wildrobe at open coffee athens #84
TRANSCRIPT
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INTRODUCING WILDROBEOPEN COFFEE PRESENTATION
13TH JANUARY 2017
VASSIA PIKROUKONSTANTINOS PAPAZAFEIROPOULOS
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WHAT IS WILDROBE
An online curated marketplace that enhancesthe experience to buy and sell brandedsecond-hand clothes, shoes, bags & accessoriesin great condition.
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OUR MISSION
To make fashion sustainable for our planet by connecting the world’s wardrobes through a beautiful shopping experience.
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OUR VISION
To create a compelling and sustainable fashion culture where we wear our true self.
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AROUND 70%Oops!
HAVE YOU EVER WONDERED?
What % of your wardrobe is not used?
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“Trapped” money in your wardrobe -lost value from past purchases.
Budget for apparel last 5 years in Greece
2.800 euros
Unused value
1.900 euros
Potential market value
1.000 euros
Hidden opportunities for buyers -beautiful products in great prices.
Great brands in large discounts
Fashion pieces no longer in the market
Luxury and premium items made affordable
The biggest market is set behind our wardrobes’ closed doors
PROBLEM
ECONOMIC
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Carbon emissions
Average life of clothes
+9 months 20-30% reduction in carbon emissions
Water waste
1 cotton t-shirt 2.700 litres of drinking water quantity a man drinks for 2.5 years
99% of the planet’s water is salty
Other valuable resources waste
1/3 of materials for clothes’ production is wasted
PROBLEM
ENVIRONMENTAL (A)
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PROBLEM
ENVIRONMENTAL (B)
Fast fashion companies have shortened the season cycles.
Earth population is increasing in a significant rate.
7 billion today 9 billion by 20503 billion more in the middle class by 2030
With current levels of consumption we need the regenerative capacity of 1,5 earths.By 2050 we will need the capacity of 2,3 earths.
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PIT STOP 1
If 1/100 American households shopped resale?
Like planting 24 million trees.
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PIT STOP 2
The value of unworn clothes in UK?Last year only…
35 billion euros
OR
1.7 billion unworn pieces
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Your wardrobe doesn’t express your current personal style.
Lack of time. Lack of space.
Need a simpler everyday life.
Fast changing trendsSocial media exposure
PROBLEM
LIFESTYLE
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An online curated platform where users can buy andsell second-hand fashion items in great condition.
SAVE MONEYWhen buying stylish preowned
fashion items in great prices
MAKE MONEYWhen selling fashion items
you no longer use
SHARE CULTUREWhen participating in a community
that changes the way we livewith our clothes
OUR SOLUTION
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OUR SOLUTION
B U T …
Keeping the shopping experience enjoyable!
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OUR SOLUTION
R E T H I N K * R E U S E
=New era for fashion
Smarter & more conscious consumption
Simpler and more organised way of life
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3RD WAVE
After CARS & ELECTRONIC DEVICES…
APPAREL embraces second-hand culturewith high growth rates.
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PIT STOP 3
2/3of Europeans buy second-hand items.
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A BIGGER SHIFT
P O W E R O F S H A R I N G E C O N O M Y
The ownership changes, but…we share the value.
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A BIGGER SHIFT
“Most importantly is about resources. If we are going to continue like this, there is no other option than to work with sustainability.
In the long term the natural resources will run out if we continue business as usual.”
HELENA HELMERSSONHead of Sustainability
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NOT IF BUT WHEN
PAULA SUTTER
ThredUp Board MemberFormer President
“It’s not a question of if but when hundreds of millionsof people all over the world make resale their
new healthy habit.”
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BUSINESS MODEL
WA N T T O S E L L ?
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BUSINESS MODEL
CHOOSE THE ITEM YOU WANT TO SELL
TAKE GREAT PHOTOS ANDUPLOAD YOU ITEM
WE EVALUATE YOUR LISTINGAND MAKE YOUR
ITEM LOOKS BEAUTIFUL
WE HANDLE THE SHIPPING OF THEITEM YOU SOLD
MONEY ADDED TO YOUR ACCOUNT
RETURNS POLICY
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BUSINESS MODEL
WA N T T O ΒU Y ?
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BUSINESS MODEL
PLACE YOUR ORDER. WE CONTROL AND PACKTHE ITEMS YOU PURCHASED.
WE DELIVER YOUR ORDER.
WE GUARANTEE YOUR MONEY. YOUR FEEDBACK IS PRECIOUS. ENJOY YOUR PURCHASE.
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BUSINESS MODEL
Facebook, Email, Phone
AVERAGE RESPONSIVE TIME < 1 HOUR
W E I N V E S T I NU S E R ’ S E D U C AT I O N
We invest in personal and highly responsivecustomer service.
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BUSINESS MODEL
We take
20% commissionon each completed transaction
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PRODUCT
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ACTUAL PRODUCTS
CHANEL MINI BAGby Evangelia
2.100 € from 3.000 €
JIMMY CHOO SHOESby Maria PS
350.00 € from 550.00 €
GUCCI SUNGLASSESby Marta
60.00 € from 430 €
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KATE SPADE WALLETby Perivia
29 € from 180 €
DOLCE & GABBANA LEATHER BAGby Marpan
290 € from 1.200 €
MIU MIU BOOTSby KatherineK
200 € from 500 €
ZARA DRESSby Giulia
30 € from 60 €
SONIA RYKIEL SKIRTby Fashionista
180 € from 940 €
MICHAEL KORS DOWN JACKETby MaryMefani
270 € from 700 €
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SOME OF OUR BRANDS
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BRIEF TIMELINE
LANDING PAGEMiddle of April 2016
LIVE ONLY FOR SELLERSMiddle of July 2016
LIVE BOTH FOR BUYERS AND SELLERS
Beginning of September 2016
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CURRENT TARGET MARKET
G R E E K W O M E N
Age18-60
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TRACTION
1.100style shops
3.500products (2.700 approved)
>1.000brands 4.500
users
24.000Facebook fans (main online marketing channel)
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MAIN COMMUNICATION CHANNEL
FACEBOOK(customer service intensive)
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BUDGET
€AT MINIMUM LEVEL
PROOF CHECKING OUR FUNDAMENTAL ASSUMPTIONS
FINDING THE RIGHT PROMOTIONAL STRATEGY
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RETURNING USERS
B U Y E R S2 0 %
S E L L E R S3 0 %
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THE 4 OOPS
AUTHENTICITYWe don’t offer authenticity check. We accept returns if
the buyer proves that an item is fake.
MEDIUM QUALITY CONTENTUser generated content (photos, description, composition).
MEASUREMENTSMany different brands with many different size guides.
SIZESThe size line is not completed. The size of each
fashion item is unique.
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Every wardrobe
avg. 90 pieces
GREEK MARKET
HIDDEN VALUE
Average cost
7.000 €
Unused
70% or 63 items% of items with resale value
30%
Average discount
50%
Make money
1.050Number of wardrobes
3.000.000
HIDDEN VALUE3.2 billion euros
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BUYERS’ POTENTIAL INTEREST
GREEK MARKET
Women’s annual apparel turnover
1.6 billion euros
We can capture 5% of it
or otherwise save that amount
80.000.000 euros
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GLOBAL MARKET
> 400 million invested in Online Apparel Resale from 2009-2015.
US apparel resale market will grow from 14 billion (2015) to 25 billion (2025).
GROWTH RATESOnline apparel resale
82%
Apparel ecommerce
14%
Retail
3%
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PIT STOP 4
Retailers deliver 4-6 collections per year.
Mature resale players deliver a new collectionalmost every day.
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SOLUTIONS OUT THERE?
I N G R E E C E …
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Pit Stop 3.
Discount retailing: increasing growth rate
15% - 20% of a fashion company’s collection (mainly low sellers)
—>
Imagine the opportunity of the rest 80% - 85% hidden in our wardrobes!
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DIRECT COMPETITION
Online & Physical Second-hand Stores
THERE ARE FEW
BUT.. OF A DIFFERENT BUSINESS MODEL
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Pit Stop 3.
Discount retailing: increasing growth rate
15% - 20% of a fashion company’s collection (mainly low sellers)
—>
Imagine the opportunity of the rest 80% - 85% hidden in our wardrobes!
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INDIRECT COMPETITION
Online & Physical Value Retailers
Foreign online marketplace for second-hand fashion
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THANK YOU!