Type Private Website runwaysale.co.za | Industry E-commerce Founded 2012 | |
Headquarters Cape Town, South Africa Founders Karl Hammerschmidt, Elmien Smit | ||
Runwaysale now on http tinyurl com lwgf6lb
RunwaySale is a web-based company that sells designer brands at discount prices by hosting flash events. It is has grown to be South Africa's largest members-only private online shopping club.
Contents
History
The company was founded in January 2012 by Elmien Smit, formerly an employee of Woolworths, and Karl Hammerschmidt. The website was launched on 15 May 2012. Its head office is located in Cape Town, South Africa. The first angel investor to invest in the company was Michael Leeman who has also invested in ChessCube, Cognician and Personera.
Business
RunwaySale hosts flash sales of various fashion brands. A typical sale lasts between 36–48 hours. When a sale commences, members are notified via e-mail, Facebook and Twitter.
Sales feature merchandise from single brands or small groups of brands at a time and change regularly. The company's business strategy is to offer designer brands at affordable prices by purchasing vendor inventory at a large discount and adding a margin on top in order to make a profit.