My Startup World speaks to Sarah Appleton, the founder of Mini Exchange to learn more about her company and her entrepreneurial journey thus far…
Please tell us something about yourself. Your background, your education and so on.
I’m a British national and graduate of Edinburgh University in the UK with a degree in Economics & Economic History. Following University, I joined Deloitte LLP in London in Mergers & Acquisition Advisory, seconding to Deloitte Corporate Finance in Dubai after two years.
After a further two years in Dubai, I left Deloitte to found Mini Exchange, recognising the potential of the market and business model. I’ve also had prior experience in the consignment industry, as I funded my own way through university by operating an online store on eBay.
Tell us something about Mini Exchange.
Mini Exchange is something that’s never been done in the region before. We’ve built an online marketplace for parents to buy and sell new and like-new kids’ clothing, accessories, fancy dress and school uniform.
Mini Exchange does all the hard work for sellers and gives buyers easy access to discounted branded and designer clothes. Items are collected from sellers for free and quality-checked by the team. They are then professionally photographed, described and listed on the site. When they sell, Mini Exchange deposits the profits directly into the seller’s account.
Buyers can order from the comfort of their own homes and are assured that items purchased are nothing less than perfect – genuine, freshly laundered and in great condition.
Mini Exchange launched with around 500 products and now has over 4,000 items on the site so is growing at a rapid pace. Prices start from as low as 30 AED and there’s everything from GAP pyjamas to luxury Dior dresses on the site, catering for all tastes and budgets.
How did you arrive at the idea behind Mini Exchange?
I had a lot of parent’s friends who were constantly going through all these kids clothes, buying wonderful outfits that were worn once at a party and then never used again and they were permanently complaining. In the UK, there’s eBay where it’s really easy for mums to list an item and sell it without dealing with 12 calls inquiring about one dress but there’s nothing like it in the region.
On the other side, working in finance, I was always working for other people, advising these inspiring entrepreneurs how to grow and sell their companies and was always envious when they left the room. I wanted to be on the other side of the table!
So one day, I took the leap and now I’m here, absolutely loving my new role and am excited by all the new challenges that lie ahead.
How do you think Mini Exchange is different from similar concepts in the region?
Aside from the huge variety of kids clothing on the site – currently over 4,000 items and 150 brands – no other online site in the region sells kids clothes at discounted prices. You can get new and like-new for a fraction of the price on Mini Exchange.
We also built the site with users in mind. The site’s easy to navigate, very straightforward to use, and checkout is super quick with a number of different payment options including cash on delivery.
Who is the target audience for Mini Exchange’s services?
Parents in the region! We are however also working with a growing number of retailers in the region to sell their end of line kids clothes, which is a very exciting new angle for us.
Apart from you, do you have any partners / friends / colleagues working on this project?
The business started with just me however the team has now grown to four in just four months!
How do you think Mini Exchange can better online marketplaces / ecommerce in the region?
There really is nothing like Mini Exchange in the region and especially no other site that focuses on kidswear at discounted prices. It’s also the only platform in the region where parents and stores can sell their unwanted and end of line items hassle free.
What sort of funding was infused into Mini Exchange?
Mini Exchange was launched with seed funding injected by the founders of the business, however we’re just about to go through our first round of fundraising now which we hope will really take Mini Exchange to the next level.
Are you involved in any other projects apart from Mini Exchange?
No – this takes more than 100% of my time!
What sort of pricing / revenue model do you follow for Mini Exchange?
Mini Exchange is a consignment business, meaning we warehouse the items but don’t own them. Alongside this, all items on the site are listed at a discount.
If items come from parents, they are priced based on the brand, condition, and original retail price of the item amongst other factors. If items come from the retailers themselves then they are listed at a discount of 30% or more off original retail price.
When items sell the proceeds are split 50:50 between the seller and us.
What advice do you have for budding entrepreneurs in the region?
I guess the best piece of advice that I was given is: when you’ve got an idea you believe in ‘just go for it’. The downside is you leave your job and it doesn’t work out. The upside is you get to be a part of your own exciting journey for the next period of your life!
Mini Exchange really is planning to be the ‘go to’ place for kidswear in the region. The feedback so far has been great, and mums, dads and stores are already loving it, so if you want quality clothes at discounted prices pop online and have a look, and if you have a heap of beautiful kids clothes that you don’t know what to do with, you’ve just found your solution.
