China Business News, 7/20/11
Beijing-based luxury B2C e-commerce firm Secoo Jimai Co., Ltd. (Secoo.com) yesterday announced it has completed USD 10 mln in first-round funding from IDG. Zero2IPO served as advisor.
Secoo founder and CEO Li Rixue said the funds will be used to build offline experience stores and develop an online appraisal system.
Established in 2008, Secoo currently sells second-hand consignment and new brand luxury items through its website, offline clubs, and 20 partner stores.
In 2010, Secoo's sales volume exceeded RMB 30 mln, with sales expected to increase six-fold to reach RMB 200 mln in 2011. Monthly revenues surpassed RMB 10 mln in June 2011.