Li Rixue is the founder, chairman and chief executive of Secoo, a luxury e-commerce platform in China. Prior to going public, the company had raised hundreds of millions of dollars thanks to Li’s insight into Chinese consumer culture and a resolve to centre home-grown designers in his business strategy. Amid the e-commerce battle with Tmall and JD.com, the company recently partnered with big names including LuisaViaRoma, bringing over 600 luxury brands onto the platform, and Prada Group, which entered into a contract with Secoo based on distribution control and brand image protection.
Initially a distributor for high-end home appliances in the Chinese province of Shandong, Li’s work gave him a glimpse into the potential for capitalising on China’s growing middle Class. He founded Secoo in 2008, relocating to Beijing to set up the company’s first brick-and-mortar consignment store for both used and unused luxury products. In 2011, the store became an experiential hub for new luxury goods and services, with Li going on to expand into Shanghai, Chengdu, and several more cities in China, alongside investment in an in-house authentication centre.
Between 2011 and 2015, Secoo went through several rounds of funding, counting IDG Capital, Bertelsmann SE & Co. KGaA Investments and Ventech Capital among its more prominent investors. In September 2017, Secoo went public, its listing on Nasdaq valued at about $640 million. The company also struck a $175 million deal with Chinese e-commerce giant JD.com and L Catterton, to help drive expansion on an international scale.
In addition to its successful expansion to the wider Asian market, authentication vertical and foray into blockchain, Secoo has partnered with many top retailers including Parkson Retail Group.