FashionValet is a Malaysian e-commerce startup founded by popular local blogger Vivy Yusof. Since its inception in 2010, the platform has now expanded to include 500 fashion brands and have their own physical stores.
From the onset, the FashionValet target market consisted of mainly young female fashion enthusiasts between the ages of 25 and 40. But as the business scaled, Vivy understood that there was a need for more branding and marketing strategies to attract new and diverse target markets. Read on more to learn about how FashionValet achieved its success.
Collectively co-founded FashionValet in 2010, FashionValet started as an online store from where Asia's top fashion labels could sell their items. Soon after launching a basic store via Sweetmag's Magento E-commerce, Vivy and Fazda needed help scaling the business. That was because, within two months, they had depleted their initial investment of RM100,000, as Vivy recounts in an interview. Luckily, their vision helped them secure Series A investment funding from Elixir Capital in Silicon Valley.
As the business grew, the roles of the two co-founders in the company became more defined. Today, Vivy holds the position of Chief Creative Officer, and Fadza Anuar is the Chief Executive Officer. While Vivy takes care of FashionValet marketing, Fazda creates and executes strategic plans for business development.
Thanks to Criteo, the popularity of FashionValet swiftly extended beyond Malaysian borders. Criteo used Ads personalisation to appeal to FashionValet target market. According to the company's general manager, Nadia, the result was an increase of 70% in new web visitors. However, in order to convert the web traffic generated into sales, FashionValet needed another strategy.
Around the same time, FashionValet worked with Sociomantic Labs on a CRM campaign to improve the customer experience for the new leads. The campaign needed to overhaul the existing FashionValet promotion strategy and create a new sales funnel. Eventually, the movement improved website sales by 41.1% and lowered CPO by 20.1%. This approach improved customer retention and brand recall for FashionValet.
Up until 2015, customers had the option of browsing and shopping FashionValet products solely online. Not long after, the company saw it fit to incorporate offline marketing into the mix to build brand awareness. This arrangement included setting up physical stores, TV shows, and billboards to broaden the target market reach. By 2020, the FashionValet stores in Singapore and Malaysia were up and running.
Adopting offline strategies for FashionValet proved to be a brilliant and timely move. With more than a million followers on Instagram, Vivy Yusof had also started a reality TV show called Love, Vivy.
The growing demand for modest fashion reflects a wider shift in attitudes towards women's clothing, with an increasing number of women seeking out clothes that make them feel comfortable and confident. In fact, the State of the Global Islamic Economy 20/21 Report stated that the modest fashion industry sees a global value of US$277 billion and is expected to reach US$311 billion by 2024. Notably, the Muslim fashion industry, led by brands such as FashionValet, is fueling this growth.
With so much competition out there, it can be difficult to get noticed. However, starting with an effective marketing strategy, it can make all the difference in achieving business success. The key is to find the right mix of channels that can catch attention from the target market and drive results. Businesses that recognise this will be among the few that can successfully stand out from the rest.