Two young Sydneysiders have created a novel new start-up, allowing consumers to buy luxury lounge room furniture directly online.
By designing the products, negotiating with suppliers, and selling directly to customers online, Sofia Furniture offers prices significantly cheaper than other furniture retailers.
“The idea of the business came when I tried to buy a sofa for my granny flat, and it was so expensive to purchase a decent sofa,” says founder Jack Teoh.
Through a friend working in the industry, Teoh discovered that sofas can be marked up by up to 800 percent on their cost price in stores, with each process in the supply chain taking a cut.
After realising that quality furniture could be made without the steep price tag, he and co-founder Steven Davis created Sofia Furniture, named after his dog.
The start-up recently received $1 million in funding from the founder of an ASX 100-listed company, allowing them to set up a small showroom in Sydney’s CBD, which is set to open in early May.
However, Teoh says the company’s focus is on the tech side.
“We decided to open an omni-channel retail company, with a focus on technology to bring down the traditional costs…we are going to use iPads as our point of sale and NFC technology to allow customers to purchase immediately from their smartphones.”
Though the key for now is still getting the word out about the company, Sofia Furniture already has an eye on the future.
“By 2014 we really want to give our customers amazing choice,” says Teoh.
“We want to have collaborations with designers so that we can help promote Australian design. We also want to provide cheaper prices by getting economies of scales with the factories and providing even greater value to our customers.”
