Secoo Taps Aladdin Technology As Investor In Exploring Business Options

  • Secoo Holding Ltd SECO has entered into strategic cooperation with Aladdin Legend Technology Co Ltd.
  • The two companies will jointly explore business opportunities in luxury shopping and value-added services.
  • Under the agreement, Aladdin will invest RMB1.3 billion. The strategic cooperation is divided into three parts.
  • First, Aladdin will invest RMB100 million to establish Secoo China Club. The parties will lay out the high-end consumption circle and jointly develop second-hand Luxury goods transactions.
  • They will also promote the establishment of the China Department Store Home public circle, helping local enterprises to generate international brands.
  • Aladdin will invest up to RMB200 million by subscribing to the main shares of Secoo listed on the stock market.
  • With up to RMB1 billion, the parties will join hands to go overseas to promote the innovation and upgrading of services in the global luxury industry.
  • Price Action: SECO shares are trading higher by 31.6% at $0.34 on the last check Thursday.
  • Photo Via Company
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