Online luxury sales are projected to grow by an unprecedented 20 to 25 percent over the next five years, according to a Boston Consulting Group report.
Though just 6 percent of sales are made online more than 50 percent of buying decisions are made online, according to the report.
The report covers recent investments and acquisitions of fashion ecommerce sites. Farfetch, a marketplace that connects consumers with boutiques, recently closed an $86 million Series E funding round in a deal that valued the company at a staggering $1 billion.
Closer to home, fashion ecommerce platforms are on the rise. A few examples include Namshi, Coterique and Style Treasure, as well as other platforms that offer a wider range of items, like Souk.com and Jumia. Social media platforms like Fashionista also have their own place.
It is in this environment that Slickr, the region’s first fashion social network, recently launched in Egypt. Though Slickr launched as a social network focusing on clothing, handbags and accessories, it wasn’t long before the founders decided to get into ecommerce.
“We didn’t spend a single penny on marketing, and we were able to build a community interested in what we have to offer,” Spanish cofounder Maria Muñoz told Wamda. “This encouraged us to add online purchasing about a month ago, and the results are encouraging.”
Original article by Eman Mostafa
Continue reading at Wamda:
This Egyptian fashion startup has its eyes on Europe
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