Fashion retailer Inverted Edge secures US$1.6mil in funding
By Digital News Asia February 20, 2013
- Company is one of the pioneering start-ups funded by Singapore’s NRF Technology Incubation Scheme
- Initial investment to be used to develop online fashion shopping experience featuring curated ready-to-wear collections
SINGAPORE-based global online fashion retailer Inverted Edge said it has raised over S$2 million (USD$1.6 million) through initial investments by venture capital funds and private investors.
Its founding backers include the Singapore National Research Foundation (NRF); Incuvest Pte Ltd, an NRF-supported Technology Incubation Scheme incubator; Accel-X Pte Ltd and four other undisclosed private investors.
The initial investment will be used by Inverted Edge to develop a world-class online fashion shopping experience featuring a curated ready-to-wear collection from the best of Asia Pacific’s independent designers, the company said in a statement.
“There are tremendous cost and resource constraints for designers in Asia Pacific who want to sell internationally,” said founder and chief executive officer Debra Langley (pic).
“Building an online storefront, marketing across borders and managing fulfillment and customers require an enormous investment in time, money and people.
“Inverted Edge provides all the resources to champion new and independent fashion designers who wish to sell to consumers anywhere in the world. We work with designers who have ambitions to become global brand names and guide them through what they need to sell internationally,” she claimed.
The company noted that:
- Global e-commerce sales reached US$1.1 trillion in 2012 according to eMarketer, and it is forecast that total e-commerce sales globally will grow 19.3% year over year;
- In the United States, eMarketer has forecast the apparel and accessories category will lead e-commerce sales growth through the next five years, with sales gains of 20% estimated in 2012;
- By 2016, this category will be valued at USS$73 billion and is forecast to account for over 20% of all US online retail sales; and
- The Economist Intelligence Unit and Boston Consulting Group predict that by 2016, online retail is expected to be 23% of UK retail spend, 11.7% in Australia and 8.9% in Germany.
Inverted Edge said it works as a one-stop fashion retail advocate, from providing input on seasonal collections and price points, to building brand awareness through global marketing campaigns, and preparing products to be featured on the site.
It also manages customer enquiries, and sales and logistics, freeing designers from all the complexities of selling online.
When launched, Inverted Edge promises it will offer a unique collection of curated fashion from Asia Pacific’s most talented independent designers.
“Over the last few weeks, Inverted Edge has been working steadily with our fashion partners to prepare their amazing collections for our launch,” said Langley.
“We have set our sights on becoming a successful online fashion retailer that represents some of Asia Pacific’s best independent fashion designers,” she added.
The line-up of fashion designers from around Asia Pacific who will be featured on Inverted Edge’s website will be announced in March.
The company is one of the pioneering start-ups to be funded by the NRF’s Technology Incubation Scheme that nurtures early stage high tech start-up companies.
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