Singapore-based luxury fashion platform BlinQ has announced that it raised $2 million from a group of private investors as part of its seed round, according to an official release.
The company also announced the appointment of former Nasdaq-listed MOL Global executive Christopher Wong as CFO and ex-Accenture employee Lai Sian Peh as ‘Head of People’.
The fund raised will be used to accelerate hires and platform developments, BlinQ founder and CEO Bob Chua told DEALSTREETASIA in an interaction. He also added that BlinQ will expand next to other SE Asian markets after Singapore and Malaysia.
“We’re currently in a rapid phase of expansion, and having the right people in place will make all the difference to scaling,” he said.
BlinQ technology allows users to virtually try on and purchase designer apparel and accessories from online luxury and contemporary fashion retailers globally using AR.
Its marketplace allows for rental, subscription, and pre-loved options to its users. The back-end automated warehousing operation enables brands to fulfill their products throughout the Asia-Pacific region. Its platform is available to retailers and brand owners.
The personal luxury market is currently estimated to be $300 billion and will grow to $500 billion by 2020, with close to 44 per cent from Asia, according to McKinsey’s global fashion report.