Coolmate provides shopping solution for male customers

09:00 | 05/03/2022 Companies

(VEN) - Coolmate was established in 2019, providing a shopping solution for male wardrobes at reasonable prices. The startup is expected to reach sales of US$65 million by 2025 and drive towards an initial public offering (IPO).

coolmate provides shopping solution for male customers
Coolmate CEO Pham Chi Nhu

Before founding Coolmate, CEO Pham Chi Nhu held down many jobs from retailing cosmetics to selling online on e-commerce platforms. Nhu realized that customers look at not only the brand but also the price in comparison with quality, customer service and seller commitment. Coolmate was established with the goal of building a completely new shopping model, offering a shopping solution for male customers ensuring quality, goods prices, fast delivery and customer care.

Nhu said that when it comes to stocking up on wardrobe essentials, such as shirts, pants, socks and underwear, male shoppers prefer to buy in bulk for the sake of convenience.

coolmate provides shopping solution for male customers
Coolmate receives investment from STIC Investments

Coolmate has also implemented corporate social responsibility by non-plastic packaging, cleaning returned products, and accompanying sponsors in environmental protection programs. Labeled “Proudly made in Vietnam”, Coolmate’s apparel is all produced in local factories that meet export standards, from the weaving stage through dyeing, cutting, sewing and finishing.

Customer information is saved and automatically filled in for the next purchase, while payments are easier. On mobile phones, Coolmate’s chat window is located right on the website, facilitating customer communications.

In addition to optimizing the shopping experience, Coolmate brings the best quality products to customers. Most of its products are 100 percent cotton because of customers’ preference for this fabric as well as being suitable to Vietnam’s hot and humid climate.

In addition to its own website, the startup also opens genuine stores on e-commerce platforms, such as Shopee and Lazada. With prices lower by 25-40 percent, fast delivery and good customer service, Coolmate has earned impressive revenues despite selling only basic items and having to compete with rivals. The startup has also received positive reviews from customers on e-commerce platforms.

Coolmate was among the top 10 Startup Wheel competition. In 2020, its website recorded nearly one million visits and more than 30,000 sales. In addition, the startup received the first investment from the 500 Startups - a global venture capital firm in 2020 and successfully raised capital from the venture capital fund STIC Investments in 2021. Currently, Coolmate’s pre-money valuation is US$6.25 million.

Coolmate hopes to accelerate sales and develop human resources to ensure rapid growth towards the IPO by 2025.

Project 844 on facilitating the national startup ecosystem until 2025 aims to develop the innovative start-up market. The Newspaper of Industry and Trade has been acting as a bridge to support these start-ups, help them expand markets and contribute to their efficiency.

Hai Yen