Wanted to share some of the Articles and Write-ups on the Conference. There are more to come which I’ll keep updating as they hit the news stands/computer screens.
IN a setting reminiscent of a speed-dating bar scene, but with no promise of even a first date, much less a long-term relationship, more than 20 fledgling fashion companies pitched their talent, their drive and their ideas to an audience of potential investors at the Fashion Institute of Technology last week.”
“Focus on your product initially, not necessarily on advertising. That’s the advice Gilt Groupe founder and chief executive officer Kevin Ryan gave to entrepreneurs who were making pitches to potential investors at FashInvest’s Second Annual Capital Conference on Wednesday, held at the Fashion Institute of Technology.”
“A little while back I shared the news of FashInvest. This conference is a unique forum for fashion start-ups to attend lectures and critiques by influential industry players and investors. They pitch their new business ideas, getting immediate feedback from venture capitalists….”
“In this economy, getting funding for a fashion startup is no cinch. So firms pitching investors at the FashInvest Capital Conference on Wednesday need to choose their words carefully. Last year, at the event’s debut, only 15 contenders were selected to hit up 60 investors. This year, 25 hopefuls, culled from 125 applications, will face the room…“Next year, we’ll need a larger venue,” predicted FashInvest co-founder Karen Griffith Gryga.”
“Last week, Reuters reported that venture capital investing in e-commerce rose from $1.06b in 2010 to $2.39b in 2011. That increase in interest and in dollars spent was evident at last week’s annual Fashinvest Conference. The conference was organized by Fashinvest, a platform whose goal…”
Gilt and Vente-Privée Eye Plundering Competitive Marketshare
Don’t look now, but two of the biggest fashion disruptors and juggernauts have just engaged in a battle for eCommerce flash supremacy. The flash sale model, having been founded by Jacques-Antoine Granjon of Vente-Privée.com in 2001, has changed the luxury goods market more than any innovation of its time. The French site has just announced it’s entry into the US market, partnered with American Express, launching venteprivee.com specifically targeting the US market for sales. Currently inhabited by the US flash sales answer Gilt Groupe who responded with its own announcement of expansion, offering items on global scale now to over 90 countries. Affording shoppers of all economic standings the opportunity to take part in a luxurious and desired lifestyle has altered ideas about perceived value, brand awareness, and fashion trends. Despite resistance, the flash sales model seems to only be growing, not weakening as has been predicted by an endless number of folks. With outlets on just about every continent, the sector is more crowded than ever and seems just about saturated as far as growth opportunities are concerned, the two firms are looking to overpower the oft imitated model springing up in what seems every major international market.
Also Launches Facebook Shopping App Gilt Luck
Flash sales company, Gilt Groupe, Inc., has acquired the failed daily deals site, BuyWithMe. BuyWithMe, a Boston-based discounter was the third top daily deals site in the U.S. ranked under Groupon and LivingSocial. Due to tough competition and expansion of their competitors, the company stumbled on what seemed to be a great idea of attempting to buy growth, but in the end, was its final step towards failure. Last week, the daily deals site laid off half its staff after a previous 25% pay cut throughout the entire venture. The acquisition is a great stepping stone for Gilt. Gilt City is now expanding further into its ten markets from BuyWithMe’s 400-500 company deals, and will be expanding into further markets within the next months. Gilt Groupe CEO, Kevin Ryan stated “We are excited to capitalize on this incredible opportunity to grow our lifestyle positioning.”