The Fashion Kingdom, an Egyptian fashion e-commerce startup, raises $2.6M in seed funding – Yahoo Finance

Fashion

The Fashion Kingdom (TFK), an Egyptian e-commerce marketplace for fashion, beauty and home accessories items, announced today that it has raised $2.6 million in seed funding led by CVentures, a corporate venture capital firm based in Egypt. A15, an early-stage VC in the MENA region that has backed the likes of Esaal, Paymob and Helios Investment Partners subsidiary, TPay, made a follow-on investment, according to TFK.
Fadi Antaki, co-founder and CEO of TFK, founded the company in January 2020 with Marianne Simaika and Karim Abd El Kader. They launched the e-commerce platform six months later. Antaki is also a general partner at A15. Antaki noticed a need for a platform that sold fashion products with fast deliveries, different payment methods, and a recommendation feature in Egypt. This opportunity made the chief executive tap into the knowledge he acquired as a kid born into a family with a long history in the apparel business to launch TFK.
“We established the company pre-COVID. And at the time, we saw a big gap or maybe a lack of focus on a place dedicated to selling fashion products, recommendations for what to wear, quick deliveries, and different payment methods. There wasn’t anyone focused on this, especially in fashion,” said Antaki.
TFK deals with a range of products–shoes, beauty products, personal care, accessories, home fashion, etc.–that cater to different demographics. The platform helps local and international brands grow their sales online through their curated marketplace that provides an omnichannel experience to customers: a place where shoppers can find all their fashion needs and exchange products when needed.
There are over 200 brands on the TFK platform, growing 10-15% month-over-month. It has more than 150,000 customers; every month, about 40% of its sales come from returning customers.
Not only does the platform enlist products of all these brands for customers’ viewing and buying pleasure, but it also provides ancillary services to them. TFK provides a virtual fitting room that helps brands get accustomed to their customers’ sizes and recommend outfits to customers for different occasions. Also, its “360-degree value proposition” for brands involves offering a one-stop-shop solution covering operations, co-marketing, and digital content creation services.
“Earlier this year, we found that one of the most important areas we thought we needed to focus on was the brand. There are good quality and price brands that don’t have the know-how to sell online. They need a lot of support in operation, fulfillment, warehousing, and digital production and photography,” the CEO said. “So besides selling their products, we help them with the different aspects that would then be able to sell well online, whether supporting the operation or the marketing side. And for us, it’s not just about reselling their products but also going in as their digital partners.”
The fashion e-commerce platform makes revenue via the traditional model where it counts a mark-up to products and a consignment model where it takes a commission. Supporting revenue streams come from additional services it provides to the brands, such as photography and marketing. The company’s total sales volume grew 3x from April 2021 to April 2022, Antaki confirmed.
In 2021, the global fashion e-commerce market value was nearly $700 billion. By the end of 2022, it is expected to surpass that figure and reach around $1.2 trillion in three years. According to Statista, the total addressable market in Egypt is about $4.2 billion. With no clear market leader in Egypt’s fashion e-commerce space, Antaki says his company is set to become one and stay ahead of other players because of its edge with brands.
“We have two main differentiators. One is the omnichannel experience. The second is not only being a reseller but rather being a partner to brands and helping them become sustainable and even grow their business through our platform and other services that we can provide,” he said.
Other investors in the round include Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures, The Cairo Angels, and fashion industry veterans such as Paul Antaki and Nasser Chourbagi.
Per the company’s statement, TFK will use the investment to accelerate its growth, build scalable technology and grow its team, whose female employees comprise 43% of the entire workforce and 50% of the company’s managers. “We intend to fill in the needs in terms of talent, build our technology, optimize our operation, and end-customer experience. So basically, using the funds in tech, talent, and operations,” the CEO added.
"Our results reflect the actions we've taken to execute for growth in the face of challenges in the operating and macroeconomic environment," said CEO James Quincey.
F5 stock climbed Tuesday after the software company reported strong earnings and guidance after the close Monday. One analyst from Needham said F5 looks to have enough demand “to power through a modest recession and still produce growth” in 2023. For its fiscal third quarter ended June 30, F5 (ticker: FFIV) reported earnings of $2.57 a share, which beat analyst estimates of $2.23 a share, according to FactSet.
Warnings of a recession have been prevalent for a while now, and while J.P. Morgan’s global markets strategist Marko Kolanovic thinks one could well be on the way, he believes the market is already reflecting that possibility. “While recession odds are increasing,” Kolanovic said, “a mild recession appears already priced in based on the YTD underperformance of Cyclical vs. Defensive equity sectors, the depth of negative earnings revisions that already matches past recession moves, and the shift
Facebook parent Meta released its Q2 earnings after the bell on Wednesday.
After 2022’s calamitous first half, despite the recent choppiness, July is shaping up to be the best month of the year so far. In fact, according to Lori Calvasina, Head of U.S. Equity Strategy at investment firm RBC, there’s a real possibility it’s generally up from here, or at least, the bottom could be very near. “If the US economy is headed for the economic scenario that’s currently embedded in consensus forecasts, or a relatively short and shallow recession that begins in 2H22 and wraps up
The husband of House Speaker Nancy Pelosi sold more than $4 million worth of shares in software and computer-chip company Nvidia (NVDA) this week, publicly available financial disclosures show. The trade by Paul Pelosi was executed on July 26, when he sold 25,000 shares at an average price of $165.05 per share, for a total loss of $341,365. Last week, it was disclosed that Paul Pelosi had exercised call options for as much as $5 million worth of Nvidia stock ahead of deliberations in Congress about a bill that would boost the U.S. semiconductor industry.
(Bloomberg) — Euphoria surrounding Alibaba Group Holding Ltd.’s primary listing plan has evaporated in just two sessions, as focus shifts to the firm’s earnings announcement due next week.Most Read from BloombergRockstar Games Cleaned Up Its Frat-Boy Culture — and Grand Theft Auto, TooFed Hikes 75 Basis Points Second Time, Signals Third Is PossibleBiden Considers New Pause on Paying Back Student Loans, $10,000 ReliefStar Wars Knights of the Old Republic Game Paused Amid Studio ShakeupWalmart’s
Ford reported second quarter financial results after the bell on Wednesday easily topping estimates on both the top and bottom lines, and reaffirming its full-year profit guidance.
Apple will report June quarter earnings late Thursday, and CEO Tim Cook will face questions about everything from currency headwinds to slowing Mac sales. For starters, with a higher reliance on consumer sales than other technology hardware companies, Apple (ticker: AAPL) can’t fully escape the impact of a slowdown in consumer spending. Recent reports from both the memory chip company Micron Technologies (MU) and market research firms IDG and Gartner suggest there has been a sharp slowdown in both smartphone and personal computer sales.
Dividend stocks are the Swiss army knives of the stock market. When dividend stocks go up, you make money. When they don’t go up — you still make money (from the dividend). Heck, even when a dividend stock goes down in price, it’s not all bad news, because the dividend yield (the absolute dividend amount, divided by the stock price) gets richer the more the stock falls in price. Knowing all this, wouldn’t you like to own find great dividend stocks? Of course you would! Using the TipRanks platfor
UPDATED with commentary from earnings call. Facebook parent Meta Platforms reported its first quarterly drop in year-to-year revenue, with earnings per share sliding 32%, as worsening economic conditions and increased competition squeezed results. CEO Mark Zuckerberg said during an earnings call with Wall Street analysts that the company would slow the rate of growth of […]
Wall Street expects June quarter revenue of $17.94 billion with adjusted earnings of 69 cents per share from the chip maker.
Ford earnings skyrocketed, defying headwinds. And the auto giant hiked the Ford stock dividend while reaffirming 2022 outlook.
Markets are volatile. Use these dividend stocks for peace of mind.
The remote healthcare provider posts a wider-than-expected quarterly loss after recording a $3 billion impairment charge.
(Reuters) -Shares in the world's largest kidney dialysis provider Fresenius Medical Care (FMC) plunged more than 12% to a 12-year low after it cut its earnings outlook as costs surge and a U.S. staff shortage leaves it scrambling for nurses. In an unscheduled statement late on Wednesday, FMC flagged a decline in net income approaching 20% this year and withdrew its 2025 targets. Finance Chief Helen Giza said the group, which now pays a premium to temporary staffing agencies, hopes to find enough permanent renal nurses again during the first half of next year, but government financial relief for soaring costs may not come until after 2023.
First Solar, SunRun, and SunPower jump after Sen. Joe Manchin said he supported the spending package.
With Tesla (NASDAQ: TSLA) as the only established industry leader, there is still a great opportunity for start-up electric vehicle (EV) makers to ultimately dominate the market. As of now, Nio (NYSE: NIO) and Rivian (NASDAQ: RIVN) are ahead of the competition, but all EV companies have faced supply chain challenges as a result of COVID-19. The bear market has also been less than kind to the EV industry; at Tuesday's prices, Nio's stock has dropped almost 70% from its all-time high in January 2021, and other companies are struggling similarly.
On the call today are Jim Heppelmann, chief executive officer; and Kristian Talvitie, chief financial officer. Before I dive in, I'd like to point out that Kristian will cover the effects of the strengthening dollar later during his section of the call.
(Bloomberg) — Financial markets are underestimating just how far the Federal Reserve will go to tame a decades-high inflation rate, according to former New York Fed President Bill Dudley.Most Read from BloombergRockstar Games Cleaned Up Its Frat-Boy Culture — and Grand Theft Auto, TooFed Hikes 75 Basis Points Second Time, Signals Third Is PossibleBiden Considers New Pause on Paying Back Student Loans, $10,000 ReliefStar Wars Knights of the Old Republic Game Paused Amid Studio ShakeupWalmart’s M

source


Leave a Reply

Your email address will not be published.