In 2022, luxury e-commerce platform Secoo Holding Ltd filed for bankruptcy in Beijing. After 14 years of operations, this was a disappointing end to the largest luxury marketplace in the world’s largest luxury market. The company (founded by Li Rixue in 2008) grew out of a second-hand handbag shop. It went digital and found itself […]
My standard question is: What is the quality of the business? I go through lots of checklists for this. It generally takes me 40 pages of written notes to get through a basic assessment of company quality. But the simple version is: What is the market size and its growth? Is there a long-term secular […]
Luxury marketplace platform Farfetch has had a long courtship with JD, Alibaba and Chinese consumers. In the next update, I’ll go into my thoughts on Farfetch as a stand-alone company (basically, not good). But the more interesting questions for investors are: Is Farfetch going to get bought? What is the private market value to Chinese […]