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| Business with bytes, not bricks |
| Manisha Pande / New Delhi Jan 25, 2010, 00:01 IST |
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A price tag is often what comes in between most fashion lovers and their cherished brands. While we all love to sport high-end luxury products, the price for it is, more often than not, way too high.
Thirty-five-year-old Pearl Uppal, co-founder and chief executive officer, www.fashionandyou.com, is confident that her venture can bridge the gap between premium brands and the Indian consumer. The portal has been fashioned as a private shopping club, which brings luxury brands for its members through sales at — hold your breath — a monstrous 70 per cent discount. An MBA from IIT Delhi, Uppal has managed to put out over 50 luxury brands like Moschino, DKNY, Dolce & Gabbana, Calvin Klein, Hugo Boss and Escada.
Venturing into e-commerce was a natural progression for Uppal since she felt the domestic market was beginning to mature. She has over 10 years of internet digital experience, having held, among other positions, director (sales) for Yahoo in India. “I met Harish Bahl, founder and chairman of the site, and discussed various business models that could be viable for the Indian market. A web-based medium for the fashion industry made a lot of sense to us,” she says. While there are enough takers for high-end branded products, the young entrepreneur felt that low affordability and availability prevented buyers from availing of these products.
The website holds brand-specific sales that last for up to three days. The membership is by invitation and free of cost. “We are adding close to 2,000 members every day and expect to break even in a year,” reveals Uppal. Without divulging exact figures, she maintains that the website is well funded.
The internet has proved to be a very efficient sales channel, reasons Uppal. “Luxury brands can reach an audience without having to invest in shops and thereby pass on the price benefits to the consumer,” articulates Uppal, adding that she has kept her profit margins at a minimum.
Today, Fashionandyou.com employs over 25 people that includes merchandisers, stylists and photographers. “We know in India most people like to get the feel of what they are buying. Since the internet does not allow you to get a hands-on experience of what you are buying we take special care in making a catalogue that allows buyers to get a feel of the product,” elaborates Uppal.
Realising that Indians are squeamish about online payment methods, the website also offers cash-on-delivery mode.
Going ahead, Uppal seems undaunted by the competition she will face from other such platforms and believes fashionandyou.com will lead the pack since the portal remains a step ahead on both the sourcing and marketing fronts. Also on the cards, quips Uppal, are plans to launch upcoming Indian designers on the site. “We will soon add newer categories including premium eyeware, beauty products, kids’ wear and home trimmings,” Uppal signs off.
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