SECOO Released 2019 First Quarter Earnings, GMV increased by 97.1%
BEIJING, June 13, 2019 /PRNewswire/ -- On June 13, SECOO (NASDAQ: SECO) released unaudited 2019 First Quarter Earnings. The business in Q1 2019 continues to grow. The GMV reached RMB2.206 billion (US$328.8 million), representing an increase of 97.1% from RMB1.1195 billion for Q1 2018. SECOO has achieved the 11th consecutive quarter of profits. The increase resulted from SECOO's focus on the development of the premium lifestyle platform strategy from category expansion, increase of brand awareness and promotion of premium lifestyle platform.
SECOO's new categories expansion strategy, brought in new brands in cosmetics, fashion sportswear and travel lifestyle categories, and revenues quadrupled in these new areas. This indicates that SECOO met the high-end demands of consumers and be able to increase their frequency of purchases.
In addition, the number of active members increased by 89.6% to 305,000 for Q1 2019. This outstanding growth benefited from categories expansion, which resulted in more frequent purchases. SECOO's paid membership strategy continues to increase membership benefits, leading to a rise of new paid memberships. (For Q1 2019, the paid members accounted for 33% of all active members). The average purchases by paid members are much higher than that of unpaid members on SECOO platform.
SECOO also expanded direct brand cooperations. For the first quarter of 2019 to date, SECOO continued its direct brand collaboration efforts, adding over 220 international and domestic brands that it works with directly to its platform. SECOO is highly trusted by top international luxury brands, recently signing with Prada and Miu Miu.
"The first quarter of 2019 was a constructive quarter for SECOO as we successfully carried forward our core business strategy. Leveraging both online and offline capabilities in the buildout of China's leading premium lifestyle platform, we're committed to broadening our brand relationships and improving customer experience, curating the luxury lifestyle while maintaining our industry leadership," the founder and CEO of SECOO Group, Richard LI concluded.
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SOURCE Secoo Group
