LuisaViaRoma joins forces with Chinese luxury e-tailer Secoo
today May 9, 2019
Renowned Florentine multibrand retailer LuisaViaRoma and Secoo, one of China’s leading luxury e-tailers, have announced a partnership deal that is expected to become operational by mid-June, a key element in the internationalisation strategy being deployed by both parties.
The deal will enable the Florentine store, led by Andrea Panconesi and celebrating its 90th anniversary this year, to connect 500 out of the 600 labels it distributes, especially those on its e-shop, with the millions of high-end customers on Secoo.
The Chinese luxury e-tailer “will establish a more robust brand portfolio, tapping the 500 fashion and luxury brands linked with the Florence-based retailer. In return, Secoo will put at LuisaViaRoma’s disposal its know-how in the fields of mobile payments, order fulfilment and logistics,” stated the two companies in a press release.
Last year, LuisaViaRoma devised an international expansion plan hinging on a series of agreements with leading foreign partners, in order to deploy growth strategies in high-potential markets.
Secoo, founded in 2008 by Rixue Li, is also pursuing a strategy of international expansion. It opened a branch in Milan, which Secoo regards as a key city for the luxury industry, and last year it appointed Federica Marchionni as international general manager.
According to Marchionni, “with Secoo’s 27 million high-end consumers, this collaboration is a win-win strategy which will enable both companies to exploit the web-based opportunities emerging in China. While LuisaViaRoma will strengthen its reputation in China, Secoo will consolidate its relationship with luxury labels.”
Secoo sells a vast range of products, from watches to cars, and has a catalogue of 300,000 items from over 3,000 international and Chinese brands. In 2018, the group generated a revenue of $783.6 million, equivalent to a 44% growth over 2017. As for LuisaViaRoma, in 2018 it reported a revenue of €124 million, 95% of which was generated online. To fête its 90th anniversary, it has announced a major show in Florence during Pitti Uomo, organised by Carine Roitfeld.
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