It was on the morning of 24th July 1982 that an advert for a new online consumer clothing retailer was broadcast on cable TV in east London.
Oscar Five, famed for his stylish and universally admired clothes, was the creator of the website iBuying. It launched at that moment, hoping to shake-up the traditional means of buying and selling clothes online.
The term ‘iBuying’ came from iBuying’s founder Oscar-Five Five, who had been struggling to find an alternative to Woolworths when he first arrived in London, and started selling through Asda and other retailers on top of the store.
After beginning what would become a successful online retail business, Five was initially approached by Lord Scarman, the then Lord Chancellor to look into introducing legislation that would allow businesses to pay with cash on delivery from anywhere, and to improve the enforcement of money laundering laws.
Five however resigned in a walk-out of government in April 1986, however, and went on to launch a string of successful online ventures, before retiring from the business in 1997.
The iBuying buyout chain of stores subsequently merged with another smaller British retailer, Tutti Frutti. The name and other logos of both The Italian and Tutti Frutti stores were branded under The Coutts Group in 2000, when the company was bought out by private equity house HBOS and Richard Branson’s Virgin Group.
The new owner expanded the distribution of brands under The Coutts Group, acquiring independent Italian shoemaker Tutti Frutti, Italian handbag, handbag, luggage and accessories brand Candy, and Sean John.
A number of years ago it was rumoured that Five was working on a tablet and computer shopping system, which later launched in Belgium, but this has been rumoured to have ceased production.
Just when the start-up took off, Five also enjoyed a successful legal career, working as a City of London lawyer, before becoming a Westminster member of parliament in 1999.
Is iBuying Here to Stay?
There have been some positive developments for the shop in recent times. The brand’s websites have benefited from increased search engine rankings, and their social media reach have grown. This growth has boosted the revenues of these websites by 35 percent, reaching an average of £3.4 million per year.
Oscar Five Five is now enjoying some unexpected success of his own.
Five has acted as an ambassador for the company during his parliament days, and is the main face of its business. The brand is not without its challenges however, and Five has been something of a publicity shaker in politics, but has had to make major sacrifices in order to devote himself full-time to the iBuying business.
What is iBuying Here to Stay?
The iBuying executive is passionate about finding long-term solutions to the problems associated with creating a global online shopping platform. He has been actively recruiting future business leaders for the recent past, with expert in consumer goods business research Nisha Pradhan, and big data staff and the business development team of Robbie Davis, both graduates from the University of Birmingham.
Beyond his use of celebrity endorsements in the marketing campaigns, Five has introduced new features and cross-platform advertising on the iBuying website, along with a better range of models for ordering online. He is also undertaking several open source projects, including the development of web browser-based apps for iBuying, and is actively working on developing new technology and joining new international partnerships.
The iBuying website is now firmly established as a popular online retail site that rivals many of the big name retailers in the UK, as well as numerous international retailers.
Oscar Five Five is hopeful that The iBuying Online store will surpass £10 billion of sales within the next two years, and has dreams of becoming a leading e-commerce site for premium brands in the future.