Stripes, an O2O startup offering tailored men's fashion has secured additional investment US$4.3m. On the 2nd November, the company, determined to become a comprehensive brand for men’s fashion launched its first oversea branch in Singapore.
Lee Seung Jun from the company commented, “After studying the Asian market, we determined a high consumer preference towards Korean products”. The company plans on further oversea launches following the acquisition of ‘Dream Factory’ a manufacturer of luxury shirts.
On the reason for the hugely popular preference for Korean products, Lee explained, “Although there is an acknowledged preference for Korean products from other Asian countries, the overall exemplary quality of the clothes and excellence in the range has also contributed in our success”.
Following their Singapore launch, the company plans on expanding into Hong Kong, Bangkok and other key cities in Asia. A recent investment from Fast Track Asia, Smilegate Investment and SK Planet for US$4.3m (KRW 5b) will help Stripes with reaching this goal.
Stripes is also expected to greatly benefit from access to SK Planets’ global network and O2O service experience. The company already has plans to adopt ‘Syrup’, the mobile membership service offered by SK planet. This will boost the company’s capabilities in online and offline marketing. Stripe has also been included among the eleven open markets for SK Planet with launches in Indonesia and Malaysia in the near pipeline.
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