Fashion Recommerce Platform CoutLoot Gets Funding From Venture Catalysts
The startup will use the proceeds for strengthening its technology backend, expanding its team, and to roll out its campus trendsetter programs in colleges.
At any given point of time an Urban Female wears only 20% of the things she owns in her closet, the rest 80% is hardly used or never ever used. These never used fashion items are bought at a heavy price or has certain emotional value attached to it. Hence, giving it away is not an option and their closet keeps on piling up with fashion they never use or wear so much that fashion is one of the most stocked entity in an Urban Indian Household. It's such a hassle, what do you do in such a scenario? Do you wait for them to rot in your closet? No, you don't need to do that anymore!
CoutLoot is an one stop solution to de-clutter one’s closet for cash. While Sellers just have to click and sell their products, CoutLoot takes care of everything from curating a product to delivering it to the buyer and paying the seller for the same. Sellers get paid for selling unused branded and boutique fashion from their own closet while buyer’s avail the best brands in absolute new-like condition at over 80% off! Everything authenticated and everything in flawless.
The startup has raised an undisclosed amount of funding from Venture Catalysts. This is the Venture Catalysts first investment in eCommerce sector. The startup will use the proceeds for strengthening its technology backend, expanding its team, and to roll out its campus trendsetter programs in colleges.
In the ever growing fashion eCommerce segment of India, CoutLoot is one of the top players in the Fashion re-commerce segment in the country. CoutLoot is an end to end fashion re-selling service, which allows anyone to sell preloved (pre-owned) fashion from their own closet & gives an opportunity to brand seeking young consumers to buy sanitized, authenticated & mint quality preloved fashion at over 80% off the current market price of the product.
CoutLoot takes care of all the hassles for the seller like free pickups, sanitization, authenticity & quality checks, packaging, shipping & delivering the product to the buyer in absolutely mint new-like condition. It is the only service which inspects quality & authenticity of every product before it is listed for sale.
CoutLoot has high quality standard when it comes to accepting a product to be listed via its direct listing method or the white glove concierge method which includes photography for the sellers product. The startup currently provides selling services to sellers in Mumbai, Delhi, Pune, Chandigarh, Chennai, Hyderabad, Gurgaon, NCR, Kolkata and Bangalore, while delivers to buyers all over India.
Working on a transactional based commission model, CoutLoot charges 25% commission for direct listing service & 30% for the white glove service from the sellers on the selling price of each product. It also charge 40% for ethnic re-selling segment which is currently being piloted & is one of the first in the country to get into this segment.
The company current re-sell for both Women & Men's category with the women category being 95% of the business & the Men's category being the rest 5%
CoutLoot currently re-sells Clothes, Bags, Shoes & Accessories for both the category. It follow a high curated listing model & a product is rejected for re-selling if it doesn't meet the quality and authenticity standards, hence having a very less return & high repeat rate.
CoutLoot also sells Celebrity Pre-loved fashion in association with many celebs.
The Fashion Re-commerce Industry in India is booming and is already a million dollar industry with startups like Spoyl, Once Again and Zapyle being other competitors in the country. However, CoutLoot claims that it is the youngest of them all is already one of the top Fashion re-selling service in India due to its bloggers network, celebrity collection and other exclusive tie ups.
The Fashion Re-commerce Industry in India is only going to grow with Fashion eCommerce market estimated to touch $35 billion by 2020, this segment in India is going to be one of the fastest growing with changing consumer behaviour.
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