My wardrobe, like those of many of my girlfriends, is always in need of a feed. Such consumption habits are manna to the ears of up-and-coming fashion designers. But the cost of retail overheads often nixes their profits into nothingness, forcing them to rely on awards in order to keep their companies afloat. So they must be licking their chops to hear about a venture called FashionStake that is on the cusp of going live.
Headed by a Harvard Business School grad, FashionStake aims to sell clothes on its site (so that’s me sorted) and allow people to invest in individual designers’ collections, which will keep the fashion folk in edamame beans. The basic idea is to crowdsource investment for designers. There’s no indication of which fashion houses we’re going to see on the site, but a couple of screenshots indicate the presence of 3.1 Philip Lim, Alexander Wang, and Alice Temperley, none of whom really need the money–Lim’s turnover is something like $50 million a year.
FashionStake has already got a presence on Facebook and Twitter, and it’s planning on using social media to allow its fans to view collections, and give individual looks the thumbs-up or -down. It also says that people will be allowed to suggest new directions or garments for designers, which will probably end in tears. If you’ve never seen a clothes horse-sized flounce-out, you haven’t lived.