The fashion industry is worth $2.4 trillion and its business model is broken.
We want to help the fashion industry transition from the inventory led, mass production model of the 20th century to a customer led, “mass customisation” model required for the 21st century.
WHAT DO WE MEAN BY “MASS CUSTOMISATION”?
For Style Atlas, mass customisation does not just mean adding a personalised monogram to a garment. We want shoppers to be able to purchase beautifully designed garments that fit them perfectly; Bespoke fitting, designer clothing, but on a mass scale.
WHY IS THE FASHION INDUSTRY BROKEN?
The predominant business model in today’s fashion industry is characterised by the following factors;
- Seasonally and Regionally focused
- Inventory led, due to long lead times
- Retailed through physical stores
But this model has been fundamentally disrupted by several seismic changes to the industry over the last 5 - 10 years.
The rise of online retailing
The global reach of cost effective, easy to use e-comm platforms backed up by innovative fulfilment services have made seasonal collections and regionally specific sizing less relevant.
The most profitable fashion company in the world, Zara can design, make and have a style in store in as little as 13 days, while the average lead time for most brands is 6 months or more.
Fashion editors and Haute Couture designers are not the only style makers any more. The likes of Instagram and Youtube have democratised style leadership, fragmented trends and arguably led to the growing desire of consumers to “see now, buy now”, instead of waiting months to buy next seasons trends after seeing it on the catwalk.
Shift from products to experiences
The rise of social media and digital experiences has coincided with reduced importance placed on “shopping” as an social activity. Consumers are now more inclined to spend their disposal income on experiences than "more stuff".
This perfect storm of change has resulted in the following symptoms;
Number of US store closures in 2017
Increase over previous year
Previous record set amid the height of the GFC
2nd largest polluter globally
Items of clothing produced in 2016
Increase since 2012
of the world's carbon emissions. Second only to the oil industry
25% - 50%
Average rate of returns for Fashion E-Tailers
Where Fit is the reason why customers return clothing bought online
A new paradigm for fashion
Long Lead Times
Bricks & Mortar Sales Focus
Short Lead Times
Online Sales Focus
Our 3 Step Programme
Assist brands to optimise the back end of their supply chain.
Provide consumers a next generation online fitting solution.
Bring the pieces together.
Our long term strategy is to bring the supply chain optimisation of Quadrant with the online fitting functionality of Compass to create something fundamentally new. A technology backbone that allows all the existing major stakeholders in the fashion industry; consumer, brand and manufacturer to collaborate in an innovative new way.
One where are a consumer can order designer fashion from their favourite brands and this can be made to order and fit perfectly, in a cost and time effective manner; removing all the guesswork and wastage that is so pervasive in the industry today.