KlosetEdit is the solution to every woman’s daily dilemma, 'Nothing to wear YET no space in my closet!’ KlosetEdit is an online platform for women to discover, buy and sell preloved fashion. A venture by women for women, our focus is on making fashion not only dynamic and easy on the pocket, but also eco-friendly.
About the Founders:KlosetEdit is the brainchild of two women entrepreneurs, Kanika and Deepal, who share a common passion for fashion. Deepal has specialized in Corporate Law from the University College of London and has worked as a legal counsel at a Private Equity firm in Delhi. To feed her drive for entrepreneurship, she attended Summer School at both Harvard Business School and London School Of Economics. Kanika is an economics graduate and has worked with Morgan Stanley in London and Bombay, before embarking on her dream job of building KlosetEdit on a full-time basis.
Inspiration & Story:
In the words of Kanika & Deepal:We bonded at LSE summer school over the common frustration of having no space in our closets and yet not having enough clothes to wear! We joked about finding a solution to this universal pain point for women after graduation. Both of us kept in touch with each other over time and soon the seed of the idea sown back in summer school blossomed into a concrete career plan.
The absence of creativity in our corporate jobs was what propelled us towards the creation of KlosetEdit. After conducting an extensive market research and understanding the patterns of consumer behavior in India, we realised that our country was a ready and mature market into which the concept of preloved fashion could be introduced. The thrill of building a brand coupled with this research was enough motivation for us to take the plunge into the startup world.
USP's and products offered:
1. Product Curation: We follow an inventory led model so as to focus solely on stringent checks for quality, condition and authenticity. We list only and only the best quality products and are completely transparent about the condition of each item. In short, we only sell what we love!
2. Array of styles: From dresses to suits, slings to totes, flats to heels, necklaces to earrings, we have a diverse range of product listings! Our all-encompassing brand list ranges from high street fashion to high-end fashion, and our catalogue is constantly updated with new styles added every week!
3. Branded bargains: As a preowned model, we are at liberty to offer aspirational brands at a fraction of their retail price. This is something that appeals to our buyers!
4. Charity: KlosetEdit is the one stop shop to clear out one’s closet, shop great styles at a great discount, while contributing to a social cause at the same time. When selling with KlosetEdit, the seller can choose to mark a certain percentage her earnings to our handpicked charities. Selling unused LV bag or ill-fitted Jimmy Choo shoes can help adopt an orphan, an old age citizen or feed a stray!
Market Size:The preloved market, even though at a nascent stage, is a fast growing segment. According to research by Assocham, the overall second hand goods market in India is worth $20 Billion, assuming women’s fashion is 10%, we are looking at a market size of $2 Billion. As the accessibility to premium fashion brands and aspiration to own international brands are now greater than ever, women are buying more but using less, a trend that we believe will drive the growth of preloved sector.
Revenue generation, early traction and reviews:Our revenue model comes from per transaction commission ranging from 15-30% of resale price. KlosetEdit was launched in March 2016 and has come great leaps since then. We deliver pan India, making successful deliveries not only in metros but also in tier 2 cities and smaller towns. All our growth till now has been organic, with zero returns. Great quality of products coupled with great prices have helped us create a loyal customer base.
