What can you get for $50? Time to raise the Fashion Stakes
The number 50 is about to become very powerful in the fashion world thanks to a new website launching this Autumn. Fashion Stake, will allow consumers to be able to browse online collections and invest in a particular designer by buying a “stake” in their line, starting with $50 investments. In return, consumers will get credit towards clothing purchases as well as special offers like exclusive previews, showroom visits and fashion show invitations. Shoppers will also be able to vote and share their thoughts on the various items showcased on the site. Fashion Stake will launch with 5 designers including Project Runway alumni and runner-up, Althea Harper. All labels on the site must have produced previous collections and have an established fan base. Interestingly, the website will also feature capsule collections from established designers produced exclusively for the site.
Fashion Stake is the brainchild of Harvard Business School student Vivian Weng. She previously worked in finance, helping fashion companies secure funding so obviously knows her stuff. She told WWD, “fashion’s dirty little secret is that no one really has a lot of money — even people who are well-known and household names” and she hopes that Fashion Stake will come to the rescue.
The exclusivity of fashion is disappearing, no longer is it reserved for fashion’s elite and shrouded in mystery. With social media putting power into the hands of the people, Fashion Stake represents what seems to be a natural next step, boasting the motto, ‘Democratize Fashion’. This is a game changer – it will give power to the most important group in the fashion food chain – the consumer and in doing so the opportunities are endless. I’m surprised no one has come up with this before now to be honest and I’m looking forward to getting involved.
via The Cut