Fashion innovator: Catwalk Genius
Posted by Ari on August 5, 2009 | No Comments
Here at WoaH we get excited when we see new technology being used to help emerging labels thrive. We´re launching a new, regular feature which will cover fashion innovators and their ventures.
Catwalk Genius is a venture that has set out to solve one of the toughest problems faced by emerging labels: funding.
With their Back a Designer feature, a label can put itself up for backing. It can showcase its designs and begin looking for supporters. Supporters can then pay £11 for a share in the collection being backed. Once 5,000 shares have been sold, Catwalk Genius pays out £50,000 to the designer.
The beauty of it is that casual fans of fashion labels can support their favourite designer with small amounts in a structured process. Meanwhile more serious investors can invest larger sums with an eye on potential returns. Labels commit to splitting any profits made, with 40% going to CwG (including 10% to their affiliate programme) – 30% goes to supporters and labels keep the remaining 30% of profits for themselves.
Another very useful service offered by Catwalk Genius is the online sample sale. Instead of lugging around samples to sell, designers can put up samples for sale with Catwalk Genius. They help promote the designers, giving them a passive source of income from old samples.
Meanwhile, Catwalk Genius keep you updated on the progress made by designers in raising funds on their blog.
Finally, its retail platform, which can help new designers reach large audiences. They do exclusive collaborations with designers and sell the lines in their online boutique. At the moment they feature a mix of recognisable names such as David David, Sinha Stanic and Tatty Devine along with newer labels Fred Butler and Aganovich. It’s well worth a visit.
I got a chance to catch up with Helen Brown, founder of CwG, and ask her some questions.
How did you come up with the idea of Catwalk Genius?
‘Crowd-funding’ particularly appealed after noticing its success in music, sport, politics and many other fields.
After exploring a number of industry sectors that appealed to us, we discovered that fashion was still in the early phase of embracing this approach. It made sense that we’d set up a platform that united designers and fashion fans.
What do you think is the most exciting new trend in the fashion business?
Now, as well as funding a label on Catwalk Genius in order to share in the profits, you can chat to your favourite designers on their blog or through Twitter and watch videos that bring a collection to life or give an insight into the label behind it.
I don’t think it necessarily follows that style is only desirable if it’s inaccessible and in my opinion, these developments make for a more immersive fashion experience.
What’s the biggest challenge facing emerging designers today?
The evolution of the blogosphere means that such commentators are no longer limited to editors of the glossies, but it still takes a good deal of investment and risk on the part of an emerging designer in order to be written about – regardless of their ability. We hope we’ll make it easier for more talented people to raise the funding necessary to get off the blocks.
Tags: catwalk genius > crowd funding > designer funding > emerging designers > fashion funding > fashion innovation > fashion tech > new ventures
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