SmartCompany<\/em> the cash would be used to ensure the company has enough stock for next season.<\/p>\n\u00a0<\/p>\n
\u201cWe originally had a business plan which expected a certain amount of growth, but what we can do with this money is to invest further into the company and accelerate our growth,\u201d he said.<\/p>\n
\u00a0<\/p>\n
\u201cWe\u2019ll use it to become more efficient, automating processes and investing money into new markets.\u201d<\/p>\n
\u00a0<\/p>\n
\u201cWe have just started in the kids market and we are becoming bigger in New Zealand as well as in Australia, and we can do more marketing to acquire more customers.\u201d<\/p>\n
\u00a0<\/p>\n
Despite the onslaught of major overseas retailers such as ASOS and Shopbop, Haensel said the founding team could still see a gap in the market.<\/p>\n
\u00a0<\/p>\n
\u201cWe thought there was space for full-service, convenience-orientated online retail but we did not know how big the space would be,\u201d he said.<\/p>\n
\u00a0<\/p>\n
\u201cWe did not really know in the beginning how important convenience and range would be as opposed to lower price.\u201d<\/p>\n
\u00a0<\/p>\n
Haensel said pricing can sometimes be a sore point for the company.<\/p>\n
\u00a0<\/p>\n
\u201cASOS in the UK very often buys directly from the brands while we buy from local distributors, so we have to accept local Australian prices,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sydney-based fashion retailer The Iconic has landed almost $20 million in funding from JP Morgan Asset Management, despite launching less<\/p>\n","protected":false},"author":2,"featured_media":58243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,8,9,28,22,17,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/53703"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=53703"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/53703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58243"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=53703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=53703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=53703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}