The most popular crowdfunding websites are those that cater to multiple industries, such as Kickstarter and Indiegogo, whose ‘Go Crowdfund Britain’ tour ended just last week. Online retail giant Alibaba also recently launched their own crowdfunding site for movies and amassed 240’000 users in the first two days alone. With their rival JD recently jumping into the space with a crowdfunding site named Coufenzi. We’ve also seen various startups emerge in the fashion space, each of which work in slightly different ways and cater to different audiences. So, what are the advantages for these smaller scale versions? We take a look at the market:
One of the first fashion crowdsourcing websites to enter the scene was Beta Brand, which predominantly features casual wear and was founded in San Francisco in 2009. It allows customers to vote for designs, when a design receives enough votes a prototype of it is manufactured. If the prototype in turn receives enough crowdfunding, it will be turned into a product that is available for purchase on-site.
The Parisian startup I Am La Mode and the New York-based Before The Label, both founded in 2012, work in a similar way. On Before The Label, customers can pre-order designs and these are then manufactured once the target amount of pre-orders have been placed. On I Am La Mode, people can back a project in exchange for a so-called pledge, which is a gift that can be related to the project, but does not have to be. While both appear to cater to women only, I Am La Mode has a high-fashion feel and Before The Label works closely with charitable organisations.
Last year saw the launch of London-based Wowcracy, BuoyUp, and Luevo. The first has partnered up with Vogue Talents to scout for new designer talent, whilst the second caps the availability of each product so as to maintain exclusivity. Like BuoyUp, Luevo also aims to help aspiring designers take off, rather than just letting anyone post individual projects.
Then there’s the recently launched French Meet My Designer, which lets people invest in projects curated by the site. If an investment target is reached, all investors receive a 20% discount on the finished collection or design, and they will also be rewarded royalties in proportion to their investment for the first three months. This self-proclaimed ‘Kickstarter for Fashion’ already features 200 designers from over 40 countries (more information about them here).
Startups and aspiring fashion designers are spoilt for choice – so the question here is, do they think they will be more successful by targeting anyone and everyone, or do they wish to reach a more selectively curated audience?
“The company has laid off more than 150 employee in an attempt to consolidate resources globally. It’s not clear what departments were affected. As of June 2013, Coach had 18,366 employees worldwide, 3,197 of which were corporate.”
“The designers who founded their label have quit – the latest in a line of exits which has left the pool of local talent running dry.”
|“Oliver Theyskens has parted ways with Theory after nearly four years at the creative helm of the label.”Read Article|
|“MENSWEAR designer Christopher Shannon has won the inaugural BFC/GQ Designer Menswear Fund.|
|“Italy’s biggest shopping attraction is taking shape — with a marquee French retailer as an anchor.Galeries Lafayette is to open a 194,000-square-foot flagship store in Westfield Milan, a future mall billed as Italy’s largest.”|
|“Mulberry has seen sales slide 15% after it slashed prices on its soft leather bags to win back English shoppers.”Read Article|
|This dressing room allows alternate size, color, and styles of items brought into the fitting to be retrieved without saying a word.Read Article|
At last it’s here, the long anticipated launch of Justin Cooke’s multi sensory social network has finally happened! Months of rumours have surrounded the ex-Topshop CMO and Burberry alumni, back in March at SXSW Interactive at our event he claimed to be developing an app that would take on the top 5 social networks. TechCrunch’s Mike Butcher asked if it was an “Instagram for emotion?”, well now that question can be answered.
Tunepics, it’s more like Instagram with a soundtrack. The first social network to connect multiple senses, combining both sound and vision, with the hope to create nostalgia and trigger memories for the user. Beautifully designed by the innovate7 team, built by mega agency AKQA, (the team behind NIKE’s technological prowess), and already supported by a long list of the hottest celebrities around, this app has all the right ingredients in the mix.
“I’ve always had a fascination with music, colour, images and the weather and how they influence our mood and emotions. I want people to be able to share the depth behind the moments they experience and to articulate all the ones that they dream of having. This is a magical and cinematic celebration of people’s lives that touches all of our senses. Music is the most powerful way to express the things we see and feel; nothing else comes close. With Tunepics, everyone can create a soundtrack to their life.” Justin Cooke, founder and CEO, Tunepics
Good luck guys, we look forward to posting our summer selfies to the tune of Eve’s Who’s that girl? (La, la, la, la, la, la, la, la, la, la, la).
Yesterday fresh from the battlefield of the weekend’s Fashion Hackathon five teams pitched for the chance to be crowned top hack. With just 24hrs to polish there products and prepare to present in front of William Kim, CEO of AllSaints, Caroline Rush, Chief Executive of the British Fashion Council, Designer Lulu Guinness and an audience of over 350 fashion, retail and technology professionals.
All teams impressed with ideas ranging from enhanced fitting room experiences to creating unique content at the point of sale, but who did the top spots go to…
First Place: LOOP
Second Place: SUFFRO
Third Place: BESPOKY
All teams will have the chance to have their technology implemented in store and online, the winning team LOOP will be taking a trip to San Francisco to meet with top industry players from fashion and technology. Not bad eh?
Congratulations to all our finalists!