IT & VIP, a trendy second-hand online retailer, launched for the first quarter of 2013 and since then has experienced a 25% growth each quarter since. Through marketing an elite line of ‘pre-loved luxury items’ from celebrities, trendsetters and anonymous sellers, IT & VIP offers women the chance of buying top-rate fashion brands and styles from the ease of their home computer and for lower prices.
KITE Invest: Please give a brief background of how the idea of IT & VIP arose. What is your relationship with fashion?
IT&VIP: As most women I have loved fashion since I was a teenager. I used to spend all my time and savings reading fashion magazines and outfitting in new clothing. When I got older I started accumulating too many clothes; items that I once loved, and that still are in a very good condition, but they turned out to be not longer appealing or not suitable for me anymore.
I realised many of my friends were with the same problem. So we decided to start organising sales in where each brought their own clothes and we applied two rules: It must be a medium or Premium Brand and it must be in a good condition. The sales started to grow and we decided to bring this idea online, with the idea that trendsetters and celebrities must have tons of clothes that they do not wear anymore.
KITE: What are your aspirations for IT & VIP? Specifically, the next big steps include the launch of IT & VIP Men, Marketplace and Affiliation Marketing, please describe these, and how does IT & VIP intend to adapt to these different market groups?
IT&VIP: Our aim is to become leaders in the second-hand luxury clothes market here in Spain. We know there are many competitors in the UK and in France; therefore, our target is launching our site in South America. In order too address different groups we will be using the same strategy of having the top trendsetters of that market region as sellers on our website.
KITE: In terms of penetrating not only other market demographics, but also regions, such as Latin America, how will IT & VIP bring the same exclusivity of Spanish celebrity to other regions?
IT&VIP: We share many things within Latin America, not only the language and cultural similarities, but also most of our celebrities, actors, singers, and the most important figures of style. Therefore, we think it could be easy bringing our business there.
KITE: The company is clearly growing quickly and is now in a seeking investment phase in order to: generate number of sale items, heighten marketing and improve technology. IT&VIP offers a great and easy service to its clients who want to dress the part for a more reasonable price. As items are an exclusive one-time purchase, how does company secure relationships with the venders and ensure that there will always be products to be sold?
IT&VIP: Every season most people buy new clothing, so they will also want to sell their old pieces, this is a circle that we can rely on that will be happening from season to season.
KITE: Marketing IT & VIP to both the sellers and buyers is key to the success of the company. Have there been any challenges or surprises in terms of marketing?
IT&VIP: Our top challenge is in the Marketing field. In e-commerce it is clearly the most important task. Having Trendsetters and celebrities that already have many followers in a natural marketing flow from our business. It is essential for us to constantly be finding new ways of targeting our market.
KITE: What is the ideal scenario for IT & VIP with investors? What message would IT & VIP like to deliver to potential investors?
IT&VIP: As start up we are growing every month, not only in numbers but also in users, nowadays we have more than 12,000 users, growing by 100 new users per week. We are opened to negotiate on the basis of an investment that brings IT&VIP to the next level.