1) To help US-based fashion and home accessories brands sell into growing, emerging markets. 2) To serve the huge, aspirational demand of the high and middle classes in emerging markets for exclusive fashion and home products, not available in their local markets.
1) No inventory. We first sell and then buy products at wholesale prices. 2) High margins: 40%+ 3) Exclusive distribution rights for products - only we can sell them in our target markets 4) 80% discount on DHL rates, as ex-CEO of DHL US is an investor. 5) Very strong traction - $920K of revenues in Q2 2014, 70% q/q growth, $4MM of annual revenue run rate, 250K registered users 6) Experienced team led by Harvard MBA 7) Validation by top investors including Redpoint, 500Startups, Plug&Play.
1. Strong value proposition to both sides of marketplace: a) US-based brands: Access to huge demand in emerging markets with partner who will take care of marketing, sales and international logistics. b) Consumers in target markets: Discovery of aspirational and exclusive products that cannot be found in the local market. 2) Scalable lean structure (no large infrastructure cost): Ship directly products from warehouse in Florida to end consumers in target markets using 80% discount with DHL.
Reached $4MM annual revenue run rate. Revenues 11% over projections. Customer Lifetime Value = 12 x User Acquisition Cost.July, 2014