talking trade ‘It was a Eurekamoment’


Dominic Speelman, founder andmanaging director of housewaresmanufacturer MAKE International, discusses his new venture: www.buyfair.global


on it?” You’d negotiate and it would be a very manual process. They were digitalising so they would create a database of all their assets and allow you to bid for themon a case by case basis.


I thought: “That’s the solution!” However, I knew it would only work in our industry if there was amulti-lot auction. You couldn’t just sell eachmug like on eBay. It wouldn’tmake any It


r,


was absolutely a Eurekamoment. I knew sense.


billion issue in the UK alone, driving up costs and consuming cash flow, warehousing costs.Wh


T subj


en you have an influx w, through increased


of stock, a fall in demand and growing uncertainty,


y, it’s’s almost the perfect storm.


For years, overstock has been a taboo bject which premiumbrands especially have


tipping point has been reached and people are been loathe to discuss. But it feels as if a


I’mthe ceo and co-founder of this exciting new I believe www.buyfair.global is the solution. searching for a solution to the problem.


brands can sell in bulk at better prices to amore a sophisticatedmulti-lot auction-based system, sellers and delivers fairmarket pricing. Through homeware product, which connects buyers and B2Bmarketplace for high-end overstocked


The concept came about a couple of years targeted audience.


International was experiencing problems with ago whenmy tableware brandMAKE


time for about 10 years and everybody just said responses were. I’d been in the industry at that speaking to other brands to see what their what to do with overstock. I then started


the same thing: ‘We deal with TKMaxx and if


I spoke tomy friend DamonWestbury, they don’t take it, we have a problem.’


y, who at


the time worked for an advertising company that did all the outdoor billboards around


digitalisation of their asset base. In the past, if London. They were going through the


billboard, you’d call up and say: “You know that you wanted to advertise a company on a


billboard on Piccadilly Circus, what’s the price June/July 2019


rading conditions in recent years have placed somemanufacturers in significant difficulty.


y. Overstock is a £5


this was it: eBay in premiumB2B form. There was a gap in themarket. Nothing existed in a trade-focused format for premium brands with overstock. There wasn’t anything that allowed brands to sell in bulk through an auction-based site to vetted buyers in real time. We officially launched www.buyfair.global at retail,marketing and commerce event FUTR Europe Summit 2019, held at the Business Design Centre in London fromApril 24 to April 29.


“For years, overstock has been a taboo


subj bject which premium


been loath to discuss” brands especially have


The BuyFair name came about because we’re trying to offer the fairest price for brands and the buyers. It’s also fairest for the environment, because it’s going to dramatically reduce wastage and help achieve amore sustainable future formanufacturing. That’s fair to our next generation.


Ultimately itmeans we, as sellers or as a brand, can find other routes tomarket for overstock - which then gets usmoney back into the business to fund new ideas, new projects and new products. If you can imagine that happening across all industries, it wouldmake all those industries waymore efficient with way less wastage - which is amassive part of it. So who is it for? On the seller’s side, it’s aimed


at p and


accessory brands.We are starting in the remiumdesign brands: furniture, lighting


homewaremarket but will look to expand across other industries.


On the buyer’s side, it’s targeted at decision makers with purchasing power fromthe hospitality sector (such as hotel groups, bars,


• Houseware resLive.net • twitter. m/H r.com/ /Houseware • Formore details visit www.buyfair.global resnews housewareslive ten. | 45 ‘Overstock is a £5 billion issue in the UK alone’


restaurants and clubs), architects, interior designers, developers, specifiers and retail buyers.


Buyfair offers a new simple solution to


overstock with no joining fee or listing fee - so there is no risk to the buyer or seller.


The key benefits for sellers are that it offers a simple solution to overstock: a new route to market connecting sellers with vetted and rated buyers; a better return on excess stock through the onlinemulti-lot auction system; a safe environment offering you control of who sees and buys your brand - and better payment terms.


And the benefits for buyers? Access to vetted suppliers (only premiumbrands are available on the site); access to product at fair prices and in flexible quantities; and simple and immediate product buying on better terms - saving time and resources.


The feedback we’ve received to date is that it’s very simple than 30 brands


have signed up with 250 live and easy to use. So farmore


auctions. Brands include LSA International, Serax,Made International, Case Furniture, Innermost, Plumen, Bliss Home, Dexam, ASA Selection, Jersey Pottery, Bodlon and Harcourt, to name a few


So, what are our ambitions for


www.buyfair.global? Huge! It should be bigger than eBay! As a result, I have withdrawn from the day-to-day running ofMAKE International and only get involved with key decisions, as I want to put every ounce of energy into turning Buyfair into the success it should be .


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