Fashion e-Retailer WearYouWant Platform Raises US$1.5 M in Series A.
Thailand-based e-retailer fashion platform, WearYouWant has recently manage to secure over US$1.5 million in Series A round led by existing investors in Southeast Asia, Digital media Partners and Japan’s OPT SEA, with participation from IMJ Investment Partners and the fashion brands very own CEO, CTO and Co-founder Julien Chalte.
This recent funding shall be utilized to help the e-commerce firm market its way to accumulating more mindshare in Thailand, its biggest and only market for the time being. Furthermore, it wish to allure 1.5 million monthly site visits (at the moment at 300,000) and reach revenue targets of more than US$6 million during the second half of 2015, as stated on the official document.
Marching onward, the firm might also comtemplate expanding into other Southeast Asian markets such as the Philippines, Indonesia or Malaysia.
During an interview, Co-founder and Managing Director of WearYouWant, stated that a a market like Singapore is far “too small” and “too competitive”. Although, Other markets are far more appealing then the city-state/
If you can operate in Indonesia, you can operate anywhere,” added the entrepreneur.
General Partner of DMP, Dmitry Levit, stated, “Thailand, with its tech savvy consumers and willingness to embrace mobile commerce, has been a good test market for WearYouWant. We’d now like to help them replicate the same success across Southeast Asia.”
To better understand, WearYouWant allows its users to purchase from various international local brands, There are currently a total of 450 brands on the platform, these include Vans, Adidas, Paul Frank and Etude House. It also claims over 12,500 item from bags to sunglasses apparel for both men and women. The company was initially launched during 2011, and is listed under a Singapore-based holding firm.
According to information provided by Sorensen, WearYouWant has manage to generate a revenue through two methods: commissions-based transactions on the platform and sign-up fees for brands. He further pointed out that in terms of purchases while women tend to spend it more on beauty, there is a 50:50 splits between men and women in the fashion category.
The website also seems to be one of the few online aggregators that allows purchasing of men’s apparel in Thailand. Other companies that also have similar offers are Rocket Internets very own Zalore and Lazada.