Cape Town online-based retailer gets a R100 million investment

Cape Town -The online-based fashion retailer, RunwaySale, says it received a R100 million investment from an international private equity firm, SPEAR Capital. The company announced that it planned to utilise the investment to push growth across its marketing, stock and productions sector. Machine learning and artificial intelligence (AI) technology are also on top of the company’s list to drive all-round growth across various sectors.

RunwaySale hosts more than 300 exclusive labels to an exclusive community of shoppers. Co-founders Karl and Elmien Hammerschmidt, who are now the Chief Executive Officer and Chief Operating Officers respectively, describe RunwaySale as an ‘exclusive online shopping society’ – a members-only private online shopping club. “E-commerce accounts for 1 % of all retail in South Africa and even before the coronavirus pandemic, it was set to grow exponentially,” said Karl Hammerschmidt.

Ex-online Chief Executive for the European division of TJ Maxx, Christophe Gaigneux, has been appointed to the RunwaySale advisory board. “The potential for e-commerce to contribute meaningfully to the local economy has never been greater and RunwaySale will be key to meeting the demand we know is building up in consumers across all demographics in South Africa,” said Gaigneux.

Originally written in the BusinessTech

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