L Catterton Asia, JD.com invest $175m in Chinese luxury e-commerce platform Secoo

Photo: Bloomberg

Singapore-based private equity fund L Catterton Asia and Chinese retail giant JD.com on Monday announced an investment of $175 million in Nasdaq-listed Secoo Holding Limited, which operates online luxury fashion platform Secoo.com.

Shanghai-based Secoo, which provides upscale products and lifestyle services via its website, shopping app and offline centres, claims to sell 300,000 products covering more than 3,000 global and domestic brands.

By partnering with L Catterton Asia, Secoo will be able to leverage the firm’s global fashion and retail expertise to further expand within the luxury market and also collaborate with its existing portfolio companies, said a press statement.

Ravi Thakran, Chairman and Managing Partner of L Catterton Asia, said, “E-commerce continues to play an increasingly important role for consumers across all demographics, and as evidenced by our investment, we believe that Secoo is one of the strongest high-end platforms for the Chinese consumer. We look forward to working together with Richard and his outstanding team to take Secoo to the next level and continuously build out the platform for high-end consumers.”

“This partnership will help us enhance our luxury capabilities and provide the best possible luxury shopping experience to consumers in China,” added Shengli Hu, President of JD Fashion & Lifestyle. “Chinese consumers are increasingly discerning about their luxury purchases, demanding more variety and choice than ever. As we look to continue to meet this demand, we see many potential areas for future collaboration with Secoo.”

Launched in 2009, L Catterton Asia is a unit of L Catterton, one of the largest consumer-focused private equity firms in the world, which has over $15 billion of equity capital across six fund strategies in 17 offices globally. It has offices in Singapore and Mauritius, with regional advisory presence in Hong Kong, Mumbai, Shanghai and Sydney.

L Catterton Asia’s investments include Trendy International, Pepe Jeans, Gentle Monster, YG Entertainment, Impresario Entertainment & Hospitality and Sasseur, one of the largest operators and developers of lifestyle-focused outlet malls in China.

Last month, L Catterton Asia announced that it has raised an initial $844.4 million for its third Asian buyout fund, which targets a corpus of $1.25 billion. In May, the firm had announced that it is acquiring around a 10 per cent stake in Indian fashion retail firm Future Lifestyle Fashions through a mix of preferential allotment and secondary purchase of shares. The same month, JD.com also invested $306 million in ESR Cayman, a pan-Asia logistics real estate developer.

Also Read:

L Catterton Asia raises $844.4m for $1.25b third buyout fund

L Catterton Asia to snap up around 10% stake in India’s Future Lifestyle

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.