SINGAPORE–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BlinQ?src=hash” target=”_blank”gt;#BlinQlt;/agt;–Seasoned entrepreneur Bob Chua is back with his latest venture BlinQ,
focussed on Asia’s booming luxury fashion e-commerce space. After two
successful Big Data exits and an IPO on the London Stock Exchange, Chua
aims to capture what he believes is a hugely untapped market.
The personal luxury market is currently estimated to be $300bn and will
grow to $500bn by 2020. Close to 44% deriving from Asia according to
McKinsey’s global fashion report.
Chua comments, “BlinQ uses AR and Algorithmic patterns to provide users
with the latest trends and personalised fittings from their digital
devices. It also allows users to choose how they would like to consume
fashion, which may not necessarily be to buy, but to also rent,
subscribe, or pay later for latest luxury designs from major and
upcoming brands across SE Asia”.
Chua added, “There is clear retail disruption happening everywhere, and
e-commerce adoption in the luxury space is growing at a staggering rate
here in Asia. We see a major opportunity especially with a full-stack
platform of providing users with a virtual changing room feature, a
marketplace and multiple modes of consuming fashion”. In a way we are
fusing the successful models of ASOS, Farfetch, Rent-the-Runway and The
Real Real into a single platform, while targeting affluent Asians. The
multi-brand and multi-mode platform allows for a wider audience to be
able to enjoy luxury…especially amongst millennials.
From a B2B aspect, we plan to monetise our platform by white-labelling
our virtual changing room AR (Augmented Reality) features to other
e-commerce sites, which will ultimately reduce returns (currently
estimated at 60% of all online purchases) and increase purchasing
propensity (estimated to drive 30%-40% more sales due to trying before
BlinQ also envisions powering the back-end logistics and fulfilment of
goods via fully automated warehousing to meet the throughput, SKUs and
numerous brands it plans to carry in the foreseeable future. This will
allow meeting the demands of speed, scope and scale of the region while
optimising the customer experience.
BlinQ has since secured significant seed funding, and is currently
enroute to a next fundraising round to accelerate itself forward.
BlinQ is a leading FashionTech enabler in the AR and E-commerce space,
focussed on the SE Asian market. BlinQ technology allows users to
virtually try on and purchase designer apparel and accessories from
online luxury and contemporary fashion retailers globally. A rental
subscription model also provides users the option of renting designer
apparel and accessories. The back-end automated warehousing operation
enables brands to fulfil their products throughout the Asia-Pacific