South African based e-commerce fashion retailer gets R100 million investment
RunwaySale, a South African based e-commerce fashion retailer, has received an investment of R100 million from an international private equity firm, SPEAR Capital.
The company will utilise the investment to drive growth across marketing, stock sectors, as well as machine learning and artificial intelligence technology.
We obviously have a lower cost base to work against so we can pass value on to the consumer and our various brand partners... at the end of the day it helps them to earn revenue...obviously it's a win-win for everybody.Karl MF Hammerschmidt, Co-founder & CEO - Runway
In order to see the prices we do drive kind of an exclusive wall to keep our brand protected.Karl MF Hammerschmidt, Co-founder & CEO - Runway
A huge part of the investment we received was to power our machine learning AI programme - obviously the idea is with online you can track... you anonymise it but you can know how long people spend, what they look at - and if you do it right you should be able to plan and buy according to the data.Karl MF Hammerschmidt, Co-founder & CEO - Runway
Listen to the interview below.
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