By Aimee Chanthadavong
Online fashion retailer The Iconic has sealed an investment deal with J.P. Morgan Asset Management worth approximately $19.2 million.
Launched in October 2011 with the support of Rocket Internet, the company has so far managed to secure an online fashion market share of approximately 5 to 6 per cent across Australia and New Zealand.
But managing director and co-founder Finn Age Haensel told RetailBiz there are plans to grow this to 20 to 30 per cent.
“We don't look into pop-up stores; we might look into expanding overseas and educate Australians and Kiwi's about the attractiveness to shop online,” he said. “We believe that there is still a huge untapped market in these two countries that we want to grow significantly.”
The Iconic currently sells over 500 brands and has more than 25,000 products on its website.
According to Haensel the number one driver for the company’s success so far has been its ability to provide convenience.
“You don't have the hassle to wait for the bus, try to find a parking space, run from shop to shop, by ordering at The Iconic you can spend your weekends and your free time wherever you want, instead of walking through a mall and shop all the brands and categories you like from your couch,” he said.
“The 100 day free return, including free return shipping, has also made a difference because it brought down the barrier of insecurity. Now people can just order the same thing in three sizes, try it on at home and return the two sizes that didn't fit.”