AMSTERDAM & NEW YORK--(BUSINESS WIRE)--Otrium, the online retailer working to eradicate unsold inventory and ensure all clothing is worn, announces that Zuhairah Scott Washington will lead the company’s expansion into the US as President. Joining from Expedia Group, she brings her experience in navigating digital transformation and business model disruption to Otrium’s rapidly expanding end-to-end marketplace, changing the way clothing is produced and bought.
Otrium is a fashion marketplace that solves the enormous multi-billion dollar industry challenge of unsold inventory by making outlets more accessible to brands and creating new behaviors by giving fashion lovers a smarter way to shop. Currently, around 12% of clothing produced, or $180 billion, stays unsold. Using proprietary technology, Otrium works with fashion brands to help find a buyer for every item of clothing produced. It offers brands an easy way to set up an online outlet store, leveraging its in-depth analytics to ensure brands maximize their revenues and that customers get the best fashion brands at exceptional prices, all with premium service.
“It was really important to us to find an extraordinary leader to match our global ambitions to eradicate unsold inventory from the industry and change the way clothing is produced and bought,” said Milan Daniels, co-founder and CEO, Otrium. “In Zuhairah, we’ve found an exemplary strategist and people leader who can help us make our mark, not just on the US market, but also as part of the team driving our global expansion at a fast pace.”
“With sustainability being one of the biggest challenges facing today’s fashion brands, I’m energized by Otrium’s mission to build a purpose-driven fashion marketplace that eradicates the enormous burden of unsold inventory created each year,” said Washington. “Our platform extends the life cycle of fashion by empowering designer brands with data, insights and tools to help them find an owner for every item they produce at an exceptional price. The time to address unnecessary waste and usher in a new era of greater sustainability in the fashion industry is now and we are excited to play an important role in fostering this change.”
Otrium partners with leading fashion brands, including Karl Lagerfeld, Joseph, Anine Bing, Belstaff and Reiss. In 2020, Otrium saw revenues triple, with registered members surpassing 3 million and over 300 fashion stores now on its app globally. It serves more than 20 markets across Europe and the US from 3 logistics hubs. Otrium recently raised $120M in their Series C Fundraise, via Kering Group, Index Ventures and BOND Capital.
About Zuhairah Scott Washington
Washington is a Senior Technology Executive, Public Company Board Director and Angel Investor with decades of experience building and scaling digital B2B and B2C marketplace businesses. Most recently she was SVP and GM of Strategic Partners, Lodging and Vacation Rentals at Expedia Group having spent nearly five years at Uber in various GM roles. She was recognized in 2020 by Savoy Magazine as one of the 100 Most Influential Blacks in Corporate America. She holds a JD/MBA from Harvard and a BA magna cum laude from UCLA.
Otrium is a purpose-led business that wants to make sure every item of clothing produced is worn by tech-enabling designer brands to sell their excess inventory. Otrium’s end-to-end marketplace has over 300 designer outlet stores selling reduced-price end-of-season fashion. Otrium offers reductions of up to 75% from its app which is personalized to the user, without compromising on a full price service or premium customer experience. It currently has 200+ employees with registered headquarters in Amsterdam.