GROWTH OF AUSSIE MEN’S RETAIL SUBSCRIPTION MARKET
As featured on ‘Jumpstart Mag’ on AUGUST 9, 2018:
Sluggish Australian in-store retail market, the on-line subscription market continues to expand with Australian company MANRAGS taking on the growing global men’s market – demanding quality product, customised and delivered to the door.
Demand for customised subscription services has now infiltrated every aspect of our lives from food to clothing and even entertainment, with ten million Australians now signed up for Netflix.
The 100% growth of MANRAGS year on year is in line with the growth of the international market where in the US, visits to subscription box websites have grown by over 3,000 % in the last three years with apparel up 415%.
Growth in crowd-funding means Australian customers can now invest in favourite retail brands. To find out more go to: www.equitise.com/manrags-raise
While in-store shopping remains sluggish, the demand for subscription services has never been greater, from ordering food, buying clothes or as one of the ten million Australians downloading from Netflix. As we continued to add subscriptions to ease our lives, Australian brand MANRAGS is now taking on the rapidly growing male subscription market.
After witnessing the poor quality of the Australian male sock and underwear market, husband and wife, Michael and Tina Elias, established premium subscription cotton sock and underwear brand MANRAGS, realising the Australian male wanted quality, and a customised product delivered to the door.
“Male consumers are increasingly more tech savvy and aware of what is readily available both here and internationally. The rise in retail subscriptions is not limited to the female market, the increasing ease of online shopping is key to the rapid growth of the male market,” MANRAGS CEO, Michael Elias said.
In fact the global male subscription market is growing so rapidly that male lifestyle and grooming subscription services, Dollar Shave Club (3 million subscribers) and Birchbox (1 million subscribers) are two companies that have shown how men will happily sign up for a hassle-free service that delivers a quality personal product.
Harnessing the global subscription growth, MANRAGS has become one of the fastest growing men’s essentials subscription club in Australia, using the finest Egyptian cotton sourced by the banks of the Nile River.
The 100% growth of MANRAGS year on year is in line with the growth of the international market where in the US, visits to subscription box websites have grown by over 3,000% in the last three years, up from 722,000 visits in 2013 to 21.4 million in 2016. At the same time retail apparel is up 415%.
“We realised that men want quality socks and jocks that are affordable while taking the hassle out of shopping but at the same time providing customised pieces on trend,” MANRAGS CEO, Michael Elias said.
“Our subscription model, developed and driven by the demands of our customers, enables members to choose their desired products and delivery frequency. We offer free shipping worldwide and services like the ‘Washing Machine Monster’ policy, replacing socks to ensure customers don’t end up with a drawer of single socks,” Michael Elias added.
Realising the benefits of harnessing online platforms, the business is now one of many that is utilising Australian crowd-funding platform, Equitise in its bid to expand its subscription market to more homes, while at the same providing loyal customers and first time investors the opportunity to invest and be part of its future.
Manrags Holdings Ltd, has now issued its first round of shares through leading crowd-funding platform Equitise. It’s raising up to $900,000 as it expands its male line and enters the female market and over the past week it has secured almost 50% through crowd funding.
“Equity crowd-funding allows investors to not only be part of the growth, but a product and service that can use and wear every day.” Chris Gilbert, Co-Founder of Equitise said.
“The subscription e-commerce market has been the fastest growing in the on-line sales market, growing by more than 100% every year over the past five years with sales from the largest such retailers generating more than $2.6 billion in sales in 2016, up from a mere $57.0 million in 2011,” Chris Gilbert continued.
“The business has grown through the ongoing collation and analysis of consumer data. This has given MANRAGS unique insights into consumer behaviour, particularly around our core subscribers of men and women between 19-45, who make up 80% of our subscriber base,” Michael Elias said.
Driven by thousands of requests, it’s now launching a women’s brand, MS SOUS, after this capital raise. There is an incredible demand from the female market with women still accounting for 60% of the growing global subscription market.
“Over the next 12 months the company will continue to increase its range of essentials, launch the female subscription club, MS SOUS and build on a new distribution relationship with China’s Taobao, one of the world’s largest e-commerce platforms,” Michael Elias said.
“The brand has built a strong community of advocates which means equity crowdfunding offers the perfect way to be part of the evolution of this increasingly iconic brand. If you want to become part of their community, you can invest from as little as $250. Investors will receive up to 3 years of essentials subscriptions from either MANRAGS or MS SOUS or both,” Chris Gilbert concluded.