MyDeal makes fashion move
Australian online marketplace, MyDeal, has created a new platform to capture existing customers’ demand for fast fashion and reach new customers.
With MyWardrobe, the online marketplace business aims to disrupt the market by listing products from pureplay retailers and Australian boutiques that have gained traction across social media.
The fashion site launched today with 32 online boutiques selling over 5,000 men’s and women’s clothing, accessories, swimwear and footwear products.
Brands include Zachary The Label, MissHolly, Kaja and Belle & Bloom.
MyDeal said the downfall over the past year of larger fashion retailers, such as Topshop, has created an opportunity for smaller and emerging brands to increase their sales through marketplaces.
These brands are generally overlooked by larger stockists and traditional department stores, the marketplace noted. However, they are attractive to consumers, since they generally offer a lower price point and are highly visible on social media.
MyDeal said MyWardrobe also helps it to differentiate from other online marketplaces in the market.
“As the market has become more competitive, it has been a priority for us to innovate in the best interest of our stakeholders,” MyDeal CEO Sean Senvirtne said.
“We are excited to diversify our offering to meet consumer demand, especially in the men’s boutique fashion area which hasn’t been exploited. Through exploring this gap in the market, we look forward to supporting Australian fashion designers and businesses grow through the MyDeal marketplace. We encourage fashion boutiques of all sizes to come on board with us,” he said.
This diversification comes one week after the marketplace launched a new aspect of the business, MyDeal Marketplace Loans, in partnership small business lender, Prospa.
MyWardrobe was built using MyDeal’s white label proprietary technology, which the company previously said presents an opportunity for further diversification.