Clozette stocks up with US$3 million Series B financing
By Digital News Asia November 26, 2013
- Investment to be used to beef up and expand operations in South-East Asia
- Company will also be making major tech investment to upgrade offerings
CLOZETTE Pte Ltd said it has closed a US$3-million Series B round of financing led by Phillip Private Equity, with participation from existing investors Walden International and several angel investors.
Targeting the trendy and fashion-forward female community in Asia, Clozette’s social network currently claims 300,000 members and reportedly receives over eight million monthly pageviews from around the South-East Asia region.
Commenting on the investment, Khoo Teng Lip, investment director at Phillip Private Equity, said that the company has established clear leadership in bringing disruptive innovation to the fast emerging social commerce marketplace that’s estimated at US$30 billion each year by 2015, with 50% of web sales to occur through social media.
“We are extremely excited and proud to be part of Clozette’s growth story and to realise its vision for the next-generation media and e-commerce global brand”, he added.
Roger Yuen, founder and chief executive officer of Clozette, said the company has achieved “tremendous growth” since the inception of the company in 2010, and was “thrilled” to have Phillip Private Equity backing its next growth phase.
The portal offers insights into consumers’ preferences and trends in the fashion world. In addition, it also allows users to discover and share interesting buys and finds, collect and organise fashion and beauty images, and shop from more than 3,500 brands from international retailers and Asia’s top designers.
Yuen (pic) said that platform has also garnered strategic collaborations with Glam Southeast Asia, the regional edition of the world’s largest web property for women (Glam Media, Inc), and global e-commerce giant Rakuten. It also facilitates the building of relationships with marquee brands and agencies such as P&G Prestige and MediaCom.
“We plan to use the funds to recruit more talents, accelerate our rapid growth and dominance in the social commerce space in South-East Asia, and to build on our partnerships in Japan, Taiwan and Indonesia,” he added.
The company will also be making a major investment in technology, including a significant commitment towards personalisation, an enhanced mobile web and app experience, as well as rolling out new tools, features and a new shopping experience that encompasses state-of-the-art visual search capability.
Yong Soo Ping, executive director at Walden International Singapore said that the team has proven its ability to be a game-changing force in the fashion social space over the past three years.
"Clozette has already influenced how people cultivate their sense of style and fashion. The company is now ready to take the great leap forward as it transforms the way brands market to consumers and to evolve online shopping beyond the click-and-buy model into an entertaining experience," she added.