Online business

A woman who started her online business selling used bags now earns N36.5 million a week

  • 29-year-old woman who started buying vintage bags at a young age has turned it into a business
  • Nica Yusay said her business sometimes amazes her how quickly her bags sell before she can even think of buying new stock.
  • She said the secret to her online success was working a tight schedule, sometimes six days a week.

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Nica Yusay’s online handbag store amazes her with how quickly her vintage bags are selling, leading the 29-year-old to think there’s something wrong with her site website.

A frugal spendthrift, Yusay developed the knack for finding profitable handbags at half their retail price since she was young, amassing her own collection of used bags over time, but never believed that she could make money with this skill.

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Yusay, Vintage Bags
Yusay flaunting her bottom Credit:Uma Shankar sharma
Source: Getty Images

The giant leap of faith

In January last year, she took the plunge and spent around $15,000 on luxury bags to resell on sites like Poshmark and Depop, after posting a video explaining how to negotiate prices on TikTok, which earned over 10,000 subscribers almost instantly. The video has garnered over three million views.

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After generating interest for six months, Yusay created a Shopify website for her business which she calls FashioNica. By the end of the year, she had made over $300,000 from the side business, leaving no doubt about the lucrative nature of the business.

She quit her $82,000 annual salary as a digital marketer in February 2021 to support her full-time business working from home.

She said she was afraid to quit her steady job, especially after considering how much she was spending on inventory.

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She told CNBC it was by no means a steady job, saying if she didn’t sell a single bag, it would mean she wouldn’t have made a dollar that week.

Since launching her online business, she has grossed around $1 million in 2022 alone and the company earns up to $55,000 a week with every drop.

Here’s how she earns her income online.

A disciplined routine

According to Yusay, the secret to sustained sales is a strict schedule. She works six days a week, which leads to lows when she releases a batch of 20-30 designer bags every Wednesday at 7 p.m., selling for between $179 and nearly $19,000 each.

Make your way in a ruthless market

The second-hand luxury goods market is worth an estimated $33 billion in 2021, management consulting firm Bain & Company said. A popular retailer, The RealReal, said it made nearly $1 billion in sales in 2021.

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Yusay said she plans to stay relevant in such a tough industry and continue to hustle by using her well-trained eye to find bags that will stand out from the crowd.

She plans to add more bags each week and hire more employees and eventually move the business to her own premises.

A student earns 290.5 billion naira a year by creating bags which she started as a side business

Remind that Legit.ng reported that two years ago, Wilglory Tanjong, an MBA student from Senegal, started her bag business for fun.

Now she sells her bags everywhere including Nordstrom and Revolve and also asked pop singer Beyonce to endorse her bags on Instagram.

Amina Iris, as her bag business is known, has made over N290.5 billion in lifetime revenue since its launch in 2020, with around N250.5 million in 2021 alone. Her business has recently achieved a turnover of around N41.5 million every month.

Source: Legit.ng