News Singapore Startups

Fashion e-commerce website StyleTribute mints $1.1Mn in series A

StyleTribute
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There are numerous instances when you no longer wish to keep a certain apparel in your wardrobe, the reasons behind can be plenty. But what troubles you the most is what to do with it especially when it is a designer piece. You wish to sell it, but, you are simply too lazy, or lack time or don’t know where to sell it. It is also hard to find a platform which provides a nice service and good price for your clothes.

While there are other such websites that let users sell pre-owned clothes, Singapore-based StyleTribute exclusively focuses on luxury clothing and accessories. It specifically caters to the top end of the secondhand market.

The platform is set to make things easier for you as it has secured $1.1 million in series A. It raised the funds from a European family office and private individuals.

With the capital, StyleTribute is gearing up for a marketing push to further expand its market in Singapore and Malaysia. It is also exploring possibilities of launching the service in one more country. While on the product side, it wants to improve its seller app and also add an interface for buyers.

StyleTribute will concentrate more on the DIY side (where the seller uploads their own items) of the business. Currently offering women and children’s clothing and accessories, it plans to introduce a men’s category soon.

The startup’s total funding amounts to $1.4 million, prior to this, it raised a seed round in June 2014. Since then it claims to have grown its user base by 500 percent and its revenue by double digits QoQ. It says about 50 to 60 percent of its monthly customers are recurring, and the average basket size grew from US$216 last year to US$360.

Selling on Style Tribute is a cakewalk for the modern generation. Sellers have to simply click pictures of their items and uploading it on the website. The team takes over the charge for the rest of the process – picking up your item from their place, ensuring it’s an authentic product they ships it to the buyer and finally transfers the proceeds to you. It tags the items that have gone through the process unlimited authenticity guarantee.

For the users who wish to sell ten or more items, StyleTribute provides a “white glove” service which is a more involved process.  A team member comes over to your place, picks up the items, and then takes care of everything from photography to payment. Founder and CEO Stephanie Crespin says this service drives the most traffic while the DIY side is responsible for 20 percent of the business. She expects it to grow swiftly after the funding round.

 

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