Meitu Partners with Secoo and TryTry to Elevate E-commerce Services Under 'Beauty and Social' Strategy

Meitu Inc. Enters into Strategic Cooperation with Secoo Group and TryTry (Image Source: Provided by the Companies)

VCBeat (WeChat: vcbeat) has learned that on November 22, Meitu Inc., Secoo Group, and TryTry jointly issued a memorandum of strategic cooperation, reaching an intention for strategic partnership among the three parties and holding a signing ceremony.

Under the terms of the collaboration, the Meitu Makeup APP will be operated by “TryTry,” a beauty e-commerce platform invested in by Secoo. TryTry will assume comprehensive management responsibilities for the Meitu Makeup platform, including brand promotion, product procurement, sales, order fulfillment, and customer service. The APP matrix under Meitu will continue to empower the Meitu Makeup e-commerce platform by driving traffic to it and further unlocking user value.

Meitu Beauty, an upgraded version of Meitu’s e-commerce platform “Meipu,” leveraged Meitu’s big data platform with billions of data points and its self-developed AI skin analysis technology in October 2017 to provide users with a one-stop skincare experience encompassing “AI skin analysis, intelligent skincare product recommendations, and online purchase.” This approach not only achieved exceptionally high conversion rates but also enabled Meitu to continuously expand application scenarios for its AI skin analysis technology.

This collaboration further integrates the strengths of Meitu Beauty with those of the other two platforms. Wu Xinhong, Founder and CEO of Meitu Inc., stated, “The strategic alliance between Meitu Beauty, Secoo, and TryTry marks the implementation of Meitu’s adjusted e-commerce strategy. This tripartite partnership leverages the respective advantages of Meitu, Secoo, and TryTry by combining Meitu’s leading AI-based skin analysis technology and its vast user base with Secoo’s premium luxury services and robust supply chain capabilities, as well as TryTry’s innovative operational model, thereby delivering a higher-quality shopping experience for users. Aligned with its ‘Beauty and Social’ strategy, Meitu will continue to open up its ecosystem, capitalize on its core platform advantages, connect and serve both users and merchants, and collaborate with high-quality partners to unlock greater user value.”

Huang Pengsheng, CEO of TryTry and a partner at Secoo, stated, “Meitu’s app matrix serves as the leading gateway for Chinese women to enhance their beauty online. This collaboration will enable more female users not only to look better in photos and on social media but also to maintain their beauty in real life through the use of suitable cosmetics.”

During the tripartite collaboration, Meitu will benefit from two revenue models: a guaranteed minimum return and revenue sharing. Meitu possesses leading AI-based skin analysis technology, a premier high-quality female user base in China, and a brand image with significant premium value.

In the future, Meitu’s app portfolio will continue to empower the Meitu Beauty platform. In collaboration with Secoo and TryTry, it will provide Meitu users with deeper and more comprehensive services, refine user profiling, fully revitalize Meitu’s assets, deepen user value through a more asset-light approach, and unlock commercialization potential.

Previously, Meitu revealed that it would continue to provide relevant e-commerce services based on user needs to meet customer demands. Meitu also stated that its current business model would become more open and focus more on platform-based businesses, connecting and serving both users and merchants.