Founders: Vanessa Garrard, 34, Richard Chen, 35
Head Office: Queensland
Industry: Wholesale trade
The rise of price comparison sites might not be directly responsible for the success of E3 Style, but it certainly hasn’t hurt.
The company, which creates, designs and makes private-label products for retailers from Dick Smith and Big W through to Kmart and Target, is profiting from helping retailers compete on something other than price.
“As products move to online and the growth of mobile phone price comparison shopping increases, it will be even more important to retailers to have a point of difference over their competitors,” co-founder Vanessa Garrard says.
“We can provide exclusive products for each and every retailer, we can even provide exclusive brands and licenses. Having unique products, brands or licences means retailers don't have to price compete. It means they don't have to undercut other retailers in order to get the sale.”
“It also means consumers can only purchase certain products from a specific store and that promotes call to action. Consumers can’t just grab the same thing online somewhere else, they must go to that store to purchase it.”
E3, which has delivered more than six million products into the Australian market, has produced average annual revenue growth of 87.3% over the past three years, with revenue hitting in an impressive $23.4 million last financial year.
Garrard as her sights set further afield. In addition to its presence in China, E3 has set up an office in LA and is in discussions with distributors and retailers that should bear fruit in the coming months.
The company will also head to the Hong Kong electronics shows in October 2012 and April 2013 and then the giant Consumer Electronics Show in Las Vegas in 2014.
“We are heavily focused on growing our domestic (Australian market) and have the team in place now to have a dedicated focus on international expansion too.”