Secoo Reported Unaudited Q4 and Full Year 2017 Result: Total Net Revenue 574.9 Million, Increased by 44.2%

Secoo Holding Limited, Asian's largest premium e-commerce platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2017.

Total net revenues reached US$217.0 million, up 60.5 % from Q4 2016 and total net revenues reached US$574.9 million, up 44.2% from 2016.

Founder and CEO of Secoo, Li Rixue said on the concall, "the impressive growth in our GMV and transaction volume base in the fourth quarter was primarily driven by the strong performance across bags, watches, apparel, footwear, sports, and beauty products. While our number of active customers increased by 66.3% from the fourth quarter of 2016, the strong performance also benefits from large-scale marketing campaigns including Double 11, Black Friday, and 1217 Global Luxury Festival devised by Secoo."

the impressive growth in our GMV and transaction volume base in the fourth quarter was primarily driven by the strong performance across bags, watches, apparel, footwear, sports, and beauty products. While our number of active customers increased by 66.3% from the fourth quarter of 2016, the strong performance also benefits from large-scale marketing campaigns including Double 11, Black Friday, and 1217 Global Luxury Festival devised by Secoo.

Li Rixue

Founder and CEO of Secoo

In the fourth quarter of 2017, Secoo expanded collaborations with approximately 80 brands, including ten international brands, 33 apparel and accessories brands, 11 home lifestyle brands and six liquor brands. Armani, Carat London, Corto Moltedo, and House, or Fraser have launched onto Secoo’s platform. In addition, Secoo added Versace Casa, Rosenthal, and British classic porcelain brand Dunoon to Secoo’s home lifestyle product offerings.

In the meantime, the launch of Secoo international website represents the global strategy of Secoo and the purpose to export the Chinese design and Chinese elements to the world.

Facing the upgrade of Chinese consumption, Secoo endeavors to expand its product and service offerings by expanding into new categories, strengthening brand partnerships with more major luxury brands while further integrating online and offline platforms. Particularly in the fourth quarter, Secoo upgraded its lifestyle channel, “Secoo Lifestyle,” and to provide more upscale services in the boutique lifestyle field. In the meantime, Secoo formed a strategic partnership with Parkson to strengthen its omnichannel network and rapidly rolled out offline experience centers to meet the potential demand for high-end lifestyle in the offline market, as well as improve the superior user experience for its online customer base.

Looking ahead to 2018, Secoo will continue to expand their online offerings and offline presence, broaden brand coverage, improve global supply chain management, and enhance technical capabilities to explore further and strengthen Secoo's position as a leading player in the luxury consumer market, both in China and internationally.

Highlights for Fourth Quarter 2017:

  • GMV reached RMB1,943.4 million (US$298.7 million) for Q4 2017, representing an increase of 43.9% from Q4 2016.
  • Total number of orders was 549.4 thousand for Q4 2017, representing an increase of 57.6% from 348.7 thousand for Q4 2016.
  • The number of active customers increased by 66.3% to 0.2 million for the Q4 2017.
  • Total net revenues reached RMB1,411.6 million (US$217.0 million), up 60.5 % from Q4 2016.
  • Gross margin was 15.5% for Q4 2017, compared with 15.2% in Q4 2016.
  • Net income increased by 74.1% to RMB47.0 million (US$7.2 million) for Q4 2017 from RMB27.0 million for Q4 2016.
  • Non-GAAP net income increased by 224.1% to RMB87.5 million (US$13.4 million) for Q4 2017 from RMB27.0 million in Q4 2016.
  • Basic and diluted net income per share was RMB1.84 (US$0.28) and RMB1.76 (US$0.27) respectively for Q4 2017, compared with basic and diluted net loss per share of RMB19.7 for Q4 2016. Basic and diluted net income per American Depositary Share ("ADS") was RMB0.92 (US$0.14) and RMB0.88 (US$0.14) respectively for Q4 2017, compared with basic and diluted net loss per share of RMB9.85 for Q4 2016. Two ADSs represent one ordinary share.
  • Basic and diluted non-GAAP net income per share was RMB3.42 (US$0.53) and RMB3.28 (US$0.50) respectively for Q4 2017, compared with basic and diluted non-GAAP net income per share of RMB3.60 and RMB3.60 respectively, for Q4 2016. Basic and diluted non-GAAP net income per ADS was RMB1.71 (US$0.26) and RMB1.64 (US$0.25) respectively for Q4 2017, compared with basic and diluted non-GAAP net income per ADS of RMB1.80 and RMB1.80, respectively, for Q4 2016.

Highlights for Full Year 2017:

  • GMV reached RMB5,262.4 million (US$808.8 million) for the full year of 2017, representing an increase of 51.6% from the full year of 2016.
  • The total number of orders was 1,437.0 thousand for the full year of 2017, representing an increase of 50.7% from 953.7 thousand for 2016.
  • Total registered customers accumulated to 18.7 million in 2017 from 13.1 million in 2016.
  • Total net revenues reached RMB3,740.5 million (US$574.9 million), up 44.2% from 2016.
  • Gross margin was 16.4% for the full year of 2017, compared with 15.4% in 2016.
  • Net income was RMB133.4 million (US$20.5 million) for 2017 compared from a net loss of RMB44.6 million in the prior year.
  • Non-GAAP net income was RMB179.5 million (US$27.6 million) for 2017, compared from a non-GAAP net loss of RMB44.3 million in 2016.
  • Basic and diluted net loss per share was RMB5.55 (US$0.85) for the full year of 2017, compared with basic and diluted net loss per share of RMB89.06 for 2016. Basic and diluted net loss per ADS was RMB2.78 (US$0.43) for the full year of 2017, compared with RMB44.53 for 2016.
  • Basic and diluted non-GAAP net income per share was RMB14.36 (US$2.21) and RMB13.20 (US$2.03) respectively for 2017, compared with basic and diluted non-GAAP net loss per share of RMB6.16 for 2016. Basic and diluted non-GAAP net income per ADS was RMB7.18 (US$1.10) and RMB6.60 (US$1.01) respectively for 2017, compared with basic and diluted non-GAAP net loss per ADS of RMB3.08 in the prior year.

Source: Secoo Holding Limited


Categories: e-Commerce

Tags: Asian, E-Commerce, Secoo


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