John Clare, former chief executive of electricals group DSGi, is to launch a social networking and retail internet venture called Myfaveshop.com.

Clare, who has set up the business with advertising mogul Lord Saatchi, said he aims to replicate the fun of real-world shopping trips by enabling users to create their own store, stocked with their favourite brands and to go on virtual shopping trips with their friends.

Clare told The Daily Telegraph: “Online shopping is currently very functional. We are trying to recreate the social side of shopping online.”

Saatchi and Clare will make money from the site by charging retailers for a presence and taking commission on sales.

Myfaveshop.com is expected to launch this summer.

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