USA: Underneath.com Up For Sale At $5.8m
Atlanta-based QUAD-i, owner and operator of Underneath.com, the Internet retailer of brand name intimate apparel for men and women, today announced that it is up for sale for $5.8m.
Underneath.com has been operating successfully since December 1997. It is one of the few profitable e-tailers having posted a profit for its fiscal year ended June, 2000. QUAD-i, its parent company, never received venture capital and had to grow the business focusing on real revenue and profits with its initial seed funding of $40,000 from its founder's credit cards.
"With our low debt, low cost of doing business, large daily traffic, and profitability, we believe this is a tremendous opportunity for a larger retailer to come in and take advantage of the foundation we have built," said Jeffrey Johnson, CEO of QUAD-i.
The company believes selling intimate apparel on the Internet makes the most sense out of all apparel categories because underwear, panties, socks, and tees are products that are not allowed to be "tried on" in stores and consumers generally know the brands, sizes and styles they wear.
Underneath.com has a low return rate of less than two per cent. Since the products are generally not fashion items and are produced 365 days a year, inventory levels do not have to be high, the website does not need much updating and inventory replenishment is quick.
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