Iuiga, the Singapore-based homewares retailer announced that it has received SGD 10 million (USD 7 million) in Series A funding from Indonesian conglomerate, Konimex. The funds are supposed to be used for the retailer to expand its current operations in the Indonesian market. It plans to double its workforce in Indonesia over the next six months and increase its number of physical stores to meet growing omnichannel demand.
Funds will also be dedicated to product development and big data and artificial intelligence (AI) technologies to support the company’s e-commerce activities. Iuiga’s chief growth officer cited Indonesia’s tech-savvy demographics as a reason for its market potential.
Iuiga currently operates nine stores within Singapore in addition to its online platform. Customers are required to download the Iuiga app and register for an account. Customers self-checkout, by scanning the item’s barcode and paying for their goods using their preferred mode of payment.
Iuiga works with Original Design Manufacturers (ODMs) who produce for renowned international brands such as Sephora and Samsonite. The company claims that by partnering directly with manufacturers and bypassing distributors and retailers to completely eliminate traditional middlemen mark-ups, the company is able to offer high quality essentials at a lower price compared to other premium retailers.
(Sources: Inside Retail Asia; Retail & Leisure International)
