#StartupNews Oskelly: how to offload closets and earn millio | Idea factory
#StartupNews
Oskelly: how to offload closets and earn millions
Business model: reselling goods
Country: Russia
The capitalization of successful luxury online secondhand stores accounts for billions of dollars. The resale market is estimated to reach $84 billion. Once Oskelly realized the prospects of the resale industry and were right. They managed to earn $millions on clothes reselling. Let’s see how.
Concept
Many famous people love not only buying luxury clothes but also selling it through special resale services. There everyone can put up goods for sale. Both worn and new clothes, shoes, accessories and other items can be sold with the discount up to 90% of initial price.
Particularly, celebrities use the Russian service Oskelly. The company rethought and visualized the market for goods of the middle-up segment. You can’t buy a fake Louis Vitton bag on this platform. The item originality and condition are thoroughly checked by experts and artificial intelligence. Though, you can bargain: the program functionality implies a ‘drop’ up to 30% even for exclusive items.
Background
The startup has been developing since 2016. Siblings Albert and Zaira realized that their dressing rooms were packed with unwanted clothes. They decided to give them a second life. Albert and Zaira researched the market and came up with two things. The market wasn’t full and the project would be sought-after if they provided good support services.
Pandemic boost
Initially, the project was unprofitable and the founders wasted millions of their savings. However, as soon as the pandemic started, consumer attitude towards secondhand goods changed. Firstly, physical stores were closed. Secondly, people developed an interest in sustainable consumption. Oskelly grew 15-fold gaining the turnover up to $400,000. Luckily, Russian celebrities also advertised the platform, which boosted the growth.
Values
Oskelly’s priority is the community and people’s loyalty. The company seeks to establish a rapport among the users. The founders also create an additional value: bargain guarantees, item valuation, and delivery.
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