THECUBE member, Catwalk Genius has achieved huge success in providing crowd funding for up and coming fashion designer Katie Eary. They already have raised 93% of the desired fund and are looking for the final bit. This is an exciting prospect for the future of of the fashion industry.
To learn more about how to make your investment and how it works, please see below.
London based menswear designer Katie Eary is now participating in the first ever public fashion funding scheme from online portal Catwalk Genius. Eary will be applying her dark, boldly unique aesthetic to her debut womenswear collection that will be available to buy exclusively through Catwalk Genius from summer 2010. The collection will be funded through public investment and shares in Eary’s collection will be available to purchase from April 26th 2010.
Eary’s menswear has been attracting critical acclaim since the launch of the label as part of the Fashion East MAN collective two seasons ago. Her bold statement prints, fusion of traditional tailoring with streetwear styling/design details and macabre accessories are best described as ‘aggressively beautiful’ and her work has been attracting high profile admirers both male and female (hence the choice to develop a range specifically for women – fans currently include style leaders including Lady Gaga, Kate Moss, Courtney Love, Roisin Murphy, Sienna Miller and more).
The ‘crowd-funding’ principle adopted by Catwalk Genius is both simple and effective (it has been applied to other industries including film, Franny Armstrong’s ‘Age of Stupid’ being a perfect example of the success that can be achieved) The concept offers customers the opportunity to support designers and brands with a small financial contribution for a share of the final profit. Most new business ventures seek funding from sole or few investors who each invest large sums of money. Crowd-funding invites a wide audience to invest a small amount of money by purchasing ‘shares’. By doing this, the financial risks to each investor are as much or as little as they choose. The scheme works as follows:
- Catwalk Genius source and approach a suitable designer to collaborate with. The designer works with Catwalk Genius to set a financial target for funds they need to raise in order to produce a collection solely for the site
- Announcements for the collaboration are made and shares equating to the financial target go on sale through the Catwalk Genius site (in this instance, Eary’s shares go on sale on April 26h, aimed at raising £5,000)
- When all shares are sold and the target is reached, the designer is given the funding to design and produce the collection that (on completion) goes on sale exclusively through the Catwalk Genius site
- All supporters will get first option to purchase the new collection, as well as the chance to receive exclusive perks such as a visit to Katie’s studio, tickets to the launch and a free custom-made sample.
- At the end of the season, the revenues are split and distributed equally between the designer, the supporters and Catwalk Genius.
THECUBE is coworking space in East London
