Earlier this week, an online marketplace for pre-owned fashion and furniture, Preselected Couture, took to equity crowdfunding platform Crowdcube to raise £120,000 for its continuous website and smartphone app development.
Launched in May 2016, the marketplace specializes in designer items (which includes designer clothes, footwear, accessories, home decorations and furniture). It offers additional stylist services along with interior designers. All of the products in the marketplace’s shop are visible in Google Shopping and the buyers just search for the products and communicate with the sellers directly through the platform.
Since its debut, Preselected Couture has had more than 40,000 website visits and 300 registered users. It also sold 10% of its listings in the first two months and claims to have seen 5 out 5-star ratings on the Trusted Shops rating system.The company stated:
“We help our sellers turn their idle possessions into cash or charitable donations and clear up space for new purchases; we help our buyers to enter the luxury goods market by offering substantial discounts on pre-owned items.”
Preselected Couture also uses affiliated programs for business sellers and shops who sell through its website. The company explained that these programs help generate sales by attracting users from its competitors like eBay. The marketplace’s stylists and interior designers notably take over the selling process for customers and help advise on both style and pricing.
Besides website and app development, funds from the Crowdcube campaign will go towards marketing campaigns and working capital. The company is currently offering 5.34% in equity and the initiative is set to close at the beginning of October.
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