NASDAQ-Listed Chinese Online Luxury Platform Gets $175 Million in a Deal with JD.com and L Catterton Asia
Shanghai-based Secoo.com, which operates online luxury fashion platform, announces its latest investment of $175 million from Singapore-based private equity fund L Catterton Asia and Chinese retail giant JD.com.
the deal with L Catterton Asia will enable Secoo.com to expand further within the luxury market and collaborate with L Catterton Asia’s existing portfolio companies, while the president of JD Fashion % Lifestyle said that “This partnership will help us enhance our luxury capabilities and provide the best possible luxury shopping experience to consumers in China”.
In the decision to keep users on its platform longer and become an everyday app, Grab is opening up its platform to third-party developers and industry peers. By having users stay longer on the app, the more data it can collect, and finally make an income out of it.
This is a similar move taken by WeChat in China, where it combines chat, gaming, payment and others in one app. The move also suggests that south-east Asia is more closely hewing to the China tech model of conglomerates offering a multitude of services, rather than the more focused approach of their US tech peers.
Tesla and the Shanghai Municipal People’s Government have signed the cooperative agreement that will allow Tesla to build a factory in the Shanghai region. The factory is said to be capable of producing 500,000 electric vehicles a year.
Although Tesla hasn’t provided the details of the factory cost, its spokesperson said that the construction is expected to begin as soon as the company gets the necessary approvals and permits from the Shanghai Municipal People’s Government.
Alibaba’s logistics affiliate, Cainiao, announces its strategic investment of $290 million in Hangzhou-based logistic service provider Dianwoda. Dianwoda is a platform that connects more than three million deliverymen in over 300 cities in China. It serves more than one million stores and near 100 million users everyday.
The investment will help Cainiao to become Dianwoda’s controlling shareholder. With this funding, the two companies will cooperate in warehousing, delivery and same-city delivery.
The financial unit of China’s leading technology company JD.com, JD Finance, has raised at least $1.96 billion in fresh equity from Chinese investors. It is reported that this funding has doubled the company valuation, possibly to $17.9 billion.
Sources with knowledge also comment that JD Finance is expected to launch a domestic IPO soon. However, there is no firm timetable for a listing.