In the last three years, the ecommerce industry has seen the entry of fintechs, logistics firms, and even software startups. Ecommerce businesses that specializse in a certain categories, however, have not been as prevalent. The Fashion Kingdom (TFK) enjoys a competitive advantage in this area. The fashion-based ecommerce startup has acquired $2.6 million in capital to expand its business, and its goal is to digitise how fashion items are purchased and sold in Egypt.
In the pandemic year of 2020, when ecommerce businesses in Africa had an exponential growth, TFK was established. Fadi Antaki, the company’s CEO and creator, set out to address a number of issues in the Egyptian ecommerce fashion market, including erroneous data systems, imprecise photography, incorrect size charts, convoluted return procedures, and ineffective customer assistance. According to Antaki’s most recent press release, they are in an excellent position to become the top option for Egyptians looking for fashion, and investors appear to agree.
The TFK marketplace brings together a wide range of goods such as clothes, accessories, cosmetics, among many others in an effort to satisfy the needs of Egypt’s various demographics. Additionally, the business goes above and beyond to offer a smooth omnichannel shopping and exchange experience for fashion items as needed.
“We started the business before COVID. And at the time, we noticed a significant gap (or perhaps a lack of focus) in a location committed to offering trendy products, outfit suggestions, speedy deliveries, and a variety of payment options. Particularly in the fashion industry, nobody was paying attention to this, Antaki added.
By supporting TFK on a regular basis, 150,000 Egyptians have approved of its business strategy. On the TFK ecommerce platform, there are currently more than 200 merchants, and they are expanding at a monthly average rate of 12.5 percent. Notably, TFK receives 40% of its revenue from repeat clients, which is higher than typical by industry standards.
Maybe TFK’s commitment to client satisfaction explains its high repeat business rate. The startup offers auxiliary services in a variety of ways to its customers. A virtual fitting room is one of these technologies that enables brands to better comprehend consumers and their demands. The brands can then suggest clothing for various situations after they have vital information like the sizes and preferences of the customers. Also included in TFK’s “360-degree value proposition” for businesses are operations, co-marketing, and services for creating digital content.
“Earlier this year, we discovered that the brand was one of the key areas on which we believed we needed to concentrate. There are brands with good prices and quality that lack the internet sales expertise. The CEO stated that they require a lot of assistance with operations, fulfillment, warehousing, digital production, and photography.
“So, in addition to selling their items, we assist them with many areas that would enable them to successfully sell their goods online, such as providing operational support or marketing assistance. And for us, it involves acting as their digital partners as well as simply reselling their items.
According to Antaki, TFK tripled its sales volume and correspondingly doubled its revenue between April 2021 and April 2022. It generates income using both a commission-based consignment model and the conventional e-commerce revenue model, which adds a markup to goods prices. Additional services that the business offers to brands such as photography and marketing, to generate additional income.
Surprisingly, this $2.5 million round represents TFK’s first funding round since the company’s founding in 2020. The funding round was led by the Egyptian venture capital firm CVentures, with Raba Capital, Foundation Ventures, The Cairo Angels, Sunny Side Venture Partners, Nasser Chourbag, Lotus Capital, Paul Antaki, and A15 also contributing (an early-stage VC in the MENA region which has Antaki as one of its general partners).
According to a news release from TFK, the company would use the funding to build scalable technologies, accelerate growth, and strengthen its staff.
“We want to meet the needs for personnel, develop our technology, streamline our business, and improve the overall client experience. In other words, investing in tech, talent, and operations,” the CEO said.
About The Fashion Kingdom (TFK)
TFK came onto the scene after witnessing the difficulty one encounters when ordering clothing online in Egypt. The system was fraught with weak customer service, erroneous data, imprecise photos, wrong size charts, and complicated return procedures and many other problems. At TFK, they strive to provide you with the finest service, the greatest experience, and the best fashion brands for your money.
The story of TFK
In order to provide its customers with the finest shopping experience possible, TFK launched towards the end of 2019 with the concept of fusing tech and fashion. Despite all the difficulties they have encountered since the year 2020 began, they have persevered because they held on to the same principles that motivated Khaled Bichara, their leader and hero. He thought that by working hard, being prepared, and being passionate, anyone could make their own luck. Everything that happened prompted them to establish TFK on July 27, 2020, Khaled’s birthday.
Their goal is to provide customers with the best brands available, both from abroad and in lovely Egypt. They collaborate with businesses that provide high-caliber goods at reasonable pricing. You can shop whenever it’s most convenient for you, pay in cash or in installments, and they’ll deliver your purchases within a few days.