This article only represents the author's own views.
Our first review for the New Year features a look at the latest earnings report from online luxury goods seller Secoo Holding Ltd. (SECO.US), which hopes that 2023 will be better than 2022. Then again, the same could be said for just about any Chinese company, following a miserable year, as nearly everyone suffered under the weight of the country’s tough Covid restrictions.
But Secoo suffered more than most. Luxury spending has taken one of the biggest hits on China’s retail landscape over the last three years as Chinese remained housebound during lengthy lockdowns and other restrictions. And as many consumers reined in their spending, items like luxury bags and expensive clothing were probably among the first things they ditched.