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JUNE16,2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
N e w Y o r k F a s h i o n T e c h L a b : D e m o D a y 2 0 1 6
• TheFungGlobalRetail&TechnologyteamrecentlyattendedtheNewYorkFashionTechLabDemoDay2016event.
• The demonstration day is the culmination of a 12-weekaccelerator program co-founded by the Partnership Fund forNew York City, Springboard Enterprises and major fashionretailerstosupportwomen-ledcompaniesthathavedevelopedinnovationsattheintersectionoffashion,retailandtechnology.
• On Demo Day, the founders of each of the eight participatingcompanies in thisyear’sprogrampresentedtheirbusinesses tofashionretailexecutives,investorsandpress.
TheFungGlobalRetail&TechnologyteamrecentlyattendedtheNewYork Fashion Tech LabDemoDay 2016 event. Founded in 2014, theNew York Fashion Tech Lab is a community-driven, relationship-building collaboration and business development platform. Theprogramwasco-foundedby thePartnershipFund forNewYorkCity,Springboard Enterprises and major fashion retailers to supportwomen-led companies that have developed innovations at theintersection of fashion, retail and technology. On Demo Day, thefounders of each participating company in this year’s 12-weekaccelerator program presented their businesses to fashion retailexecutives,investorsandpress.
The2016programwashostedbyTimeInc.andsponsoredbyfoundingmembersAlexandAni,KateSpade,Macy’s,Bloomingdale’s,Halston,Kohl’sandMicrosoft.
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JUNE16,2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DEMODAY2016PARTICIPANTS
The eight companies that participated in the 2016 acceleratorprogramandpresentedonDemoDaywere:
ClaireCo-Founders:MartaJamrozikandMishaLaskin
ClaireisanA/Btestingplatformforfashionproductsandpricepointsthatprovidesclarityonwhatbrandsandretailersshouldsellnextandhow much they should charge for them. Claire helps companiesminimize inventory risk andmaximize sell-through, allwhile buildingstrongerrelationshipswiththeircustomers.
ClosetCollectiveCo-Founders:ClaireAllisonandSeemaGohil
ClosetCollective is a peer-to-peer fashion communitywherewomencan list, discover and rent everyday designer fashions. The platformallows women to access and afford an endless designer closet anddiscover unique emerging designers. Through a combination oftechnology and advanced logistics, the community connects anywoman to any closet, giving her access to the $100 billionworth ofclothing hanging, unworn, in closets across the country. ClosetCollectivealsoenableswomentomonetizetheirclosetsinanewway,sotheycanreinvestinnewpiecestheylove.
ElemoonCo-Founder:JingZhou
Elemooninventedthefirstconsumer-ready,flexiblecomputer,whichadds substantial technology and style to existing wearables and theInternetofThings. Itsapplications range fromwearablesand fashionproducts to sports equipment and medical devices. The company’sfirst application—a bracelet that offers step tracking and otherfunctionality, and that changes color tomatch thewearer’s outfit—marries a $70 billion wearable business with a $260 billion jewelrymarket.
ClosetCollectiveallowswomentoaccessandaffordanendlessdesignerclosetanddiscoveruniqueemergingdesigners.
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JUNE16,2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
FitteryCo-Founders:CatherineIgerandGregVilines
Fittery is addressing the biggest opportunity in online clothingshopping: fit. Poor fit is the number-one driver of the 30%–40% ofonline purchases that are returned, creating $18 billion in lost salesopportunityforretailers.Fittery’smissionistoeliminatethehasslesoffittingroomsandonlinereturnsandmakeclothingshoppingsmarter.The company’s big data solutions create merchandising tools forretailer sites that guide shoppers to items that fit them best, whiledelivering sales and product insights to better inform retailerstrategies.Thecompanysaysthatitsofferinghelpsretailersdroptheirreturnratetoonly.6%.
GenostyleCo-Founders:VeronicaCabezasandRicardoCuervo
Genostyle centralizes and augments customer insights to quicklydeconstructstyleandrecommendrevenue-drivingactivitiesacrossthestyledownintoquantifiabledata(“genostyles”).Itssolutionsanddatasetsinfuseandamplifyexistingcustomerdataanalytics,providingnot-seen-before style insights to broaden and deepen retailers’understanding of their customers and the styles that they consume,and how those drivemargins. Genostyle helps retailers seewhethercertain customer profiles and styles are up and coming, waning orabout tobe “thenextbig thing.”Thecompanyhelpsmerchantsandplanners gain a quantifiable competitive advantage throughforecasting,managing returns, andmaking better business decisionsonmerchandising,pricemarkdownsanddistribution.
SirenFounder:KatAlexander
Sirenhascreatedanewcategoryofprotectiveaccessoriesforwomen,discreetlyequippedwithadirectional114-decibelalarmthatactivatesinstantly during an emergency. Its introductory product, the SirenRing, has been recognized by leading technology, self-defense andsecurityleaders,aswellasbyglobalretailandfashiontastemakers,asa revolutionary safety device that effectively utilizes the power ofsound to disrupt and repel an imminent physical threat. Siren’spatented modular technology has been used to create the leadingportablesecurityplatform,whichspans the industrial, consumerandfirst-responder markets, creating a universal resource for effortlesswearableprotection.
SmartzerFounder:KarolineGross
Smartzerhascreatedavideoplayerthatallowsconsumerstoclickonitems within a video in order to make purchases or sign up fornotifications. The company’s offering includes an extensive analyticscomponent that provides demand-prediction analytics and helpsretailers and brands understand how consumers interact with videocontent.Merchantsbenefitfromtheabilitytousevideostogeneratemeasurable sales, build on customer preference data, and use the
Poorfitisthenumber-onedriverofthe30%–40%ofonlinepurchasesthatarereturned,creating$18billioninlostsalesopportunityforretailers.
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JUNE16,2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
analyticsonhowconsumersinteractwithvideostoshapefuturevideostrategies.
ThursdayFinestCo-Founders:VeronikaHarbickandMichaelCarlson
Thursday Finest is transforming the experience of fashion bymanufacturing individual apparel, on demand, in minutes. Thecompany uses proprietary technology and 3D-knitting machines tocreate perfect-fitting sizes and support an array of style and colorcombinations. The companydesigns,manufacturesand ships knittedproductsfromBrooklyn,NY.
Source:FungGlobalRetail&Technology
THEREALREALCEOJULIEWAINWRIGHTOFFERSADVICETOSTARTUPS
New York Fashion Tech LabDemoDay 2016 also included a firesidechat between EricWilson and JulieWainwright. EricWilson, FashionNewsDirectorof InStylemagazine, interviewedJulieWainwright, thefounder and CEO of The RealReal, who is also an alumna of theaccelerator program. Wainwright shared the story of her journeylaunchingTheRealRealand talkedaboutherNewYorkFashionTechLabexperience.Sheapplaudedtheprogram,andsaidthatitprovidesasupportsystembeyondjustthe12-weeklabexperiencefocusedoncapital,coachingandsupport.
Wainwright also shared her recommendations for dealing withrejection,tellingtheaudiencethattheywillhear“no”moreoftenthan“yes”andthatthatisthenatureoftheprocess.Sheadvisedbuddingentrepreneurs toask themselves, “Whatcan Ido thatnooneelse isdoingthatAmazoncannotreplicate?”Wainwrightalsorecommendedshowing more than an idea by demonstrating how that idea hastraction—becausetractiongainsattention.
Deborah Weinswig, Managing Director of Fung Global Retail &Technology, serves as an informal advisor within New York FashionTechLab’sExpertNetwork.TheFungGlobalRetail&Technologyteamis proud to be involved with New York Fashion Tech Lab, andcongratulatesthisyear’sprogramparticipantsontheirsuccess.
ThursdayFinestusesproprietarytechnologyand3D-knittingmachinestocreateperfect-fittingsizesandsupportanarrayofstyleandcolorcombinations.
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JUNE16,2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comLeilaShevinsResearchAssistantErinSchmidtResearchAssociateHONGKONG:10thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223002470LONDON:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NEWYORK:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017FBICGROUP.COM
