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RERE.US Corporate Blog – September 2022
Below is a summary of the recent business development of the Company and the industry headlines in September 2022. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
In September, ATRenew opened 8 self-operated AHS stores of standard store type and 51 franchised stores mainly in the format of cooperative store (store-in-store) to strengthen service penetration in the central and eastern China markets. In addition, AHS Recycle unveiled its multi-category recycling flagship store at Baoshan Wanda Plaza in Shanghai. This flagship store offers recycling services for luxury bags, watches, jewelry, gold, liquor, wine, shoes and clothing, etc. as extensions to consumer electronics. The all-in-one store also provides consumers with trade-in solutions and value-added services, including smartphone repair, screen protector installation, and accessory purchases. The scheme design is to provide convenient and rich green consumption services through thousands of AHS stores across China, thus obtaining greater consumer mindshare. It is expected that 10 flagship stores will be established in Shanghai and consumers in Beijing will be able to enjoy such enriched offline services in the fourth quarter of 2022.
The Dongguan operation center was put into trial operation at the end of September, including the installation and implementation of the Matrix 2.0 automated quality inspection system, realizing ATRenew’s second automated operation center in China. The 8-hour operating capacity of the Dongguan operation center can exceed 10,000 electronic devices.
The “one-stop trade-in” option was embedded in’s product display, shopping cart and check out interfaces for consumers to smoothly order the newly launched iPhone 14 lineup products while paying the price difference by trading in their used devices. The “one-stop trade-in” service also offers a more economic solution for consumers to trade in multiple used products at the same time, including consumer electronics and home appliance. From September 16th to September 18th, GMV for AHS Recycle’s 1P recycling business increased by 50%, among which, GMV for recycling orders fulfilled at AHS stores increased by 60%. In addition, GMV for value-added services doubled.
Key highlights
ATRenew receives a low ESG risk rating from Morningstar Sustainalytics
ATRenew has received an Environmental, Social and Governance (“ESG”) risk rating score of 17.6/100 from Morningstar Sustainalytics (the lower, the better), assessing ATRenew to be at “Low Risk” of experiencing industry-specific material ESG factors. The Company was ranked fourth in the Online and Direct Marketing Retail sector. In particular, ATRenew attained “Negligible” ratings for its data privacy and security, business ethics, and environmental and social impact of products and services, all of which are key components of the assessment of material industry-specific ESG risks. Sustainalytics’ evaluation identifies ATRenew’s strong management performance across a comprehensive range of ESG metrics, demonstrating the Company’s industry-leading position in ESG-related policies, programs, and initiatives. Morningstar Sustainalytics is a leading ESG research, ratings and data firm that supports investors around the world with the development and implementation of responsible investment strategies.
Mr. Lijun Xin and Mr. Yanzhong Yao appointed as new directors of the Board
Mr. Lijun Xin, chief executive officer of JD Retail, and Mr. Yanzhong Yao, senior vice president of and president of JD Electronics and Home Appliance, have been appointed as new directors to the Company’s board of directors (the “Board”), effective on September 30, 2022, to replace Mr. Lei Xu and Mr. Wei Tang. Mr. Lijun Xin will also serve as a member of the compensation committee of the Board and a member of the nominating and corporate governance committee of the Board. Upon the appointment of Mr. Lijun Xin and Mr. Yanzhong Yao, the Board consists of eight members: Mr. Kerry Xuefeng Chen, Mr. Yongliang Wang, Mr. Lijun Xin, Mr. Yanzhong Yao, Mr. Chen Chen, Mr. Jingbo Wang, Mr. Guoxing Jiang and Ms. Rui Zhu.
Industry news
Naver agrees to acquire fashion marketplace Poshmark for $1.2B
After market close on Oct 3, 2022, Naver Corp. (KRX: 035420) (“Naver”), Korea’s largest search engine and largest e-commerce platform, announced that it has entered into a definitive agreement with Poshmark, Inc. (NASDAQ: POSH) (“Poshmark”), a leading social e-commerce marketplace for new and secondhand style, that Naver would acquire all of the issued and outstanding shares of Poshmark at $17.90 per share in cash, representing an enterprise value of approximately $1.2 billion. This represents a premium of 15% to Poshmark’s closing stock price as of October 3, 2022. The transaction, which was unanimously approved by both Naver’s and Poshmark’s Boards of Directors, is expected to close by the first quarter of 2023.