Peer-to-peer designer dress lending platform Designerex expands to the US

Many an Australian closet has seen a thorough clean out thanks to the Marie Kondo craze over the last few months: according to The Age, the St Vincent de Paul Society saw a six percent increase in donations in January compared to the same time last year.

For some, however, their closet – listed on the right peer-to-peer lending platform – is a good earning opportunity.

Founded by Sydneysiders Kirsten Kore and Costa Koulis in 2016, designer dress lending platform Designerex has grown to 12,000 listed items and embarked upon expansion in the US.

According to Koulis, key to the platform’s early growth, was Kore’s knowledge of the target market and how to reach them, and word of mouth.

“We were very fortunate with the magnitude of referral between users, as this created a network effect,” Koulis said.

“So our growth is partly attributable to the scaling of marketing channels that work such as social, as well as the ongoing impact of the network effect. It’s hard not to tell your friends and family that the $2,000 dress you just wore was hired for only $200, or that dress you did decide to buy for your special engagement party has actually turned a profit for you.”

The idea of turning a profit off their wardrobe is something many a user has turned to, Koulis said.

Read Full Content Here […]