Tuesday, March 29, 2022

Beyond Virgil, what equity in the luxury fashion industry looks like

LVMH.com The Fairchild Media Group hosted its Fashioning Equity Forum recently with a star studded international group of speakers and diversity advocates. During a panel entitled “Abloh and Beyond: What Black Leadership and Legacy Means for Fashion,” Balmain’s Olivier Rousteing, who is half-Ethiopian, half-Somalian, and was born in a French orphanage, remarked that he is back to being the only Black designer in a high profile position of a luxury house. Virgil Abloh had been artistic director of menswear at Louis Vuitton until his untimely death this past November. The 41-year-old designer will be the subject of an upcoming retrospective of his two-decade career at the Brooklyn Museum in July, "Virgil Abloh: Figures of Speech." “People started to realize I was Black only 3 or 4 years ago but I’ve been at Balmain for more than 10 years,” said Rousteing. “For many of my crowd in fashion, it was a non-topic in that no one was giving me the chance to talk about it.” He described how he would fight for more diverse casting but the models were just not around a decade ago, and stylists and photographers refused his proposals because “I was not respecting French luxury.” Balmain.com He now refers to the concept of French fashion, a style based on whiteness that has been in place for centuries but which was solidified in the 70s and 80s, as a cliché. However for the early part of his career, especially becoming creative director of Balmain at age 25, it was used as a way of limiting his vision. He likens the old guard of high fashion to a monarchy: “There’s the Queen, the King, and the crowd.” Brandice Daniel, Chief Executive Officer & founder of Harlem's Fashion Row pointed out that historically Black creatives, such as designer Ann Lowe who created the wedding dress for Jacqueline Bouvier when she married John F Kennedy, were dismissed under the term “Black dressmakers.” Lack of credit and diminishment of talent have kept the ivory towers of luxury fashion out of reach for minority creatives. The only way to open the locked doors is to consider untraditional talent instead of hiring from the same high profile fashion programs, said Daniel, because untapped Black creatives with passion and talent aren’t within the student body. Abloh studied a Masters in architecture and a Bachelors in civil engineering, but was also a DJ and product designer as well as fashion visionary, while Rousteing dropped out of fashion school after five months. Yet both men rose to the top of the field. The ongoing challenges of access, mentorship and financing often prevent minorities from considering a career in the fashion industry and parents often cannot afford the high tuition fees associated with sending their children to the top design schools. Black designers flourish through community and social media With the demise of magazines and the associated whims of their powerful editors, creatives like Rousteing were poised to take the lead in the new digital era. In no time he assembled an enormous social media community of young people–-along with Beyonce, Bjork, Rihanna––who had no appetite for the established codes of the old guard. His vision was soon reaching hundreds of thousands of people rather than 600 invited to a fashion show. Under his direction Balmain was the first French label to pass the landmark one million followers on Instagram, yet Rousteing said that the company’s former president thought his social media presence was cheapening the value of the brand. “The difference today is there’s a collective we,” said Haitian American designer and 2017 CFDA/Vogue Fashion Fund finalist Victor Glemaud who cast only Black models at his recent NYFW show. “In the 90s, there was one designer, one brand, now we as Black designers and entrepreneurs are many.” In 2020 Glemaud founded In The Blk a professional network to unify, build solidarity and economic independence for Black individuals in the global fashion industry. Abloh was one of the first to attach his name. Togetherness is a theme elaborated on by Rousteing who is the upcoming guest designer at Jean Paul Gaultier Couture. It is his dream that US designers and French houses could collaborate out of a sense of love and respect for each other. Traditionally European and American brands have been standoffish and competitive but if there ever was a designer to make this happen it would be Rousteing. He adds one last hope: “For the next generation I wish that I will not be the only Black designer in French luxury.”
http://dlvr.it/SMZWQs

Fashion tech platform Bods secures 5.6 million dollar funding

Image: Bods Digital fashion technology company Bods has closed its seed round funding for 5.6 million dollars, which it has said will support the growth of its luxury partner portfolio, expand its team and fulfil technology patents. Launched through a beta version in 2021 and developed in partnership with luxury label Khaite, the platform offers users a digital styling and try-on experience. Using artificial intelligence (AI) and gaming technology, Bods allows customers to view a virtual representation of their body while shopping, on which they can try real-world clothing and style and customise outfits. “Sophisticated fashion technology doesn’t need to look or feel ‘techy,” said Christine Marzano, CEO and co-founder of Bods, in a press release. “With Bods, utility is delicately woven between layers of luxurious digital fabric. We are providing the customer with an incredibly useful solution [in-real-life], today and creating a bridge to fashion’s digital future and metaverse opportunities.” For the seed funding, which was led by Peter Boyce at Stellation Capital, a string of female investors led the round, including top model Karlie Kloss and co-founder of Rent the Runway Jenny Fleiss. In its release, the company said it plans to use the funding to make key hires across its product, engineering and design divisions, as well as continue advancing its product feature development. "We were excited about Bods technology because it provides clear value to retailers, consumers, and the planet,” said The WXR Fund, one of the investors. “Creating a Bods avatar could be many people's first step into the metaverse, and we are confident that the elegant, elevated user experience the Bods team has designed will leave users feeling delighted and wanting more."
http://dlvr.it/SMYxvG

Monday, March 28, 2022

Digital receipts app Slip secures fresh funding ahead of summer launch

Slip, a retailer agnostic mobile app that allows customers to receive digital receipts using QR code technology, has raised 750,000 pounds in a pre-seed funding round. Investors in the round include Haatch Ventures, SyndicateRoom's Super Angel fund, as well as angel investors from Alma Angels. London-based Slip said it will use the proceeds to support all areas of product development ahead of the app’s official launch this summer. It will also be used for the continued growth of the business. Slip aims to eliminate physical, non-recyclable receipts by allowing users of its app to receive digital receipts via QR codes. Users can also view and manage their omnichannel spending and receive exclusive discount offers and personalised content based on their buying habits. Founded in 2021 by Tash Grossman and Eddy Herman, Slip is currently backed by big-name retailers including House of Fraser, Farfetch, John Lewis and Harrods. “We’re delighted to announce our 750,000 pounds pre-seed fundraise with support from well-respected names in the retail tech and start-up sectors,” Grossman said. She continued: “At Slip we’re committed to transforming the e-receipt landscape so that consumers can enjoy a more seamless and sustainable shopping experience and retailers can gain a wealth of insights which will in turn help with future planning.”
http://dlvr.it/SMWdDN

Global demand for athleisure to grow to 550bn dollars by 2025

Image: Nike campaign The global athleisure market is set to grow by 25 percent to 551 billion collars by 2025, according to research by GlobalData. Sportswear is booming, as demand for comfort apparel continues to soar while two out of every five people are still working from home in some capacity. Globaldata research shows the popularity of sports fashion should reach 23.6 percent of the global market according to the group's analysts, who underline the crucial importance of new post-pandemic lifestyle and consumption habits. 55 percent of the Globaldata’s study said they are still wearing athleisure clothes for more than sport activities. Trainers and sweatshirts at the office Louise Deglise-Favre, Apparel Analyst at GlobalData, comments: “People have simply been able to get more wear out of athleisure clothing while working from home over the pandemic. Now, with hybrid working set to continue, people will still want to dress casually and work out on the days they are not in the office. As for in-office working, we expect that to become more casual too. Trainers at the office and the sweatshirt-under-a-blazer look will be more popular. All of this traction will help the sportswear market grow by an impressive 25.1 percent to 551 billion dollars between 2021 and 2025.” GlobalData's forecast exceeds figures previously published by McKinsey, which estimated the category to reach 400 billion dollars over the next three years. Deglise-Favre continues: “As hybrid working continues and brands embrace the casualization trend, consumers will continue to want more multifunctional, comfortable athleisure pieces that are appropriate for both wearing at home and in social settings. However, technical sportswear—clothing that presents performance characteristics that are used exclusively to practice a sport —will also be important as consumers continue to prioritize their health and fitness, and team sports are due to have their first full year without disruptions. The uptake in outdoor activities and cycling started by the pandemic is also expected to continue in 2022 and beyond, boosted by the representation of mountain activities in the Beijing 2022 Winter Olympics.” The financial performances of the big names in sportswear testify to the growth of the sector. Nike closed its last quarter with revenues of 10.9 billion dollars, an increase of 5 percent, beating Wall Street expectations. Adidas, also scored a plus in the results of its last fiscal year, which closed at 23 billion dollars. Under Armor is also growing, which in its third quarter recorded an 8 percent increase in revenues to 1.5 billion dollars (about 1.3 billion euros) compared to the previous year. Article source: Globaldata
http://dlvr.it/SMW3WS

L’Oréal UK and Ireland join launch of TikTokMadeMeBuyIt campaign

Image: L'Oréal x TikTok UK and Ireland Beauty giant L’Oréal UK and Ireland has announced it will be joining TikTok for the platform’s #TikTokMadeMeBuyIt e-commerce campaign. The partnership will allow UK consumers to purchase creator-endorsed product selection boxes through the TikTok app, with L’Oréal also being the first brand to use the campaign’s branding. The dedicated hashtag, which has garnered over 10 billion views alone, has been credited with generating a viral interest in L’Oréal products, as creators recommend their favourites to TikTok’s large-scale audience. L’Oréal-owned brands involved in the product boxes include Garnier, Maybelline, L’Oréal Paris, NYX Professional Make-Up and Essie. For the curation, the company has worked with a handful of creator partners who have each selected items for their own gift boxes, with each to be available through TikTok Shop UK. “Our partnership with TikTok enables us to continue to invent and reinvent the e-commerce experience,” said CMO of L’Oréal UK and Ireland, Lex Bradshaw-Zanger, in a release. Bradshaw-Zanger continued: ”Where much of e-commerce today has been a very functional experience, and driven by more rational shopper missions like replenishment, TikTokMadeMeBuyIt has brought the excitement of product discovery in partnership with creators to a full funnel online experience. Removing the friction of entertainment discovery and purchase into a single, smooth consumer journey.”
http://dlvr.it/SMVW3R