The Western world is the trendsetter of the present fashion world. Fashion permeates every facets of our lives from clothing, shoes, cars, homes, electronic gadgets and even our offices. Indirectly, fashion generates billions of dollars in marketing revenue both offline and online. Fashion is one of the past decade’s rare economic success stories. According to the McKinsey Global Fashion Index, the industry has grown at 5.5 percent annually, to now be worth an estimated $2.4 trillion.
With the advent of the Internet and ubiquity of smartphones, fashion business has moved online. As such, there is no better real estate property to own on the Internet than Fashion.com. The most desired web address could be yours. In a press release by the company representing the current owners of Fashion.com, the premium real estate property will go on auction beginning October 24th, 2019. Fashion.com could break domain sales record, if we go by recent sale of Voice.com, which was sold for $30 million back in June.
In 1994, the three current owners of Fashion.com were working together on a common fashion project and searched for a domain name that might meet their business needs. They discovered that fashion.com was unclaimed and decided to buy it. After plans for their project changed, the domain sat unused.
“Fashion.com is a rare one: iconic, highly memorable and easily searched. It should generate strong sales numbers while saving its buyer millions in sales and marketing costs,” Karine Kugler, CEO & Internet Marketing Expert said.
“With the worldwide race in online fashion, I would expect fashion.com to attract a lot of interest from giant retailers and well-known brands, along with successful smaller players and new entrants looking for a competitive edge,” said Karine Kugler, CEO of The Three Marketers, a firm specializing in Search Engine Optimization and social media marketing. “As a result,” Kugler concluded, “this could be one of the highest prices ever paid for a domain. Fashion.com is a rare one: iconic, highly memorable and easily searched. It should generate strong sales numbers while saving its buyer millions in sales and marketing costs.”
Dozens of companies and individuals have made cash offers to buy fashion.com over the past 25 years, according to Peter Johnston, the international business advisor who represents the domain’s three owners; in 1994, the trio was working on a fashion project and searched for a domain that might meet their needs. They discovered fashion.com was unclaimed and bought it. After plans for their project changed, the domain sat unused.
“The owners of fashion.com have decided that a formal bidding process is the best way to systematically and fairly address interest from so many parties around the globe,” said Johnston. “This approach ensures that all those wanting to acquire the domain will be given an opportunity to do so.”
To account for the fact that some buyers are sensitive about the amount of their winning bids being made public, the auction for fashion.com will incorporate both private bidding, beginning October 24th, and as necessary, a public auction scheduled for November 21st. Registration for all bidders opens October 10th.
The private bidding process will be conducted as follows: those interested in acquiring the domain can visit fashion.com beginning Thursday, October 10th, 2019 at 2 PM EST to register as a bidder through links here at fashion.com.