Save Your Wardrobe
Save Your Wardrobe connects users’ wardrobes with an ecosystem of services to help them save time and money. It provides a solution to post-purchase problems encountered by fashion-conscious consumers, using intelligent technology and data capturing.
Users sync the app with their email account, then all their online clothes purchases are automatically captured from order confirmations and uploaded into their digital wardrobe. Adding items can also be done using the computer vision feature, which will automatically recognise and tag items.
Save Your Wardrobe aims to make it easy to donate clothes to charities, sell and buy on 2nd-hand markets (Thrift+ and Depop) and request services (dry-cleaning, alterations) that will extend the life of a garment.
Users are given insights into their wardrobe’s value, and will be given outfit recommendations based on their purchases, lifestyle goals and calendar. The referral experience is streamlined thanks to our technology.
The fashion industry is facing several social and environmental problems. 150 billion garments of clothing are produced every year and according to WRAP, out of 53 million tons of textiles produced yearly, a whopping 73% is thrown away.
We still rely on outdated techniques to manage our wardrobe, when many other aspects of our life have been digitised. Digitalisation and data processing can help us take responsibility for our clothes and encourage a more sustainable fashion consumption.
Save Your Wardrobe offers users the ability to digitise their wardrobes and unlock the 78% of clothes they keep but don’t wear anymore. It provides insights and recommendations, and in the future, we aim to create an ecosystem of services to take care of clothes and give them a second life.
By adding technology at each step of the post-purchase journey we get a holistic view of our users' consumption behaviour. Extending the narrative beyond just what happens in stores helps us deliver hyper-personalised services.
Substantial accomplishments to date
• August 2017 NatWest Entrepreneurial Spark incubator.
• November 2017- April 2018 Centre for Fashion Enterprise London College of Fashion FashTech Pioneer Programme, a future-forward thinking fashion accelerator in Europe.
• Collaborating with the Fashion Innovation Agency, we received business support and mentoring from one of the best Fashion universities in the world.
• May 2018 Insead Start-Up Bootcamp with Paul Kewene-Hite in Abu Dhabi.
• May 2018 Pitched on stage at the Arab Luxury World conference.
• May 2018 Copenhagen Fashion Summit Exhibition (Selected Start-Up). World Largest Fashion Sustainability Summit.
• June 2018 British Fashion Council Innovation Forum (Selected Start-Up). Invitation only event with top 150 fashion CEOs and decision makers.
• September 2018-November 2018 - Fashion For Good Plug and Play accelerator programme focused on Sustainability.
• April 2019 - Shortlisted for the Fashion Innovation Award 2019 by Loomish in Switzerland.
• April 2019 - Dream Assembly accelerator program of Farfetch.
Support from industry leaders: Matthew Drinkwater (LCF), Orsola De Castro (Fashion Revolution), Maria Raga (CEO of Depop).
For the last year we have improved our prototype by getting feedback from our 550 registered beta testers; of which 250 have been surveyed and 20 interviewed face to face.
We have 3 key revenue streams for our digital platform:
• Affiliate commissions for item recommendations.
• Referral fee from app-based services.
• B2B proposition (licence fee): Data dashboard and future white labelling solution.
* Affiliate commissions: We use affiliate networks to recommend outfits. We receive a commission from the affiliate network every time a user clicks on a recommendation.
* Referral fee: Our service partners pay us a referral fee every time we send them a customer.
* B2B proposition: Save your wardrobe enables brands and retailers to have access to anonymous post-purchase data. Helping them to understand how their clothes are used after being bought and to adapt their targeting strategy accordingly.
Adding a second channel (Android app) and launching our services in other countries will bring us the scale we require to drive revenue.
Potential strategic buyers in 3-5 years include online fashion retailers, department stores and app-based clothing services.
Use of proceeds
The funds raised in this pre-seed round will be used to launch the Minimum Viable Product and to hire the right talent to scale the platform. This round should give us a runway of 10 months and should be followed by a seed round next year.
The key milestones we want to achieve with this round are:.
• Go live with our iOS application with: Email scanning, computer vision tool for adding clothes manually, item recommendations (manual) and service requests.
• Onboard at least 2 service partners starting with Clothes Doctor (repairs and alterations) and Thrift+ (selling and donation) to generate the first revenues.
• Get traction by on-boarding our first 10,000 users.
Breakdown of the costs.
Core team members and tech cost:
• Tech cost (UK freelancers + offshore team based in Tunisia): c. 25%.
• 5 team members (tech and non-tech) - (CEO, CTO, 1 mobile developer, 1 freelance marketer, 1 intern): c. 50%.
Marketing & Operations:.
• Marketing spend: c. 12.5%.
• Admin, office space: c. 12.5%.
Please note there is an outstanding director loan of £9,000. We intend to repay this loan with some of the proceeds of this fundraise.
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