Italic is an online marketplace selling luxury products, including women's and men's apparel, shoes, bags, accessories, fitness gear, and home goods.[1][2]
 | |
| Type of business | Private |
|---|---|
| Founded | 2018 |
| Headquarters | , USA |
| Founder(s) | Jeremy Cai |
| Industry | E-commerce |
| URL | italic.com |
History
editItalic was founded in 2018 by Jeremy Cai,[1] whose family runs a manufacturing business.[3] The website was launched on November 16, 2018.[4] Prior to its launch, the company had a wait list of 100,000 names, and had raised $13 million in funding from investors such as Comcast Ventures, Index Ventures, and Ludlow Ventures.[1][5]
At launch, the company charged a $10 per month membership fee for access to luxury goods sold through its website, with the membership fee waived for the customer's first year. In January 2019, the company ended its membership model, before returning to a members-only model in May 2020, with the membership fee now $100 per year.[1] The selection was broadened beyond the company's initial focus on fashion, expanding into home goods, fitness, travel, and pet accessories.[6]
Business model
editItalic designs and develops products to be produced by manufacturers, partnering with them to sell label-free luxury goods on the Italic website.[2][4] The products are exclusive to Italic and are sold at cost, direct to the consumer.[1][2][3] The company makes a profit through membership fees,[1] and its platform helps manufacturers track real-time inventory and sales.[4]
References
edit- ^ a b c d e f Alcantara, Ann-Marie (17 July 2020). "Italic Brings a Membership Model to Selling Premium Products". Wall Street Journal. Retrieved 24 August 2021.
- ^ a b c Owens, Heath (21 July 2020). "Italic Marketplace Makes Clothes at the Same Factories as Prada and Burberry—For a Fraction of the Price". Men's Health. Retrieved 24 August 2021.
- ^ a b Navarro, Chadner (21 October 2020). "Worldwise: Italic Founder Jeremy Cai's Favorite Things". Barron's. Retrieved 27 August 2021.
- ^ a b c Segran, Elizabeth (16 November 2018). "This VC-funded anti-brand already has a 100K-person wait list". Fast Company. Retrieved 24 August 2021.
- ^ Ha, Anthony (15 November 2018). "Italic launches its marketplace for affordable luxury goods from top manufacturers". TechCrunch. Retrieved 27 August 2021.
- ^ Huang, Nina (30 March 2021). "This Members-Only Site Sells Luxury Clothing, Cookware, Bedding, and More for Up to 80% Off Retail". Real Simple. Retrieved 24 August 2021.