Decoded Fashion, a day-long event held at the Lincoln Center, recently brought together fashion moguls and venture capitalists together to discuss the implications of technology in the fashion industry, aptly named Fashion 2.0.
According to Xconomy, one of the main points came from FirstMark Capital’s Lawrence Lenihan, who criticizes companies that invest in technology simply for the gimmicky aspect, rather than the problem solving aspect. Additionally, Charlie O’Donnell from Brooklyn Bridge Ventures says that small improvements to an existing technology are no longer enough to sustain a viable business. Tech companies have to create radically new services to stand a chance in the market.
Karen Gryga, co-founder of Fashinvest, named another key to success in fashion tech. That is, rather than mobile apps, companies should focus on the physical improvement of the business i.e. using technology to reduce production costs, lowering prices for consumers.And of course, as with any discussion regarding consumer-based technology, big data was a large topic, and poses an opportunity for the fashion industry.
On the other hand, some tech companies are gearing less towards consumers and more towards solutions for the designers themselves. According to Xconomy, Deborah Lloyd, president of Kate Spade New York hopes that there will soon be an app that allows designers to take pictures of clothing and modify its specifications all via mobile device.