Secoo Holding Limited (NASDAQ:SECO) Q1 2019 Earnings Conference Call Transcript

Jun 13, 2019 • 08:00 am ET

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Secoo Holding Limited (NASDAQ:SECO) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Hello, ladies and gentlemen. Thank you for standing by for Secoo Holding Limited's First Quarter 2019 Earnings Conference Call. At this time all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded.

I will now turn the call over to your host Ms. Jingbo Ma, Board Secretary of the Company. Please go ahead, Jingbo.

Executive
Jingbo Ma

Hello, everyone, and welcome to the first quarter 2019 earnings conference call of Secoo Holding Limited. The Company's results were issued via Newswire services earlier today and have been posted online. You can download the earnings press release and sign up to the Company's news distribution list by visiting the IR section of our website at ir.secoo.com.

Mr. Richard Li, our Founder, Chairman and the Chief Executive Officer; and Mr. Shaojun Chen, our Chief Financial Officer, will start the call with their prepared remarks, followed by a question-and-answer session.

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statement involve inherent risks and uncertainties. As such, the Company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the Company's registration statement on Form-F1 and Form-20F as filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Please also note that Secoo's earnings press release and this conference call includes discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial numbers. Secoo's earnings press release contains a reconciliation of the unaudited non-GAAP numbers to the audited most directly comparable GAAP numbers.

I will now turn the call over to our Chairman and CEO, Mr. Richard Li. Please go ahead.

Executive
Richard Li

(Foreign Language) Hello, everyone, and thank you for joining us today.

(Foreign Language) We are pleased to kick off 2019 with strong first quarter results, highlighted by GMV of approximately RMB2.21 billion, up 97.1% year-over-year, while achieving total revenue of RMB1.18 billion, a 46.5% increase from the year ago period, exceeding or guidance. Our dedicated team has made significant progress in extending the omni-channel boutique lifestyle platform, driving sales growth and broadening brand partnership. We are confidence in our diversified growth strategy, global road map across upscale supply chain and decades of sustainable competitive advantage that further strengthen our leadership in the global luxury lifestyle industry.

(Foreign Language) Entering into 2019, they continued our efforts to extend direct brand collaborations and deepening brand relationships, while Secoo platform has become increasingly appealing to upscale brands, as the value propositions of trendsetting boutique lifestyle platform has been well received. From the beginning of 2019 to-date, they have established new direct partnership with 220 brands.

Notably, we are extremely excited that Secoo has entered into a contract with the Prada Group to offer Prada and Miu Miu,