Gap in market opened door to riches for Ireland's first eBay millionaire
Published 09/10/2011 | 05:00
A Dublin trader has become Ireland's first eBay millionaire -- through a company which sells anything from snow shoes to fireplaces to foot spas.
Pat Sherlock set up Luzern Solutions with another Dublin entrepreneur, Ken Doyle, about 10 years ago. The company initially started off selling repaired MP3s and smart phones on eBay after spotting a gap in the market. It now has annual sales of €1.3m a year, according to Sherlock.
"eBay in Germany was the biggest marketplace for refurbished electronic products back then so we set ourselves up their first," said Sherlock. "In those days, companies and brand names were very reticent about eBay -- we had to convince them to allow us to sell their products on the site."
Luzern has since set itself up on eBay in France, Britain, Spain, Italy and Germany.
"eBay offered us access to hundreds of thousands of consumers across Europe," said Sherlock.
Luzern now mainly sells new, rather than repaired products. "The eBay marketplace has shifted from being a flea market to a marketplace for brand new products from top brand names," said Sherlock. "We're big sellers of razors and lady shaves, skincare products, foots spas and back massagers, snow socks, snow tyres and snow chains."
Sunday Indo Business