In yet another ecommerce debacle, Vogue Magnet, one of the luxury and exclusive sales websites selling latest fashion and lifestyle products in the country has decided to cease its ecommerce operations with immediate effect. According to the Vogue Magnet message posted on its website “the current ecommerce market conditions have many ecommerce players selling products at below cost price to lure users. The only way to sustain the business at this time is to get into a price war and burn a lot of investor money and try to outdo competition in a Last Man Standing game. This practice goes against our philosophy of building a sustainable and profitable company. Hence, we’ve decided to go back to the drawing board to figure out the best way forward”. However, on the condition of anonymity, one of the sources inside the company said some differences within the founding team have led the casualty. Interestingly vogue magnet’s message for their users displayed on the website resembles that of taggle.com’s message at the time of their shut down.
Prior to its official closure, iamwire has been tracking Vogue Magnet activities and found the company has not been adding any new sales in last three weeks and repeating some leftover inventory from a handful of past sales over and over again. Their daily emails about the sales have also stopped. In past few weeks, some of the regular visitors of Vogue Magnet have informed iamwire that they are not able to use their credits while checking out the website.
Though, as of now, the official Facebook and Twitter page of Vogue Magnet do not have any updates/posts about the closure. Iamwire has traced the last update on its Facebook and Twitter on November 25. Even the LinkedIn profile of the company is not visible. Following the shut down Vogue Magnet declares to refund Vogue Magnet Cash balance to the customers where any cash is due to customers, but VogueMagnet credits are not redeemable in cash.
Meanwhile, in last few months Indian ecommerce industry has been witnessing closure of some ecommerce websites like taggle.com and Vamoose.in followed by Vogue Magnet.