Showroom-X launches equity crowdfund to power international expansion
Luxury e-commerce platform Showroom-X has launched an equity crowdfund offer with Birchal, seeking to further expand its brand portfolio and, in turn, grow its international platform.
Showroom-X will also use the cash generated through the offer to create a bespoke online marketplace encouraging circular fashion: allowing customers to recycle, upcycle, and rent out their old garments.
“We want to be part of shaping a future in fashion – one that is intrinsically linked to an appreciation of the natural world and our local artisans,” said founder and chief executive Richard Poulson.
“With this raise, we aim to expand our sustainable brand portfolio and, in turn, grow our customer base across multiple countries [and] want to build our team and develop an integrated circular platform that has resale and rental capabilities.”
One of the business’ main targets is the Chinese market, with plans to grow Showroom-X’s live streaming capabilities aimed squarely at reaching the Chinese consumer.
Creative director Kelly Atkinson recently told Inside Retail that the demand for Australian fashion is “enormous” in China, and is mostly untapped.
For a start, the business has been wooing local Chinese customers, with the aim of selling directly to China once they understand the market.
“It’s really about proving the case in this market and oiling the wheels, because when you go to China, you have to operate at such a scale that if the foundations aren’t laid right, as you grow exponentially, the cracks become bigger and bigger,” Atkinson said.
The Birchal offer is open until the 2nd of December.