The Lingerie industry is actually a 30 billion dollar a year industry, with a few very well-known names that make up only 1/3 of that market. It is also extremely fragmented and inefficient.
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Beverly Hills, CA (Vocus) September 22, 2010
High Tech, Sexy Lingerie, Social and Corporate Entrepreneurship - proving you can build a great business with friends that incorporates technology, fun, sexiness and philanthropy all at the same time. Just ask Harry Yeh, the CEO of Ooolalashop.com.
“I told my friends and people I had just met at this event called Summit Series that I ran two companies and that one was in the works. The first two were computer companies, one was a computer consulting firm, the other was a computer Internet retailer. The response was ho-hum but when I mentioned that the one in the works was an Internet lingerie company, ten out of ten people suddenly paid attention and the reaction was almost all the same. They all wanted to know more about it and when it would be launched. It was from this moment I knew I had to launch Ooolalashop.com with the amount of buzz this generated and no actual business.”
Aside from just being the online destination and source for buying women’s lingerie online, Ooolalashop.com is actually run by technology entrepreneurs with social responsibility.
“The Lingerie industry is actually a 30 billion dollar a year industry, with a few very well-known names that make up only 1/3 of that market. It is also extremely fragmented and inefficient. “, says Harry Yeh, the CEO of Ooolalashop.com. “The rest is of the market is relatively unknown. A fair portion of this is also mail order. We actually tried to find a market leader for online but couldn’t. Our mission is to be that one. We want to be the next Zappos.com but for women’s lingerie since we love their business model.”
Ooolalashop.com’s business includes a combination of inventory and drop ship, and they currently carry ten brands, but expect to be at over 100 by the end of the year. Aside from having a well thought out and efficient business model, with low operating overhead and expenses, Ooolalashop.com wanted to build philanthropy as one of the core pillars of it’s operating foundation from day one.
“Social entrepreneurship and corporate responsibility was built into the company from Day one. Every dollar we make, a portion goes toward some cause we support. After attending the Summit Series events, I was convinced that the next company I built would be socially responsible” says Harry.
The founders of Ooolalashop.com have also run other successful technology ventures, one of them is a technology consulting firm called Comet Computing, and the other is an Internet retailer called UShopfast.com.
“Having worked in the technology industry for the last 12 years, running a tech consulting firm, Internet retailer and having grown up in the distribution and retail trade (family business), this allowed us to leverage expertise and technologies from these ventures which allowed us to go to market very quickly for Ooolalashop.com. We did this in less than one month (3 weeks to be exact) from the time of design to actual deployment.”
Having just recently done a soft launch, there is a grand opening launch of the e-Commerce site planned for October 6th, 2010. A launch event and fundraiser is planned for this date.
The headlined fashion lineups for this event will include some international brands such as the Love is Heaven Sexy Underwear and thongs, and local Vancouver brands, such as Bia Boro and Zeugari.
“Our grand opening launch event for Ooolalashop.com will happen in the beautiful city of Vancouver, B.C on October 6th at the Forum in Vancouver. It is actually going to be a launch event, a Lingerie Fashion Show and a fundraiser. We expect to do events in other cities as we grow. We’ve also headlined FCancer as the main charity we are fundraising for, and have turned the launch event into a big fundraiser for them. It’s going to be great fun, but also for a great cause. We’ve also had great sponsors support us for this launch event and want to thank them. They include the Forum Sports Bar, Charm Modern Thai, Grey Goose, Bacardi, Red Bull, Breathe and Westport Motorcars.”
FCancer is a non-profit organization that promotes education around the importance early cancer detection. It's their mission to get people talking about cancer and looking for the earliest warning signs and symptoms, because over 90% of all cancers are curable if caught in stage one.
Ooolalashop.com is a B2C (Business to Consumer) Internet retailer and source of information that focuses solely on the sales of women’s lingerie and undergarments. Ooolalashop.com is a privately owned corporation.