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Miinto pulls plug in UK after funding shortfall

Indie ecommerce portal Miinto is closing its UK and Republic of Ireland operation less than a year after it launched.

The platform, which offers an online sales outlet for indie fashion retailers, said its failure to secure further venture capitalist funding meant it could not continue in these territories.

Group chief executive Morten Larsen told Drapers: “Our business model is based on volume sales and slim margins, and to grow it requires huge capital commitments over an extended period.

“The group has not been successful in agreeing on the terms for the funding needed to continue growing in the UK.”

All of the stores signed up to Miinto were informed of the closure on March 27, a day after it stopped taking orders. Miinto said it would meet its financial commitments to all boutiques which have fulfilled orders, and consumers will be able to return goods for up to 14 days.

The company employed 17 people across its UK and Ireland business, all of whom have been made redundant.

It will continue to operate in its four other territories – Denmark, Norway, Sweden and the Netherlands – and still plans to launch in Spain later this year.

Larsen said: “We appreciate and value the support the UK boutiques have given us and we are certainly open to conquer the UK market again in the future if the circumstances play in our favour.”

Readers' comments (3)

  • Sad as the concept was good but they didn't insist on a photgraphy standard so the one time I looked at it, it was random pics of all types and qualities....pretty dreadful most of them with a 'pretty-ish, just slim enough mate posed beside the changing room' stylee.

    If you look at a random page it is a mix up of undersized cut-outs, bit of Mischa Barton (but bad lighting) and the shop owners slim-ish mate. Unless you are looking for a specific sold out item, you just won't stay on the site to spend as it's so grim.

    Asos marketplace started out with a strict 'outside only' spec for the photography but now retailers are putting inside pics on there (which are mostly pretty terrible) and it really affects the 'look' of the pages when you land.

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  • We had these guys round at our store on 3 occasions. First time we were'nt interested, second time the same and third time the same. Actually on the third occassion the sales rep wanted to use my toilet whilst I had customers in. The concept of seding your gear down to another city is bad the cost was ridiculous and what they promised was unrealistic. I was told some of the big independanst had just signed up and given all the usual speel only to realised they had 4 or 5 products on their site. Seemed like they hadn't sold anything through the Miinto platform so they just took them off.
    Hopefully the latecomers who did sign up will get their money back.

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  • We were bombarded with calls and visits
    Good idea poorly executed
    Photography awful
    Bombastic salesman

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