25 June 2020, KUALA LUMPUR: Malaysia’s fastest-growing direct to consumer premium lifestyle brand Oxwhite is turning two! For the premium lifestyle brand, turning two means more than merely staying afloat with its business enhancement, expansion and extension plans.
The premium lifestyle brand broke Malaysian equity crowdfunding records in December last year by securing an investment of USD$1.188 million (RM5.019 million) from 485 investors. With the right business strategy in place and prudent financial management, the brand is set to reach its goal of achieving double-digit growth by end of this year, said Oxwhite Founder CK Chang adding that Oxwhite, will be celebrating its second year anniversary on 30 June 2020.
“Globally, it is estimated that around 30% of new businesses fail in the first two years and 50% in the first five years. Hence, between now and year 2023, it is crucial for the brand to focus on winning the online premium lifestyle space.
“Thanks to the belief and support that our investors have in us, we will dedicate our 2nd year anniversary to the growth of our business, starting with a more aggressive birthday anniversary promotion, which also coincides with the 7.7 mid-year sale,” he said.
In enhancing its marketing initiatives, Oxwhite is launching a birthday anniversary sale, giving away cash vouchers worth over RM50,000. Oxwhite is also partnering with fellow startup in e-commerce delivery space, HappyFresh to give away additional cash vouchers worth over RM11,000 to its customers.
“On top of 50% price reduction on our premium quality products, customers of Digi, Maxis and RHB will also enjoy additional discounts when they shop on our platform from 1st July 2020. We also aim to grow our customer base, reaching at least 200% growth by this year-end,” said Chang.
This target Chang said is not impossible given that Oxwhite had a legacy of attracting more than 80,000 customers in less than 24 months and sold over 400,000 items on its platform since 2018.
The lifestyle brand, which had pivoted from selling made-to-order luxury quality white shirts at affordable price tags, had since 2018 expanded its product offerings into the lifestyle space by adding homecare and personal care products onto its e-commerce platform.
“This year, we aim to launch another 50 products into our line-up starting with Basic White Tees and luxury hotel grade bamboo towels this month.
“Come September, we will be launching our range of performance products so that fitness and activewear enthusiasts can look forward to buying affordable premium quality products as well,” he said.
Chang explained that Oxwhite essentially aims to bring premium quality to the homes of Malaysians and Asians at large at a fraction of the premium price point.
“There is definitely demand for such products here in Malaysia and throughout the region, especially with the recent Movement Control Order which has seen a transformation in the retail industry. We can definitely emerge as a winner in this segment, but it will not be without hard work. Hence, we will need to get the right talent and people on board to make our offerings more visible and accessible to the target audience,” he said adding that his team had grown from three to 20 people since its launch.
