First fintech, now fashion: online retail marketplace MyDeal continues to diversify

MyDeal

Sean Senvirtne, founder & CEO of MyDeal

Fresh from entering the fintech game, with the launch of SME e-tailer loans in partnership with Prospa, ecommerce company MyDeal has continued to diversify its offering, with the soft launch of an online fashion marketplace.

Built with the technology underpinning MyDeal Marketplace, MyWardrobe went live this week with over 5000 men and women’s products, including clothing, swimwear, accessories and footwear, from more than 32 fashion boutiques. The full roll-out will occur next month, with major launch activities planned for the new year.

Asked what distinguishes the MyWardrobe brand from the MyDeal’s, founder and CEO Sean Senvirtne told Dynamic Business that the new offering is “a more luxe, sophisticated and trend-oriented brand, tailored towards millennials”.

“The platform will list the brands – such as Zachary The Label, MissHolly, Kaja and Belle & Bloom – that are demonstrating traction or demand across social media, effectively making MyWardrobe the go-to-store to find products from the latest viral fashion label,” he said.

“Through offering fashion apparel, we believe this provides opportunity to attract a new audience through our marketing activities to the MyDeal site, as well as more brands that have a better alignment with the MyWardrobe brand.”

Senvirtne noted that MyDeal Marketplace Loans of up to $250,000, announced last week, will be available to retailers listed on MyWardrobe to assist them to accelerate ecommerce growth, and that brands will also benefit from exposure to MyDeal’s 2 million customers.

Senvirtne said Gandel Invest, which invested $5 million into MyDeal in April, have played an invaluable role in the company’s recent efforts to diversify.

“Through their network and connections, Gandel Invest have opened up many opportunities to partner with businesses,” he explained.

“As the market has become more competitive, it has been priority for us to innovate in the best interest of our stakeholders. We are excited to diversify our offering to meet consumer demand, especially in the men’s boutique fashion area which hasn’t been exploited. As we build a stronger ecosystem, we will continue to identify and roll-out products which appeal to the masses.

See also: Staying lean, adapting quickly: Sean Senvirtne on the rapid growth of his online marketplace