Startup interview: Colin Saunders, CEO, Open for Vintage
RTIH gets the lowdown on luxury pre-owned marketplace, Open For Vintage, which recently launched a £1.5 million capital raise, including a public crowdfunding campaign powered by Seedrs.
RTIH: Tell us about yourself and OFV
CS: So much of my thinking at Open for Vintage is around how we accelerate a sustainable fashion future globally, and my previous experience shapes this.
Professionally my focus has always been pivotal around the international retail market. I was part of Tesco’s team in China, working in their international retail division. I then went on to head up international e-commerce at House of Fraser.
Open for Vintage is a luxury online marketplace that connects customers to independent vintage boutiques located around the world.
We accommodate sustainable luxury shopping by connecting our community from over 60 countries with more than £50 million of pre-owned designer handbags, jewellery, accessories and watches through our innovative tech platform.
RTIH: What was the inspiration behind setting the company up?
CS: The idea came after seeing an increased global focus on sustainability. In tandem with this, I was inspired by the rise of so many interesting marketplace models like Air B&B and Farfetch.
Previous experience with product automation inspired the idea of a scalable solution to consolidate the best product in the market from boutiques around the world, giving shoppers the best range of merchandise whilst simultaneously providing small boutiques with a channel to sell globally.
RTIH: What has been the industry reaction thus far?
CS: We have been delighted to see such positive reaction from within the industry, particularly because of the innovative technical approach we’ve taken to the pre-owned luxury market.
We take a different approach to peer-to-peer players by focussing on technology first.
As we have grown our community and continuously developed our customer experience, there has been growing applications from stores wanting to become a boutique partner on Open for Vintage.
In tandem with this, we have been thrilled to welcome leading industry experts onto our governance board from H&M, Farfetch, PayPal and Facebook to name a few.
RTIH: What has been your biggest challenge/setback?
CS: With boutiques in over 14 countries, and customers in over 60, customs had been the biggest barrier for us achieving that.
At the end of last year, we introduced customs inclusive pricing, so the price you see if the price you pay, regardless of where you or the item is location.
This technical solution has made it easier for our customers to access the best vintage from around the world and makes it easier for our boutiques to sell to a global customer base.
RTIH: What are the biggest challenges facing the omnichannel retail sector right now?
CS: The biggest challenge at the moment is striking the balance between online growth, without forgetting the importance of the in-store customer experience.
What we endeavour to do at Open for Vintage is to create an omnichannel experience for our boutique partners.
The store experience that our boutiques offer is a key touchpoint and where store owners really shine. We do the work on making them shine in the online space, so they can focus on the physical part.
RTIH: Is the Open for Vintage tech limited to pre-owned luxury?
CS: Using our custom built automation solution, we are now connecting customers to over £50 million of merchandise from multiple different boutiques which updates multiple times a day.
Now our technology is developed and has optimum functionality, there’s no reasons why this solution couldn’t be white labelled to other industries.
RTIH: What can we expect to see from Open for Vintage over the next 12 months?
CS: With supply and technology in place, we will be looking at the roll-out of our first ever mobile app, as well as implementing some exciting developments using blockchain solutions.
