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SECOO Released 2019 Second Quarter Earnings, GMV increased by 95.9% and Total Revenues increased by 40.3%

BEIJING, Aug. 29, 2019 /PRNewswire/ -- SECOO (SECO) announced unaudited 2019 Second Quarter Earnings. The business in Q2 2019 continues to grow. The GMV reached RMB3,238.8 million (US$471.8 million), representing an increase of 95.9% from RMB1,653.4 million in Q2 2018. The number of active customers increased by 67.7% to 428.4 thousand for Q2 2019 from 255.5 thousand in Q2 2018, representing the twelfth consecutive quarters of profits.

Mr. Richard Rixue Li, Chairman and Chief Executive Officer of Secoo, said, "We achieved solid performance in the second quarter with robust GMV of RMB3.24 billion and total revenues of RMB1.71 billion, representing strong year-over-year growth of 95.9% and 40.3%, respectively. The progress was achieved through our relentless efforts in building out our boutique platform and marketplace through direct partnerships with elite brands worldwide. Secoo expanded direct collaborations with 190 brands, including luxury fashion brand Balmain. In addition, Prada, Miumiu, René Caovilla, and Michael Kors have all successfully launched their official stores on the Secoo platform, bringing superior shopping experiences, products and service offerings to our customers.

"We are excited about the expansion of both selection and offerings on our platform, as we continued to achieve sustained growth in both the active customer and paid membership base. In the second quarter, our active customers reached 428,400, representing a substantial growth of 67.7% year over year, and 59.3% of which are paid members, frequently make repeat purchases on our platform. The healthy growth of our number of active customers was also in part, thanks to our technology advancement throughout our online and offline integrated platform, enhancing customer engagement and their shopping experience, both online and offline."

"Ultimately, the growing customer base reflects the enormous and ever-expanding market demand for upscale products and services from China's rising consumers in pursuit of an exquisite lifestyle. We are well-positioned to evolve with market preference by strengthening and extending our trusted supply chain system and brand partnership across the globe to capture this tremendous opportunity in the luxury lifestyle industry," Mr. Li concluded.


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