A casual conversation between two friends leads to start Eco-Friendly & Pre-owned Fashion startup.
11th, September 2017 - Tech Startup
My Co-Founder, Deepal and I met at Summer School at London School of Economics in 2010. A casual conversation about our own overflowing closets, left us wondering if there were an opportunity to create a solution for many more women who relate to ‘overflowing closets yet nothing to wear’. We reconnected after our corporate stints to launch an online venture that helps women purge their closet. KlosetEdit is an online platform for women to discover, buy and sell preloved fashion. Through our platform, women can seamlessly sell all the hardly or never been used shoes, bags, accessories & clothing, and can continuously update their closets by buying premium products at a fraction of the price! Our curated catalogue covers a variety of brands from Zara to LV, at up to 80% off retail!
What made you switch from investment banker to fashion domain?
The absence of creativity in our corporate jobs was essentially what propelled Deepal and me towards the creation of KlosetEdit. After conducting an extensive market research and understanding the patterns of consumer behaviour in India, we realised that our country was a ready and mature market into which the concept of preloved fashion could be introduced. The thrill of building a brand coupled with this research was enough motivation for us to take the plunge into the startup world!
What is the value proposition of KlosetEdit
Unlike most of our competitors, we follow an inventory-led model to ensure that each item goes through a stringent check for quality, condition and authenticity before being accepted for sale on the website. The fact that our in-house team of fashion stylists intervenes and curates our collection, enables us to overcome the biggest apprehension of a customer which lies around the quality of products. Utmost transparency and the fact that the product we showcase online is exactly how it appears in person have been the secret sauce in attracting and retaining customers
How did Fashion industry react to klosetedit
Though one would assume that people are apprehensive about buying previously owned fashion and to some extent it does hold true. We have had a surprising and positive response by strongly focusing on the curation of our products and being extremely transparent about the condition of the items. Current collaborations with other fashion portals such as Fancy Pants, discovery platforms such as Roposo and Seen it and phenomenal outreach partners such as Let’s Barter India talk for the acceptance of the concept amongst the industry. We are exploring more avenues moving beyond individual sellers and are excited for the collaborations that are underway.
Pre-loved fashion is here to stay and so are we. The possibilities are endless and the boundaries unlimited. Our step by step plan includes adding different categories as well as verticals, expanding our service geographically, and launching our service on different mediums. Primarily focusing on making selling easier for the seller day by day and giving our customers an excellent experience with us, by leveraging on technology and keeping up with continuously changing consumer dynamics.
As a women entrepreneur your advice to others?
I never faced a bias due to my gender, the fact that we were professional and determined right from the start helped us carve our path and stand by challenges. However, I believe platforms and mediums to foster and encourage women entrepreneurs to take the plunge and live up to their potential are essential. Initiatives such as Global Women Network & Womennovator are doing a great job of building a strong network of women-led startups, in my opinion, to be able to leverage on a network of mentors and fellow entrepreneurs is a huge boost to women entrepreneurship and everyone should make the most of such opportunities.
My two cents on encouraging women to startup:
- Be passionate about the problem you’re solving and make sure it has a real impact. Once you have the ‘why’ figured out, you’ll manage the ‘how’
- Don’t be scared to take the plunge, but also remember, nothing beats planning. Plan everything to the T.
- Validate your business idea before starting. I know of many businesses that failed despite having a great product because they had no customers! Do extensive research and surveys, talk to people and be sure who your audience is, it is very crucial.
- Reach out to people for help. You will never know everything, but leveraging on other people’s experiences can broaden your horizon and enable better decision making.
- Finally, most important, enjoy the journey! Sometimes we get so focused on the destination, that we forget to embrace small wins. So be it your first customer, your launch or first review, make sure to stop and cherish the win!
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