Ruhnn Holding Ltd (NASDAQ:RUHN) Q1 2020 Earnings Conference Call Transcript
Aug 29, 2019 • 08:00 am ET
Hello, ladies and gentlemen, thank you for standing by for Ruhnn Holding Limited's Earnings Conference Call for the First Quarter of Fiscal Year 2020. At this time, all participants are in listen-only mode. Today's conference call is being recorded.
I will now turn the call over to your host, Mr. Sterling Song, Senior IR Director of Ruhnn. Please go ahead.
Thank you, Annie. Good evening. Hello, everyone, and welcome to Ruhnn Holding Limited earnings conference call for the first quarter of fiscal year 2020. As a reminder, this conference is being recorded. The Company's financial and operating results were issued in a press release earlier today and are available online. You can download the earnings press release and sign up for the Company's e-mail distribution list by visiting the IR section of the Company's website at ir.ruhnn.com.
Min Feng, our Founder and Chairman of the Board of Directors, and Mr. Zhenbo Chi, our Chief Financial Officer will begin with some prepared remarks. Following the prepared remarks, Mr. Lei Sun, our Founder, Director and CEO and Mr. Mac Zhou, our VP will also join us for the Q&A 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 statements involve inherent risks and uncertainties. As such, the Company's actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission, including its Annual Report on Form 20-F. The Company doesn't assume any obligation to update any forward-looking statements except required by law.
I will now turn the call over to Ruhnn's Founder and Chairman of Board, Mr. Min Feng. Mr. Feng will deliver his remarks in Chinese, followed immediately by English translation. Mr. Feng, please go ahead.
Good evening, everyone. Thank you for joining our earnings conference call for the first quarter of fiscal year 2020. On April 3, 2019, we successfully completed our IPO on the Nasdaq Global Select Market, marking a significant milestone in the Company's history. We firmly believe our success listing on the US stock exchange, which requires the highest corporate governance standards globally, is creating a solid foundation for long-term sustainable business development in the years to come. We have already begun to see an impact from the IPO on Ruhnn's brand awareness and the industry influence in the Internet KOL e-commerce sector in China.
We are very pleased to see strong growth momentum in our first fiscal quarter with GMV increasing by 50.4% to RMB755 million and net revenues increasing by 34.3% to RMB312.8 million both on a year-over-year basis. Notably, revenues from the platform model tripled in the first fiscal quarter compared with the same year-ago period. We have also realized significant margin expansion resulting in gross margin of 35.7% compared with 24.8% in the year-ago period.