Secoo Announces Strategic Framework with Hainan Government

BEIJING, July 2, 2018 /PRNewswire/ -- Secoo Holding Limited ("Secoo" or the "Company") (NASDAQ:SECO), Asia's largest online integrated upscale products and services platform, announced that it has entered a strategic framework with the Department of Industry and Information Technology of Hainan Province, by the witness of vice governor of Hainan Province, Peng Jinhui in Beijing 30^th June 2018.

The two sides will focus on the establishment of Hainan Free Trade Zone, including duty-free shopping, cross border e-commerce, Chinese cultural products and block chain technology. The cooperation aims to seize this development opportunity of Hainan and help the province to become the International Tourism Consumption Center.

Developing Duty-Free Business

As Asia's largest premium lifestyle platform, Secoo has accumulated 20 million high-end consumers and covers more than 3,000 luxury brands. Based on these resources and experience in luxury industry during ten years, Secoo will cooperate with the province to develop the online & offline duty-free service, build duty-free shopping mall, as well as fashion and luxury design display and trade center. Secoo devotes to improve Hainan duty-free industrial chain and offer an enjoyable service for consumers.

Luxury products is the main sector for global duty-free business, and one of the most significant policies of Hainan Free Trade Zone is to create a convenient duty-free shopping environment and increase the limit quota of duty-free purchase. Therefore Secoo's strategy is to enrich product categories, extend channel resources and improve consumption experience, and this is strongly supported by Hainan Government, and will surely boost the business of Secoo in the near future.

Increasing Opportunity and Accelerating Cross-Border E-Commerce through the Soft Strength of Hainan

The Chinese Government released several directions to promote Hainan Free Trade Zone, including speeding up cross border e-commerce system, building smart shopping boutiques and improving trading service. Hainan will give strong support for cross border e-commerce by developing smart logistics, infrastructures, inspection system, public service and organizational supply. In addition, as an important site of marine silk-road, Hainan will provide a better cultural environment for the cross border e-commerce. Through this opportunity, Secoo plans to rely on the artificial intelligence and big data to discover cross border e-commerce new business model and establish smart experience center.

Moreover, Secoo will enhance the blockchain application practice and develop an authentication blockchain system. Secoo will also establish Chinese cultural displays and trade platforms, carrying forward the remarkable Chinese culture.

Secoo will also boost the premium lifestyle service by developing an International Tourism Consumption Center and Free Trade Zone. This strategic framework with Hainan Province will be beneficial for Secoo to go abroad and deliver the slogan 'Devoted to You' to consumers all over the world.

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SOURCE Secoo Group