Fashion startups are the perfect combination of innovation and entrepreneurship. They unite new ideals that come to solve problems facing the industry. Whether in the area of technology, logistics, sustainability, or communication. There are fashion startups in all sectors of the industry’s production chain.
The unicorn universe – as successful startups are called – is very different from large corporations. Mainly because of its fast growth and scalability.
In this article, we will explain why fashion startups are the big promises for the future rather than big fashion corporations. We will also mention a few fashion startups that are shaping the future of the industry.
What are Startups?
As stated by Investopedia, a startup is a young company founded by one or more entrepreneurs to develop a unique product or service, then brought to the market. One of the first challenges for startups is to prove that there is potential in their product to investors. In addition, startups bring innovation and competition to the market. Other challenges include funding and the risk of failing.
Technology Is Key
A startup requires quick decisions at all times to deal with everyday situations. Everything happens very fast due to the search for innovation. In addition, consumer behavior also changes fast.
And to keep up with all this and for your startup to succeed, you need to align innovation with technology. This investment is essential. Only with tech support will it be possible to proceed with its innovative processes and products.
In this way, a startup also must use technology to train its employees so that they are always up to date on the market. Thus, it keeps innovation always close by.
Innovation & Fashion Startups
Startups also play a huge role in the economy’s growth as they create jobs, meaning more employment, which leads to an improved economy.
in the fashion world, there are several possibilities to build a startup. Fashion is already a means of expressing style and opinions.
In other words, fashion is much more than a piece of clothing.
This industry dimension allows many aspects to be followed and innovative ideas that will be the crucial points of a fashion startup.
Also, a fashion startup needs to be creative and can target many different niches. The reason is simple: fashion wide and full of opportunities to explore.
Finally, even the business model you choose for your fashion startup needs to be specific, and it defines how your company creates, delivers and absorbs value. In other words, the business model makes the entrepreneur think and gives direction like a map.
How fashion startups can be successful on social media
TikTok is a unique social media platform available in over 150 countries with over a billion users, according to Wallaroo.
With new technology, the fashion industry’s future is becoming more digital. Fashion startups can leverage the digital world to open up new doors and opportunities for their business. Today, influencers have a significant impact on what the new trends are, especially among Generation Z. The newest fashion and clothing trends stem from TikTok, making the app a great marketing tool for many small fashion businesses.
One viral video could make a business become successful overnight. In this day and age, social media is the reason behind many successful businesses. Designer Lirika Matoshi gained prominence thanks to the internet and influencers. The “Strawberry Dress” gained popularity in the summer of 2020, and took over everyone’s “for you” page on TikTok. It was the best-selling item from Matoshi’s collection along with the “Strawberry Mask” according to Vogue.
Fashion Startups & Society’s Behavior
Fashion startups are also changing the way people live their lives. In fact, Rent the Runway, a New York-based company has been changing the way people dress for years. The company offers a fixed fee to rent specific clothing for a fraction of the retail cost. For special occasions and events, the company lets its customers swap out pieces of clothing and accessories anytime they want.
With that in mind, the clothing rental company blossomed through social media, becoming popular through its loyal customers who swear by Rent the Runway. With such a wide variety of clothing and accessories to choose from, Rent the Runway opens new doors for its customers to discover new brands and styles while staying on a budget.
In addition, another online startup that is popular amongst social media influencers is Shoptiques, a large online shop where you can find unique clothing from all around the world including New York, Paris, London, Sydney, and more.
With that in mind, fashion subscription services are also a big hit amongst millennials and Generation Z, thanks to social media.
To sum up, subscription services such as FabFitFun, BirchBox, and Stitch Fix have an enormous following and change the fashion industry with accessibility and affordability. With these recurring fashion subscription boxes, your wardrobe can continually update with the latest trends and stylish essentials.
Fashion Startups You Must Keep an Eye On
The Australian startup runs a brand rating system that connects conscientious shoppers with ethical, independent and trusted fashion retailers. It was founded in 2015 and has ranked over 2,500 brands.
This sustainable fashion startup addresses environmental and social justice through organic and regenerative agriculture. The company focuses on organic cotton conversion design, organic lifestyle brands and eco-fashion.
Depop is a trusted marketplace for over 10 million users buying, selling, and exploring the latest aesthetic clothing trends. According to The Vou, this community of creatives, influencers, sellers, and consumers is “changing the face of retail and is already a worldwide phenomenon.”
The Dutch company works with 100% textile processing without water or chemicals. According to the company, when pressurized, CO2 becomes supercritical and has a very high solvent power, causing the dye to dissolve easily.
Allbirds creates footwear, apparel, and accessories, most notably a model of wool sneakers. As a certified B Corp, they say they do business differently. They say that the environment is a stakeholder, and how they treat it is “just as important as the bottom line.”
Bolt Threads creates innovative materials with a focus on preserving the environment and reducing the impact of the textile industry. They are a venture-backed, idea-driven company, led by world-class talent, and experienced executives from the technology and apparel industries.
Launched in 2013, Pomelo is Southeast Asia’s leading omnichannel platform. They are a Bangkok-based fashion company that offers current styles at reasonable prices for a global customer base.
Why fashion startups are the future
To sum up, small businesses mean business. With new innovative ideas and designs, they differ from traditional retail stores, and the way that people interact and discover great new fashion products stems from small companies.
Therefore, make sure to shop small and check out the newest fashion companies. You will never know what they have in store. In addition, your purchase has a significant impact on a small business, and when you make that purchase, realize you are funding their livelihood and dreams.
Don’t forget to check our previous article about how 21st Century Technology has also taken a huge part in the fashion industry’s new era. Click here!