OXWHITE, a local e-commerce fashion brand, is on track to fulfil its RM12 mil revenue pledge to its equity crowdfunding (ECF) investors, boosted by a tripling in sales during the movement control order (MCO).
The Malaysian startup has raised RM8.4 mil since Dec 2019, when it made the pledge to investors after raising over RM5 mil through an ECF event from 485 investors.
To achieve its goal, Oxwhite has signed up with regional marketplace Shopee, which is owned by SEA Group. The intention, according to Oxwhite founder CK Chang, is to leverage the online marketplace’s audience to capture a different segment of the market.
“By expanding into online marketplaces, we will be capturing a different segment of the audience, and this will create a ripple effect through referrals and return purchases as the new customers grow to like our products,” said Chang in a statement today.
The founder also shared that the startup will be leveraging on co-branded initiatives as well, while launching new products and boosting sales of existing products to meet its RM12 mil pledge. – Aug 18, 2020
