Womenswear marketplace SilkFred plans to triple its sales this year by increasing the number of brands its stocks and expanding its advertising.
SilkFred, which stocks 296 independent brands including Dancing Leopard and Figl, made a turnover of £2.7m in 2015. It expects to make around £8m in 2016 and intends to increase its brand portfolio to between 500 and 600 by the end of 2017.
“I’m confident we can triple what we did in 2015 this year,” said Emma Watkinson, who co-founded the business in 2012.
“We have proved the SilkFred model works and that there’s an appetite for it. Now we have to scale up and grow together with our brands whether that’s looking at new, faster manufacturers or new logistics to ease the pressure on our partners,” she added.
Watkinson said she would eventually like to scale up to “a couple of thousand brands”. The firm is developing technology to personalise the experience so customers will only see what’s relevant for them based on their last visit or shop.
SilkFred advertises on Facebook and Watkinson said there are “great opportunities” for the business to acquire new customers by expanding its marketing on other social media platforms, including Instagram, Snapchat and Pinterest.