FASHION labels such as Dior, Chanel, Vivienne Westwood, Jimmy Choo, Gucci, Versace and Ralph Lauren are aspirational purchases for many. Realising this, Dimple Mirchandani launched Secret Dresser seven months back to make these brands...
FASHION labels such as Dior, Chanel, Vivienne Westwood, Jimmy Choo, Gucci, Versace and Ralph Lauren are aspirational purchases for many. Realising this, Dimple Mirchandani launched Secret Dresser seven months back to make these brands accessible at a discounted price. Secret Dresser, an e-commerce start-up for pre-owned luxury goods, is a recent entrant in the fashion and lifestyle category, focusing on the high-end luxury segment. Mirchandani pegs the average purchase value on the site as high as R1 lakh, after discount.
“Online fashion is catching up and we are trying to leverage the same in the luxury segment. We decided to give it to people who aspire to buy luxury products but find the price too high. For the seller it is a bonus if it can be sold at any price. It is a win-win for everybody,” says Mirchandani, explaining the rationale behind Secret Dresser.
Products on Secret Dresser are pre-owned but not necessarily used. Mirchandani explains that it gets many boxed items which are sold at 30-40% less than the original price. The condition of the product and the brand also dictates the price and the start-up tries to ensure the minimum price possible as per the sellers’ convenience.
Currently, Secret Dresser has 800-1000 products listed but Mirchandani wants to bring it down to 500-600 and keep the collection selective. She added that it takes about 7-15 days for authentication and filtration to make the product ready for sale on its website.
Mirchandani says that Secret Dresser has come across only three fake products since its inception and these were sent back to the seller on detection. “We have freelancers who have been working for large brands for almost 8-9 years and we rope them in for the first level of authentication. We have tied-up with an American company—Authenticate First who further authenticate the product for us,” Mirchandani explains.
Trending categories on Secret Dresser include handbags for women, watches for men, followed by dresses for girls. “Secret Dresser scores over other sites selling pre-owned goods because here everything is authenticated. We are mediating between the buyer and sellers as everything comes and goes through us,” Mirchandani said.
Secret Dresser earns a commission of 10-20% on every luxury item that is sold via its website. Currently, commission from sellers is the only source of revenue but it is planning to launch rentals for high-end designer wear where the average selling price is expected to be Rs 3.5-4 lakh.
The start-up also enjoyed the festive cheer during Diwali and sold almost 3-4 products every day during the month of October. Mirchandani declines to share the revenue growth for the month but claims that revenue will grow 20-30% by March 2017. “October-December quarter is the peak period for the company. We clock about 30-50 transactions in a normal month but in October we had about 70-80 transactions,” she says.
Secret Dresser’s top markets include Delhi, Chandigarh, Mumbai and Bengaluru. “Delhi will continue to be our largest market as the purchasing power in Delhi is big,” Mirchandani says. Additionally, the company has also seen orders from towns in Gujarat and West Bengal. It has also started a private viewing feature in Delhi. Buyers can book a slot and come to check the product before buying it. It is looking at launching this feature in other markets too. For delivery to buyers, Secret Dresser has an in-house team of four field executives in Delhi and for other cites, it has tied up with courier partners such as Delhivery and Blue Dart.
Secret Dresser’s mobile application for Android and iOS will go live from the first week of December. Until then, Mirchandani continues to incorporate new features on the website, which gets about 150-200 visits every day.