Sasseur Group and Secoo Holdings target China's luxury consumer market

Sasseur Cayman Holding Limited has signed a Memorandum of Strategic Partnership with Secoo Holding Limited, Asia's largest integrated online platform for upscale products and services and one of Sasseur REIT's strategic cornerstone investors.

Under the Memorandum, Sasseur Group and Secoo will each be tapping on their respective expertise in offline and online retail to develop an integrated omni-channel network targeting the growing luxury consumer market in China.

Through the sharing of resources in the areas of merchandise, brands, membership, payment, consumer financing, customer service and big data solutions, it will allow both companies to leverage on one another's strengths so as to capitalise on the immense opportunities offered by China's rising middle-class population.

Commenting on the partnership, Mr. Xu Rongcan, Founder and Chairman of Sasseur Group, said, "We are excited to be a strategic partner of Secoo, Asia's largest integrated online and offline luxury products and services platform. Through the cross sharing of resources, we seek to leverage on each other's capabilities to create a better shopping experience for Chinese consumers, both online and offline. With Sasseur Group being one of the largest retail outlet malls operator in China and our innovative super outlet and differentiated business model to support operations, we are confident of bringing the Sasseur brand to greater heights."

Emphasizing on the above, Mr. Anthony Ang, Chief Executive Officer of Sasseur REIT Manager, said, "The partnership with Secoo, one of our key cornerstone investors, is strategic given their expertise in online retail. This adds a new dimension to our usual offline channel of outlet malls
while sharpening our competitive advantage in the industry. As we seek to jointly explore new marketing opportunities centering around upscale lifestyles, we are committed to deliver a better shopping experience for our consumers, with the aim of solidifying revenue growth for Sasseur REIT."

Similarly, on the partnership, Mr. Richard Li, Chairman and Executive Officer of Secoo said, "We are pleased to have Sasseur Group alongside as our valuable partner while we move forward towards boosting our offline presence in the region. Through a deployment of omni-channel strategies and sharing of our respective resources, we are confident of strengthening our influence and capabilities among luxury consumers in China. As we move on into this new chapter, let us work together to deliver an experience never before seen in China."