Thursday May 23, 2019

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Fashion Startups Present Visions at F.I.T Capital Conference

Entrance of the Fashion Institute of Technology

Image via Wikipedia

Recently FashInvest held its second annual Capital Conference at the Fashion Institute of Technology in NY. According to The New York Times, over 20 fledgling fashion companies competed for the attention of more than 50 venture capitalists. After an eight minute speech promulgating their brainchild, fashion and retail companies received style feedback from industry veterans.

The convergence of fashion and technology is stimulating increased interest, and investors are attempting to keep up. “To the fashion world, technology is suddenly very cool,” Saleem Qadir, who works on the development side of eBay, said. Mr. Qadir attended FashInvest hoping to find future partners. “The shopping experience has to be personal yet social. It has to simplify the complex stuff, like fit. That is going to differentiate the winners from the losers,” he said to the Times.

The issue of fit remains a staggering problem for the burgeoning technology and e-commerce love affair. But Jamal Motlagh and Charles Tse, founders of Acustom, explained to the Times that their site allows users to be the fit model for their own clothing and customized jeans. 3-D technology and pattern-making software allow their clients to do so.

In an ever-changing technological climate, the rules for fashion are simultaneously changing. Elements of design are no longer the same. “New York is a leader in the fashion industry,” Kevin Ryan, the chief executive of Gilt Groupe and the event’s keynote speaker, told the Times. “We want to keep building that ecosystem. It used to be just someone designed clothes, now the elements and value have changed.”

The New York Times