Secoo ( (NASDAQ:SECO), China’s Premium e-commerce platform attended the Design Shanghai Exhibition with Pop-up Bar presenting signature couture cocktails exclusively made by star bartenders including Kazuhisa Arai, owner of Speak Low, which is Asia’s No.2 bar and located in Shanghai.
As an official partner of Design Shanghai, Secoo formally launched its own “24/7 by Secoo” premium cocktail brand during the event, as the company’s first step into the alcohol industry.
Facing growing complicated consumer behaviours and a fast-changing luxury experience market in China, Secoo has decided to aggressively pursue market share by not only combatting powerful competitors on the retail front. The company also seeks to impress the market by creating a unique luxury experience as well as cultivating new lifestyle habits in what is the world’s largest luxury market in which around 85% of the growth is contributed by the curious and diversity-seeking millennial generation.
The company invited three top bartenders to serve exclusive and freshly-made signature cocktails and pre-mixed cocktails for visitors and in return acquired first-hand market feedback. To satisfy the diverse tastes of fresh cocktail consumers and guarantee cocktail quality, Irish Jameson, British Gin Beefeater, and German Dry Gin Monkey 47 were selected as the base liquors to which Oriental infusions integrating floral aromas, notes of tea, and cocoa-bitter earthiness were added.
As part of Secoo’s omni-channel New Retail strategy, “24/7 Secoo” also embraces exclusive design elements handpicked from promising designer pools. It is very likely the new “24/7 by Secoo” will also become a luxury lifestyle initiative that explores dynamic Chinese alcohol market strategies including industry talent cultivation and market demand creation.
Mr. Eric Chan, CEO at Secoo Luxe, the business arm of the group said, “This year, we aim to land several exclusive bar refreshment spaces around China, to offer our members a more intimate luxury experience that will further distinguish our services from traditional retail spaces as well as other major online and brick-and-mortar rivals. Meanwhile, our cross-field cooperation with leading players will strengthen Secoo’s omni-channel competitiveness. The cooperation will also incubate some of Secoo’s own interesting and deluxe product lines intended for China’s promising luxury market.”
According to a source familiar with the matter, Secoo has secured a partnership with another of Asia’s Best 50 bars, Janes & Hooch (located in Beijing), and will launch “24/7 by Secoo” there on March 23. The source also said that Secoo is currently in talks with a wine chateau.
When major international luxury ecommerce platforms like Farfetch absorb traditional premium brands such as Burberry, Secoo can identify more possibilities in channel creation and revenue diversification beyond its partnership with top brands. An example being the Secoo-Gucci 2018 Valentine’s Day joint-sale, for instance.
As a NASDAQ-listed company, Secoo is taking action to exploit possible new fields regarding its New Retail strategy and China-based user-experience building.
In January, the company established an initiative with Malaysian department store Parkson Group to deepen existing offline partnerships and operational channel alliances. Earlier this month, Secoo launched the Goddess Festival targeting China’s rising class of independent women with a newly sophisticated desire for high-end cosmetics.
The latest financial report regarding the company’s performance during the third quarter of 2017 witnessed a strong 44.2% increase year over year. Considering the company’s recent moves in emerging consumption markets and seasonal sales events such as the New Year’s Holiday and the Chinese Lunar New Year, Secoo’s soon-to-be-released upcoming financial report will be worth waiting for.
(Top photo from Secoo)