Fashion estore WearYouWant has secured US$1.5 million in funding to help the startup grow its business in the fledgling Thai ecommerce market. This series A funding is led by Digital Media Partners (also a seed round partner) along with Japan-based OPT SEA. Singapore-based IMJ Investment Partners and co-founder Julien Chalté also contributed.
WearYouWant currently has 12,500 clothing items for women, men, and kids from 450 brands. They’re mostly local fashion brands, along with a few well-known global ones such as Adidas and Vans. There’s also make-up from popular labels like Dior.
The startup’s co-founder, Martin Toft Sørensen, who’s based in Bangkok, says the team plans “to roll out WearYouWant regionally during the next six to 12 months” with a focus on Southeast Asia – which explains the choice of Southeast Asia-oriented investors in this latest round.
While Sørensen can’t reveal the kind of turnover the estore’s seeing, he says that revenue’s rising at a three-digit growth rate right now compared to the start of 2014. It has set a revenue target of US$6 million for the second half of 2015. WearYouWant currently sees 1.5 million monthly site visits. The startup launched in 2011.
The site is an open marketplace for merchants, which is a particularly popular business model for ecommerce in Southeast Asia. It’s similar to Rakuten’s Thai site, Tarad, which also sells clothing as part of its vast product line-up. A closer rival to WearYouWant is Zalora, which has the financial clout of the Rocket Internet empire. There are several other specialist startup sites in this fashionable niche in Thailand.Editing by J.T. Quigley