Bangkok based e-commerce Startup WearYouWant has announced a USD 1.5mil Series A round to expand into South-East Asia. Unlike other e-commerce solutions WyW is unique in that it positions itself as a fashion community. WyW enables local fashion retailers to compete with the online only e-commerce solutions, such as Zalora, by selling their inventory online.
WearYouWant collaborates with local fashion brands in a very unique way. Labels that join the fashion community can sell their products online through the WyW websites. The shops decide which items should be sold online and the WearYouWant team will take care of the remaining tasks, including professional photo-shoot and the real upload of items to the shop, as well as payments and delivery. This creates a high quality shopping environment for the tech-savy fashion shoppers.
The Series A round was led by Digital Media Partners (DMP) and OPT SEA, Japan’s leading e-marketing company. The round was completed by IMJ Investment Partners, and WearYouWant Co-Founder Julien Chalte.
Chalte is quoted in the press release saying “DMP has been very helpful in successfully preparing WearYouWant for this Series A investment. We chose OPT due to their corporate vision and indepth online expertise. We are also pleased to partner with IMJ Investment Partners as they have a very solid regional network and knowledge about other markets in which we could expand. I believe so strongly in our continuing success that I have participated in our Round A”. Indeed DMP already invested in an earlier round and has looked to further expand WyW’s operations across the region.
WearYou want is competing directly with e-commerce giants Zalora. However, WyW has gained a significant momentum through several key partnerships including a content marketing deal with Sanook, Thailand’s largest web portal, Kasikorn Bank (Kbank), the leading universal banking group in Thailand, and most notably LINE and Samsung. WearYouWant was one of the first companies in Thailand to take part in the hugely popular Line Flash deals, which put it level with its much larger competitors.
Koichi Saito said “IMJ invested because WearYouWant is getting a really good feedback from their partners. They have established excellent long-term relationships with their fashion partners, and the background of the founders does fit this space very well.” He also noted that the same business model in the Japanese market is now valued at more than USD 3bn.
At the moment WearYouWant has partnered with 450 brands, featuring more than 120,000 items, in Thailand. The investment will work towards becoming the largest aggregator of fashion and cosmetics brands, attracting 1.5 million monthly site visits, and meeting revenue targets of more than USD 6 million during the second half of 2015.