Figleaves founder and eCommera director Michael Ross talks to The Online Fashion Agency about investing in ASOS, the problem with some e-commerce platforms and the industry’s need for more “traders” with P&L experience.
You co-founded Figleaves, would you set up another online fashion retail brand again?
No! Figleaves was a great experience but – in my opinion – the time for creating a large online-only multibrand fashion retailer has passed. The future will be dominated by large multichannel fashion retailers, and brand owners selling direct.
Which of these four online retailers (ASOS, Boohoo.com, my-wardrobe, NET-A-PORTER) would you invest in and why?
ASOS is the only retailer on the list with a developed own-brand proposition. I believe this will be key to long-term success. Online retailers selling an edited selection of brands is a riskier strategy and subject to competition from the brands themselves, multichannel superstores and niche specialists.
You’re a non-executive director of Glasses Direct and Spreadshirt. What attracted you to those businesses?
Glasses Direct has the potential to disrupt a very old-fashioned industry. Spreadshirt is defining a new category of customised apparel. Both are great businesses to be a part of and both make to order so don’t have the same inventory challenges as Figleaves.
Do you think we are close to seeing market consolidation between the major e-commerce platform providers?
The ecommerce platform market is incredibly complex for most retailers to navigate. Post traumatic platform selection stress is a common ailment! There is a desperate need for some simplification but I don’t think this will come from consolidation. I simply think that a number of platforms have had their day.
Are there any gaps in talent/skills you feel the industry needs to fill?
Most retailers I talk to are still failing to get the basics right. There is too much talk of widgets, web 2.0, social media etc. and not enough about range, price, availability, delivery and service. The industry needs more experienced ecommerce “traders” who can run an ecommerce P&L.
And finally, who would you like to see interviewed on The Online Fashion Agency?
Jeff Bezos, founder of Amazon.
eCommera offers advisory, support and software services to multi-channel retail businesses.
