Aims for RM20 mil by year end with new product development and expansion into Lazada
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Despite the pandemic stricken economy in 2020, Malaysia’s fastest growing lifestyle e-commerce startup, Oxwhite closed the year with over RM15 mil revenue.
The sum saw a 120% growth compared to the previous year and surpassed Oxwhite’s RM12 mil revenue promise to its Equity Crowdfunding (ECF) investors by 30%.
With the achievement, Oxwhite is targeting to close 2021 with RM20 mil revenue without raising additional funds from private investors.
“We raised RM5.019 mil in 2019 and used the funds to increase the range of products on our e-commerce platform last year. Through the revenue earned, we have made enough profit to reinvest into the business to grow our product line,” said Oxwhite founder CK Chang.
He attributed last year’s success to various factors such as shifting business focus — from dress shirts to stay at home staples such as basic-tees, innerwears and lounge wears, creating more product line up and expansion into online marketplaces such as Shopee.
“RM20 mil revenue is an ambitious target for a third year e-commerce business. As such we will be very prudent in our spending and cautious in our growth strategy,” Chang said.
The brand, Chang said, will be adding more variety into its existing product mix for male and female apparels and this include additional colours and fittings for best selling products such as women basic tee, men basic tee, women lounge wear and men’s shorts.
“When we introduce more products, we generate more revenue. However, the country’s economy is in a post-pandemic recovery phase. We are expecting consumers to still remain cautious in their spending habits. As such, we as a business would remain sensitive to this reality and seek to fulfill customers’ basic needs in our product development rather than creating novelty products to encourage impulse buying,” said Chang adding that the brand will be prioritising local manufacturers and vendors as much as possible in order to contain its operation costs and contribute to local economic movement post-pandemic.
On acquiring new customers, Oxwhite had set up its official store on Lazada this month after seeing its success with Shopee last year.
The brand reported that its marketplace transaction between Aug and December last year exceeded RM1 mil, leveraging on popular e-commerce sales such as 9.9, 10.10, 11.11 and 12.12.
To mark its expansion into Lazada, Oxwhite will be launching an exclusive t-shirt collection called MakanLah Collection on 18 March that captures the spirit of Malaysian foodie culture. The series were created through a collaboration with local t-shirt patch artist, Salang Design and will bear patches in the shapes of popular Malaysian breakfasts such as Nasi Lemak, Roti Canai and Siu Mai.
Oxwhite, said Chang will continue to innovate to create more value for its customers by enriching its basic product offerings and create exclusive products with its channel partners in order to create mutually beneficial business relationships for all parties involved.
