There’s no shortage of online consumer-to-consumer marketplaces in Singapore, but some are older than others. Founded in 2013, StyleTribute is one that has been here for a while. And it looks like it’s going to stick around for at least a little longer: the #startup just raised US$1.1 million in a series A round.
The funding comes from a European family office and private individuals.
While plenty of online platforms, from Carousell to startups like Refash, offer users the ability to resell pre-owned clothes in the city-state, StyleTribute specializes in luxury clothing and accessories.
StyleTribute collects the item from the seller and ensures it’s an authentic product.
And luxury means luxury. Right now on the site, under “new arrivals,” I can see bags by Hermès and Gucci going for US$2,500 and US$975 respectively.
Sellers can snap a picture of their items and upload them to the marketplace. When the item is sold, the startup collects the item from the seller’s place and ensures it’s an authentic product – something you’d expect, given the price tags. StyleTribute offers an “unlimited authenticity guarantee” for items that have gone through the process.
For sellers who want to push 10 or more items, the firm provides a “white glove” service. This is a more involved process where someone from the company comes over to your place, picks up the items, and then arranges everything from photography to payment.
Founder and CEO Stephanie Crespin says this service drives the most traffic while the “DIY” side (where the seller uploads their own items) accounts for 20 percent of the business. She expects it to expand quickly after the series A.
StyleTribute will use the funding for a marketing push to grow its market in Singapore and Malaysia. It will also look to expand to a third country. On the product side, the company wants to improve its seller app and also add an interface for buyers. The aim is to grow the DIY side of the business more.
Including the series A round, StyleTribute has raised US$1.4 million. Since June 2014, when it raised a seed round, the startup says it grew its user base by 500 percent and has grown its revenue by double digits quarter-on-quarter.
It reports about 50 to 60 percent of its monthly customers are recurring, and the average basket size has increased from US$216 last year to US$360.
The marketplace currently offers women and children’s clothing and accessories. It plans to add a men’s category in the coming months.
Converted from Singapore dollars. Us$1 = S$1.38