Within the fashion sector, offers and sales are a widely used strategy, especially when it comes to out-of-season products. And, generally, it tends to go hand in hand with products that have been on the market for some time. Nevertheless, Vasquiat found an innovative business model by turning this strategy on its head and giving it a touch of exclusivity.
In this way, the Spanish fashion eCommerce, launched in 2018, has been growing, going through a first in 2019 for 350,000 eurosled among others by the Barcelona accelerator Itnig. now just closed a new round for 770,000 euros leadered by dozen, who has contributed 400,000 euros, along with other investors such as Credit Andorra. With this new monetary injection, the company plans to boost its growth, pointing to an acceleration of its internationalization.
What is Vasquiat?
Vasquiat is an eCommerce born in Barcelona that is dedicated to selling fashion items, with a particular focus on luxury. The platform, built by the entrepreneur Raphael White and the Catalan White I look, focuses on offering exclusivity to early consumers. That is, unlike most fashion eCommerces, it does not offer its sales and offers when the collections have been on the market for a long time. On the contrary, they give the opportunity to get better offers and exclusive products through their presale and subscription program.
As the company explains on its website “We introduce innovative brands to a pioneering community of fashion enthusiasts. We define trends, guiding and providing our community with experience in fashion. We anticipate future trends, offer next season’s collections and make accessible sustainable ways such as advance order and custom order. We see fashion as a form of self-expression and our goal is to empower our community with a fun, fresh and diverse catalogue.”
This marketplace is committed to creating a community of fashion lovers who are interested in following new trends. Since it promotes purchase of pre-sale collections through offerscausing the price of the product to increase according to the time it has available.
Having said that, it is presented as an attractive option for emerging brands, as it encourages early buyers, who tend to influence the trend setting. A strategy that helps these brands find greater visibility and expand their reach, through their own customers.
Buy before it hits the market
When we talk about fashion, the most common thing is to wait for a new collection to come out to acquire it, but Vasquiat with his pre-sale model proposes another approach to this situation. Thus, platform customers have access to new collections of associated brands up to six months in advance, with offers that are usually around 40% off.
On the other hand, this business model also promotes a culture of sustainability in the brands, which through this evaluation process can run their business according to the demand for the product. This contributes to the reduction of the environmental impact, as well as the workload and production times. With which efforts can be redirected towards creative development in the face of new collections.
Thanks to this approach, Vasquiat, which as a marketplace gets a commission for each sale generated by the brands, has captured the attention of these luxury brands. , “We are a marketplace for new emerging creators, focused on the small and medium designer for an audience that seeks differentiation. We believe that we add value around the new creative talents who still do not have the resources to sell internationally”.
85% of Vasquiat sales come from other countries
Vasquiat has a specially selected catalog, in order to maintain the luxury status of the page, within which we can find emerging brands within this segment such as Helmsted, Arizona Love, Ganni, The Label Studio or Farewell Frances. This presence of international brands is due to Vasquiat’s orientation, for whom the 85% of its sales come from other countries, with the leading markets being the United States and Germany. This search for the international market has been a constant since the creation of eCommerce. Thus, in just one year after the launch of Vasquiat, Rafa Blanc explained that 70% of its turnover already came from outside of Spain.
In fact, one of the main objectives of this new injection of capital is strengthen the international channel, as well as the technological impulse. With this second, the company hopes to bring greater automation to its processes and expand its associated brands from about 120 to about 1,000 by 2022.
On the other hand, this new technological impulse will also serve as a basis to diversify its business, which has grown in the last two years. With this, the catalog has evolved, going from selling only clothes and accessories, to incorporate decorative items for the home and jewelry, always maintaining their criterion of luxury products, which has allowed them to maintain a monthly growth of 10% and an average purchase ticket of 250 euros. “The commitment to Home stems from the demand of customers, who in recent months have requested products and decoration brands”,
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