Meet the 30-year-old streetwear entrepreneur trying to stamp out online fakes
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Run into the 30-year-old streetwear entrepreneur trying to postage out online fakes
Richard Xia, co-founder of Novelship, a sneaker and street culture marketplace, started his platform to cater to Asian sneaker enthusiasts who were plagued with online scams, frauds and counterfeit products.
Richard Xia co-founded Novelship in 2018. (Photo: Kelvin Chia)
07 Nov 2022 06:25AM (Updated: 08 Nov 2022 05:28PM)
When Richard Xia needed some capital to launch Novelship, his sneaker reselling business in 2018, he did what whatsoever greenbacks-strapped millennial might do. Together with his co-founder and long fourth dimension buddy Chris Xue, the duo resorted to selling their prized streetwear and sneaker collections to raise funds for their starting time-up.
"Our parents did not desire to give us pocket money," Xia recalled with a express mirth. "So I told Chris that even though information technology would be painful, if nosotros sold our collection, we would raise around S$10,000 to S$20,000."
So, he resold his collection of streetwear past cult brand Bape while Xue, a big NBA fan, sold his prized drove of Air Jordan sneakers. "One time we congenital our platform, nosotros figured we could ourselves be users of the platform to get everything back," the xxx-yr-old added.
The idea to launch Novelship was borne out of the pain points that the co-founders, both ardent fans of streetwear and sneakers, had personally experienced when trying to store for products they wanted from cool brands similar Supreme, Nike, Adidas Yeezy and Fear of God.
"We wanted to create a sustainable business venture based on something both of us are passionate near," said Xia, who had past then launched two other businesses, including a mobile cafe he had gear up up outside the library at the National University of Singapore while he was yet a student.
"Nosotros thought about the bug we faced as customers in the region and realised that the need was developing so quickly that information technology was very difficult to have access to authentic express edition products. Because of that, people tend to purchase from strangers online on Facebook groups, forums or classifieds platforms where there are scammers and fraudsters out to make a quick cadet," he said. Counterfeit products were likewise a problem, he added.
To solve this upshot, they wanted to create a specialised platform for buyers and sellers in Asia to buy and sell express-edition sneakers, streetwear and collectibles. Every single item purchased or sold on Novelship undergoes a rigorous quality check and hallmark process using cutting edge technology and manufacture expertise to ensure consumers never receive a imitation, he explained.
To engagement, the Singapore-based company, which employs well-nigh 60 people, has five processing centres and has a presence in half-dozen markets around the Asia-Pacific, including Singapore, Malaysia, Indonesia and Australia.
"People tend to buy [streetwear and sneakers] from strangers online on Facebook groups, forums or classifieds platforms where there are scammers and fraudsters out to brand a quick buck." – Richard Xia
According to Xia, what sets Novelship apart from other international marketplaces such every bit Goat or StockX is its well-established network in the region, such as transactions beingness carried out in the local currency and having a well-oiled customer service system to help troubleshoot where it is needed.
Fifty-fifty though there is a perception that many resellers jack up prices to multiple times the retail value, Xia said this is really a rare occurrence that typically applies to ultra-hyped items like the Air Dior collaboration betwixt the Hashemite kingdom of jordan make and Dior.
"Most of the items being traded are between S$200 and S$300," he said.
Popular items on the market include Nike Dunk Low, Air Jordan 4 and Adidas Yeezy sneakers. Recent hot items include the NikeXSacai collaboration shoes, he added. Apparel by rapper Travis Scott is also hugely covetable, as are pieces from the KawsXUniqlo collaboration.
Only while hypebeast – and hypebae – culture is arguably showing no signs of slowing down among the younger generations, the company'due south success was non an immediate guarantee, specially in its early on days.
He can still think the exhaustion of doing everything from customer service to deliveries in the early days of the business. "Recently, people accept been talking about China'south 996 work civilisation of working from 9am to 9pm, half dozen days a week. I tell you, entrepreneurship is 007 – you work from midnight to midnight, vii days a week, especially for the offset few weeks," he quipped.
In 2019, the duo secured US$2 million (South$two.7 meg) in funding led by Global Founders Capital, which has also backed companies including Lazada and Slack, to drive its expansion in "key high growth markets" across the region.
However, merely as they were putting these growth plans into place in 2020, the pandemic struck, prompting widespread global lockdowns that affected their power to even run a business.
"Nosotros wanted to create a sustainable business venture based on something both of us are passionate near." – Richard Xia
"I think quite conspicuously barely two weeks into our launch campaigns in Republic of indonesia and Malaysia, COVID-19 hit, logistics lanes were cut off and nosotros could not ship reliably into these countries," he recalled. This meant that customers who had bought products would have to face up delays in receiving their items.
"And in Singapore, when the excursion breaker happened, our warehousing coiffure and logistics period was further disrupted."
To keep afloat, the entire team had to act quickly and come up up with multiple contingency plans while implementing diverse safety processes at the same time to ensure they could go along operating their business. "This period was the biggest challenge we have faced and then far," he said.
Thanks to the quick response by the team – and the surge in online shopping during the last 18 months of lockdowns, the company has managed to navigate the pandemic.
"Entrepreneurship is 007 – you work from midnight to midnight, seven days a week, specially for the offset few weeks." – Richard Xia
Upwardly next, he is setting his sights on growing the business farther such as by launching an Android app (Novelship already has an iOS app) and setting upward driblet-off locations in its primal markets for greater convenience.
At that place are also plans to work with celebrities and influencers to offer a curated pick of products or to host exclusive releases on the website. "What nosotros want to achieve is to be a one-end solution for Gen Zs and millennials," he said.
For these two millennial co-founders at to the lowest degree, they have already achieved this. Truthful to their goal, they have already rebuilt their collections that they sold all those years agone to start their own business.
"Don't worry about Chris (Xue), I but checked out his room a few days ago and he has tonnes of shoes – he got most of his collection dorsum," said Xia with a chuckle.
"I have gotten into sneakers too and I have been collecting Supreme figurines as well as Kaws and Bearbrick collectibles. It is an expensive hobby!"
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Source: https://cnalifestyle.channelnewsasia.com/people/streetwear-sneakers-singapore-online-marketplace-novelship-287011
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