DSGi's former chief executive, John Clare has taken the wraps off the joint-retail venture between himself and well-known advertiser, Lord Saatchi.Myfaveshop, which has been described as a social networking internet retail venture, has been designed to replicate real world shopping trips, with the ability to choose the brands that are displayed, and the ones that aren't.
Speaking to the Telegraph, Clare said: "Online shopping is currently very functional. We are trying to recreate the social side of shopping online."
The pair said that the site will work by charging retailers for the right to have a presence on the site, as well as taking a cut of all sales via a commission charge.
The site is expected to launch sometime later this year, with many commentators citing summer as the most likely time.
Source: RetailWeek
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