China luxury goods site Secoo raises $100m Series D round
Secoo.com, a Chinese luxury goods e-commerce platform, has raised more than $100 million in a Series D round of financing led by CMC Capital Partners.
Existing investors IDG Capital Partners, Ventech Capital, Crehol Capital and Vangoo Capital Partners also participated. In addition, Silicon Valley Bank has provided a credit line to the company worth tens of million dollars.
The new funding will mainly be used for global expansion, said Rixue Li, CEO of the company.
Chinese consumers spent about RMB350 billion ($56 billion) on luxury goods last year, according to consultancy firm Bain & Co. About two thirds of these purchases were made overseas.
Founded in 2008, Secoo sells about 100 global brands, including watches, bags, jewelry and cars. It has offline stores in Beijing, Shanghai, Chengdu, Hong Kong and Tokyo that offer product maintenance services as well as selling luxury goods. New stores in Milan, New York and Paris are preparing for opening.
The company claims to have over 3 million premium users who tend to spend over RMB8,000 online or RMB15,000 in physical shops in each transaction.
The site raised an undisclosed sum in Series C funding led by Japan's Vangoo in August, followed by a $30 million round from from Bertelsmann China Holding, Crehol, Ventech Capital and IDG Capital Partners in 2012. IDG committed $10 million to the e-commerce platform the previous year.
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