Online fashion platform WearYouWant secures US$1.5M Series A funding
The round was led by Digital Media Partners and OPT SEA, with participation from IMJ Investment Partners and the brand’s CEO Julian ChalteBy Elaine Huang 04 Aug, 2014
Thailand-based online fashion platform WearYouWant has raised US$1.5 million in a Series A round led by existing investor Southeast Asia-centric Digital Media Partners (DMP) and Japan’s OPT SEA, with participation from IMJ Investment Partners and the fashion brand’s CEO, CTO and Co-founder Julien Chalte.
The funds will be used to help the e-commerce firm market its way to garnering more mindshare in Thailand, its biggest and only market so far. Additionally, it wishes to attract 1.5 million monthly site visits (currently at 300,000) and reach revenue targets of more than US$6 million during the second half of 2015, stated an official document.
Going forward, the firm might also contemplate expanding into other Southeast Asian markets such as the Philippines, Indonesia or Malaysia.
Martin Toft Sorensen, Co-founder and Managing Director, WearYouWant told e27 that a market like Singapore is “too small” and “too competitive”. The other markets, however, are more appealing than the city-state. “If you can operate in Indonesia, you can operate anywhere,” added the entrepreneur.
Dmitry Levit, General Partner, DMP said, “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.”
For the record, WearYouWant allows users to purchase from various international and local brands. There are currently a total of 450 brands on the platform, including Vans, Adidas, Paul Frank and Etude House. It also boasts 12,500 items from bags to sunglasses to apparel for both men and women. The company was set up in 2011, and is listed under a Singapore-based holding firm.
According to Sorensen, WearYouWant has been generating revenue through two methods: commission-based transactions on the platform and sign-up fees for brands. He further noted that in terms of purchases, while women might spend more on beauty, there is a 50:50 split between men and women in the fashion category.
The website also seems to be one of the few online aggregators that allow buying of men’s apparel in Thailand. Other companies that have a similar offering include Rocket Internet’s Zalora and Lazada.