All Things Renew
Home / News / Corporate Blog
RERE.US Corporate Blog – Nov 2021
Below is a summary of the recent business development of the Company and the industry headlines in November 2021. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
The monthly GMV of Paipai Selection x Dyson flagship store exceeded RMB3 million in November, compared with RMB140,000 in October since its debut. The flagship store on distributes Dyson certified refurbished products, including vacuums, purifiers, hair dryers, and Airwrap stylers, etc. The collaboration was matchmade by JD Retail.
In November, aside from 17 Paipai Selection stores, AHS store totaled 1,074 nationwide, achieving the Company’s strategic goal of establishing “one thousand stores across one hundred cities in China” ahead of schedule. In the meantime, ATRenew added 21 city-level operation stations to expand the national coverage of the city-level service integration business model, further increasing consumer reach to recycle and empowering merchants to conduct quality inspections and efficient circulation locally. The enhanced local supply chain and management capabilities set a solid foundation for the strategic goal of topping annual GMV to over RMB100 billion in 2025.
During the Single’s Day shopping festival, the paid orders of JD one-stop trade-in increased by 84% year-over-year, and the number of recycling orders placed (excluding trade-in orders) increased by 44% year-over-year. On November 11, GMV of Paipai Selection ranked top across multiple online distribution channels under pre-owned goods category, including, Kuaishou, and Douyin, further demonstrating the widening acknowledgment among consumers.
At the end of November, PJT Marketplace launched a product tag of “Nearby” (“快速达”), allowing merchant shoppers to identify the nearest goods at ease. The tag optimizes user experience and improves the turnover of goods.
Key highlights
CEO participated in Deloitte forum to discuss circular economy during the 4th CIIE
On November 6, Mr. Kerry Xuefeng Chen, Founder and CEO of ATRenew, delivered a keynote speech at Deloitte’s forum during the 4th China International Import Expo, sharing the Company's experiences in promoting the circulation of pre-owned consumer electronic products and its ESG practices. The keynote was well received by participants at Deloitte’s themed forum: "China's turning point: How climate action can drive our economic future".
Completed global rebranding and launched new website domain
On November 15, the Company announced the effectiveness of "ATRenew Inc." as its new company name following the approval by its shareholders at the extraordinary general meeting on the same day. The Company's ticker symbol remains unchanged as "RERE". In addition, the Company launched and as brand-new information portals for information disclosure and stakeholder communication.
Released 3Q21 results while GTJA International initiated a “Buy” rating
On November 18, ATRenew released its 3Q21 financial results while further interpreting its “city-level service integration” business strategy. About at the same time, Guotai Junan International initiated ATRenew with a “Buy” rating – becoming the sixth leading domestic brokerage firm to cover ATRenew following China Renaissance, CITIC Securities, GF Securities, TF Securities, and Southwest Securities.
ATRenew joined as a core member of “Low Carbon Office Alliance”
On November 25, Shui On, Circular Pie (“循环派”), and Maker Sustainability Consulting co-founded “Low-Carbon Office Alliance” (“低碳办公联盟”) where ATRenew became a core member. Ms. Becky Du, Senior Vice President of ATRenew presented the Company’s low-carbon practices and its corporate solutions.
Industry news
JD released a research report on the circular economy, citing insights on second-hand consumer electronics from ATRenew
On December 1, JD Group issued a report titled “Circular Economy Report 2021: Used Goods Are Not Unwanted Goods” (《当“旧物”不再是“废物”——2021“循环经济”研究报告》) in joint efforts with ATRenew and A.T. Kearney. It pulled user research and analysis of the sales of pre-owned electrics since 2018, reflecting the status quo of the circular economy in China. The report unveils that the pre-owned consumer electronics industry outruns other industries in terms of consumer acceptance and practical development. In addition, trade-in services accelerate the sales of expensive goods, and the re-commercialization of premium pre-owned goods through reliable channels benefits a wider group of consumers.