Textile e-commerce trading platform to close
The funding problems stalking Europe’s E-commerce trading sites claimed another victim last week when the online trading site for the textile industry, Etexx.com, announced that it is to close at the end of July.
Founded two years ago in Nice, France, by partners Frédéric Allard and Frédéric Court, Etexx.com was aimed at providing buyers and European sellers with their own dedicated e-commerce platform.
Although the site succeeded in attracting over 12,000 members during its two-year life span, its founders were unable to secure the second round funding they needed to carry on.
A statement on the web site reads: "Lack of available financing has forced us to halt further development of the Etexx platform, dashing our hopes of becoming a provider of e-business solutions for the clothing and textile industry. We thus regretfully announce that the current version of the site will not be renewed after July 30."
The venture had sought FF120-FF130 million ($15.7- $17 million) as second-round funding, but this was reduced to FF50 million when it became apparent that there was much less investor interest in e-commerce sites than when the site was first launched.
Even then, the company was unable to persuade its original backers to dig deeper into their pockets or attract new interest. A group comprising Chargeurs and Lecra Systèmes is thought to be among potential second-round investors approached by the company.
