2015, the Company incorporated Kuxin Tianxia (Tianjin) E-commerce Limited in Tianjin, China. Kuxin Tianxia (Tianjin) E-commerce Limited is wholly owned by Hong Kong Secoo and currently has no operation.
In February 2017, the Company incorporated Yichun Secoo E-commerce Limited in Jiangxi, China. Yichun Secoo E-commerce Limited is wholly owned by Shanghai Secoo E-commerce Limited and primarily operates e-commerce business in China.
BUSINESS
The Company is a online integrated upscale products and services platform.
The Company currently offers over 300,000 SKUs, covering over 3,000 global and domestic brands on its platform. Supported by its proprietary database of upscale products, its authentication procedures and brand cooperation, the Company is able to ensure the authenticity and quality of every product offered on its platform. With the goal of providing one-stop shopping experience, the Company has expanded into providing high-end lifestyle services since 2014. Leveraging its business intelligence system and dedication to customer service, the Company is able to maximize its customer lifetime value by targeted and precise marketing and realizing cross-selling opportunities and increasing its customers purchase frequency on its platform.
The Company offers an integrated online and offline shopping platform, which consists of its Secoo.com website, mobile applications and offline experience centers. Its online platform facilitates easy product selection, order processing and convenient payment methods, such as our Secoo Check, which allows customers to make payments for its merchandise products in installments on its online platform directly. The Company complement its online platform with offline experience centers to provide superior customer and membership services and experience. The Company has strategically opened five offline experience centers in popular shopping destinations and central business districts in China, Hong Kong and Malaysia which have strengthened its Secoo brand creditability and enhanced its brand presence. In addition, the Company is cooperating with brand boutiques such as Versace boutiques for its customers to pick up products ordered on its online platform in their stores.