Online Home Furnishings For Men
eCommerce, Home Furnishings & Accessories
Brooklyn, New York
TRNK is an online home goods retailer geared exclusively toward men.
Upscale home furnishing retailers like Pottery Barn or Crate & Barrel are geared largely toward females, who are traditionally considered to be home furnishing decision-makers.
But today, males represent nearly half of all online spend — and 85% take part in purchasing decisions for the home. These men are grossly underserved by today’s retailers.
In 2014, sales of home furnishing products in the U.S. totaled $20 billion, and are projected to increase to $32 billion by 2018.
There are 18.3 million male households with an average income of at least $75,000. Annually, these households spend $341 online for home furnishings, for an addressable target market of $6.7 billion.
TRNK creates a “one-stop” destination designed for today’s male consumer. It offers “shoppable content” by combining curated style guidance with an assortment of masculine-designed products.
TRNK’s business model is similar to traditional e-commerce home furnishing retailers: revenues are generated by product sales through their website. For complete site access, users must register for free. When they register, they receive a $15 off $75 purchase incentive.
TRNK’s online sales have grown from $18K in Q3 ’14 to $120K in Q2 ’15. In the same timeframe, average order value has increased from $131 to $231.
TRNK reports 30% customer retention, with repeat customers spending twice as much as new customers. Projected lifetime value of repeat customers is projected at $1,200.
TRNK is seeking investment to build brand awareness and strengthen relationships with high-value customers, with the goal of increasing average order value to $400 by EOY 2016.
TRNK has recently been featured in WSJ, GQ and Details.
Nick Nemechek – Co-Founder
Prior to founding TRNK, Nemechek was an Assistant Merchant at J.Crew Men’s business. Previously, he was an early employee of Gilt Group as Web Merchant specializing in implantation of merchandising strategies.
Prior to Gilt, he was a Wholesale Showroom Assistant at Steven Alan, and a Research Fellow at the National Institute of Health (NIH).
Nemechek graduated with a BA in Biology & Fine Arts from University of Southern California in 2009.
Tariq Dixon – Co-Founder
Prior to founding TRNK, Dixon served as an Associate Buyer at Emporio Armani Menswear, where he managed the buying process for men’s ready-to-wear, footwear, soft & leather accessories business.
Previously, he was an early Gilt Groupe employee – serving as Merchandise Planner for GiltMan, managing full and off-price Contemporary & Footwear businesses. Prior to Gilt, Dixon was an Investment Banking Analyst at Barclays Capital, in their Retail division.
Dixon graduated with a BA in Government from Harvard University in 2008.
Early-stage venture fund and incubator.