“Let’s just cut out the middleman”, A snappy phrase that vividly captures the attention of many millennials who wants to value directly to consumer approach. Italic is an online marketplace that wants to flip on the same idea.
⚾ The Elevator Pitch:
Direct to Consumer business eCommerce sales have seen a huge leap of success in the last decade, let alone last year sales reached $111.5 billion in the US. Whether it’s because of the brand's credible marketing efforts or the quality of products most liked by the millennials, this generation is certainly drawn to the “online-first” approach.
Italic is an online brand that wants you to get all the high-end designer products including bags, glasses, shirts, sweaters, jeans, etc. - At an extremely competitive price. The Catch? You will have to sign up for their monthly membership program which ultimately gets them to take advantage of your savings.
👇 The Drop Down
Tech trend: Online Marketplace
Traction: Raised over $15 Million in Funding from 20+ Investors, Featured in TechCrunch, BusinessInsider, Self, 50+ Employees, more than 100,000 signups.
Team - Director, Creative Operations, graduates, and serial entrepreneurs
Jeremy Cai - CEO
Anna Lamb - Director, Creative Operations
Derek Tu - Product Manager
🔍 Why we like it
- 🚀 Insane Traction
The marketplace was officially launched in 2018 and since has raised over $15 million in funding from Global Founders Capital, Kindred Ventures, Index Ventures, Comcast Ventures, and many other investors. Founder and CEO Jeremy Cai, says he’s very fond of this change and is looking forward to accepting new challenges in the future. Normally, we’re a bit optimistic about a new marketplace, because of the lack of a poor unit economy and business model. But Italic has seemed to completely adapt its D2C approach, like no other startup.
- 💸 Affordable Subscription Plan
Italic sells everything at a cost, the only catch is to signup for the $60 annual membership fee to enjoy the exclusive discount. Under the business model, Cai says the manufacturers remain anonymous, but the customers will be able to buy the most luxurious products, straight from the factories including Givenchy, Prada, Ritz, EssilorLuxottica, and many more. The idea of the model is to cut the middle 40% and offer a more affordable price to the customer.
- 👚 From Apparel to Cosmetics
Although Italic was initially launched as a marketplace for a clothing brand, but they have seemed to adapt to other niches as well. Now, there are different categories in each segment like bags, glasses, shoes, perfumes, glassware, and even cosmetics. This shows that the community really wants to see new products in the subscription plan. Currently, they have 800+ luxury products and are expected to add 50+ products every month. Furthermore, the company also states that if you don’t make the membership saving in the given time, you’ll get the full refund - Options like this really grabs the audience's attention.
🤝 Get involved with Italic
- They are constantly looking for talented staff
- Become a merchant with Italic
- Request your favorite Brand product
- Follow on Social Media for exclusive discount deals: Facebook, Instagram, Pinterest