DESPITE the pandemic devastating countless local businesses, home-grown lifestyle e-commerce startup Oxwhite closed the year with over RM15 mil in revenue, paving way for the company to expand its product line.
Specifically, Oxwhite will be adding more variety into its existing product mix for apparels, including additional colours and fittings.
“When we introduce more products, we generate more revenue. However, the country’s economy is in a post-pandemic recovery phase. We are expecting consumers to still remain cautious in their spending habits,” said Oxwhite founder CK Chang.
“As such, we as a business would remain sensitive to this reality and seek to fulfill customers’ basic needs in our product development rather than creating novelty products to encourage impulse buying,” he added.
The sum was a 120% growth compared to the previous year, with a target to close the year with RM20 mil in revenue, without having to raise additional funds from private investors.
“We raised RM5.02 mil in 2019 and used the funds to increase the range of products on our e-commerce platform last year. Through the revenue earned, we have made enough profit to reinvest into the business to grow our product line,” Chang explained.
While he acknowledged that the RM20 mil revenue target is an ambitious target for a third year e-commerce business, Chang believes that it is achievable by being cautious with the company’s growth strategy.
The brand will be prioritising local manufacturers and vendors in order to contain its operation costs and contribute to local economic movement post-pandemic. – March 20, 2021