Aladdin Technology Group and Secoo Group reached a strategic cooperation with up to 1.3 billion RMB to boost the global innovation and development of Secoo.
Secoo Holding Limited (NASDAQ: SECO) announced a strategic cooperation with Aladdin Legend Technology Co., Ltd., involving an investment of up to 1.3 billion RMB. The partnership aims to enhance luxury shopping and support China's domestic brands through a three-part strategy: establishing the Secoo China Club, securing strategic investments in Secoo shares, and promoting global luxury services. The initiative showcases a commitment to innovate within the community economy and upscale markets.
- Strategic investment of 1.3 billion RMB to enhance luxury shopping opportunities.
- Development of the Secoo China Club to promote second-hand luxury goods.
- Aladdin Technology Group's investment in Secoo shares indicates confidence in the company.
- None.
BEIJING, Sept. 15, 2022 /PRNewswire/ -- Secoo Holding Limited ("Secoo" or the "Company") (NASDAQ: SECO), Asia's leading online integrated upscale products and services platform, today announced that it has established in-depth strategic cooperation with Aladdin Legend Technology Co., Ltd., and will strategically cooperate with Secoo Group in three steps, with an investment amount of up to 1.3 billion RMB. Aladdin Technology Group committed to investment in and development of innovative businesses in the fields of community economy and industrial Internet. The two companies will jointly explore business opportunities in luxury shopping and value-added services, tapping into community economy meanwhile providing support for a fast-growing portfolio of China's domestic brands, with Aladdin Technology contributing its capital, talent and technological strengths and Secoo leveraging its resources and expertise in high-end fashion supply chain and sales channels.
The in-depth strategic cooperation between Aladdin Technology Group and Secoo Group is divided into three parts: First, the establishment of "Secoo China Club", Aladdin Technology Group will invest up to 100 million RMB, and together with Secoo, it will lay out the high-end consumption circle and jointly develop second-hand Luxury goods transactions. In addition, the two parties will simultaneously promote the establishment of the "China Department Store Home" public circle, and through the empowerment of the community economy, it will help local enterprises to generate international brands in the field of boutique consumption and enhance their global influence; 2. The Aladdin Technology Group will make a strategic investment of up to 200 million RMB, and carry out in-depth cooperation by subscribing for the main shares of Secoo listed on the stock market. 3. With up to 1 billion RMB, we will join hands with Secoo to go overseas to promote the innovation and upgrading of services in the global luxury industry. The specific cooperation and transaction content of the above three parts shall be agreed upon by the two parties separately signing relevant agreements.
About Secoo Holding Limited
Secoo Holding Limited ("Secoo") is Asia's leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company's integrated online and offline shopping platform, which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 420,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company's proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform.
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