Tech startup Blinq targets Southeast Asia
Tech startup Blinq is targeting Southeast Asia with software which allows users to virtually try on and purchase designer apparel and accessories from online luxury and contemporary fashion retailers globally.
“Blinq uses AR and algorithmic patterns to provide users with the latest trends and personalised fittings from their digital devices,” explains entrepreneur and Blinq founder Bob Chua.
“It also allows users to choose how they would like to consume fashion, which may not necessarily be to buy, but to also rent, subscribe, or pay later for latest luxury designs from major and upcoming brands across Southeast Asia.”
A rental-subscription model provides users the option of renting designer apparel and accessories, while the back-end automated warehousing operation enables brands to fulfil their products throughout the Asia-Pacific region.
Citing McKinsey’s global fashion report, Chua says the personal luxury market is predicted to grow to US$500 billion by next year, with close to 44 per cent coming from Asia.
“There is clear retail disruption happening everywhere, and e-commerce adoption in the luxury space is growing at a staggering rate here in Asia. We see a major opportunity.
“In a way we are fusing the successful models of Asos, Farfetch, Rent-the-Runway and The Real Real into a single platform, while targeting affluent Asians.”
Chua says the company plans to monetise its platform by white-labelling its virtual changing room AR features to other e-commerce sites, which will ultimately reduce returns and increase purchasing propensity for retailers.
He says Blinq has secured significant seed funding and is currently en route to a next fundraising round.