Why Fashion Brands need to "Think like a Startup"

Rent the Runway, Allbirds, Supreme. Even if you're not from the world of fashion, you've probably heard these names. These are just some of the brands that have raised millions of dollars of venture funds and are valued at exorbitant valuations.

The times when fashion brands were just about making great designs are over. In the modern era, the Fashion Busines has evolved and so should we. I get to interact with so many aspiring designers and fashionpreneurs in my daily life, but usually see a common pattern among most.

They believe that they should just focus on creating the most creative collection and the rest will happen. If I ask them about a Business plan, a go-to-market strategy or distribution strategy. They just draw a blank face,

This is not how it works. Fashion Business like any other startup is Still a Business. You have to figure out the consumer, the marketing, the distribution, and financing.

We can partly attribute it to Fashion schools, that are still teaching the same age-old concepts. They don't teach strategy or case studies about how modern-day brands are built.

But how can we blame it on just the fashion schools, I think the entire ecosystem needs an overhaul. When you look at the tech startups, the ecosystem is so evolved. There are mentors, Venture Funds, Blogs, forums the works. And when it comes to Fashion... Nothing

Same age old Fashion magazines, same old ways of doing business. But this needs to change. Some entrepreneurs who are applying the same startup concepts to Fashion are seeing the results. Hopefully, we'll see the industry change in times to come.