TechStyle Fashion group

 

“A platform to build high-value global fashion brands”

Founded: 2010, El Segundo, California, USA

Category: Fashion Apparel

Primary office: El Segundo, California,  (USA)

Core technical team: Los Angeles, California (USA)

Status: Private

Employees: 2000

Amount raised: $336 million (6 rounds – January 2017)

OVERVIEW

  • Mission is to reimagine the fashion business by creating the world’s most innovative and admired fashion company
  • Comprised of high-value membership driven fashion brands supported by a community of more than 5 million active members
  • Integrates data science, personalization and membership commerce, reimagining the entire fashion retail business cycle (consisting of fashion design, supply chain, marketing, customer relationship management, and the retail customer experience

 

PERFORMANCE METRICS

  • Valuation – $1 billion
  • Revenue – $505 million (2019)

 

ACHIEVEMENTS

  • Proprietary ownership of FashionOS – a unified global fashion technology that allows fashion companies to scale
  • 5 million members (2018)
  • 22 million social fans
  • 7 million referrals (2018)
  • 85 million products shipped (2018)
  • Available in 12 countries (2018)
  • 25 customer visits/year (2018)

Sells

  • Subscriptions
  • Expert services – unique and integrated services for building global fashion brands
  • Brand labs – leverages technology and expert service to test launch and scale new fashion brands across the globe

Channels

  • Omni-channel e-commerce platform for wide range of fashion product lines
  • Intense Social media & Traditional media engagement
  • Affiliate program to drive traffic to online platforms

Competencies

  • Leverages Big Data Analytics including social media sentiment analysis and customer shopping pattern to improve shopping experience and achieve multiple return visits
  • Global creative studio serving over 10 countries and 5 global brands
  • Personalized on-trend style at an amazing value
  • Technology and expertise reduces fashion risk, accelerates time to market (e.g., targeted brands across the U.S. and Europe within 6 months) and fast maturation
  • Translate data and consumer behavior into actionable growth plans across geography, media and product development

Resources

Assets

  • Global fashion commerce platform – consists of proprietary enterprise software, expert services and brand incubation unit that allows for quick and efficient testing, launching and scaling their own exclusive fashion brands across the globe
  • FashionOS – a unified global fashion technology that allows fashion companies to scale
  • 5 Global retail brands and counting – JustFAB, Shoe Dazzle, Fabletics, Fabkids, Savage x Fenty
  • Global Influencers/Celebrity Partnerships (Kate Hudson, Rihanna, Demi Lovato, Kimora Lee Simmons, etc.)
  • Platform is evolvable, it can inform customer preferences while adapting to changes in media and marketplace conditions
  • Platform unifies a collection of technologies: Bento (global membership e-commerce system), Bond (global customer management system), Albert (enterprise data management system), InHome (personal styling and merchandising system), OmiSuite (OmniChannel experience system) and Evolve (global supply chain and fulfillment system)

Processes

  • Omni-channel Customer Relationship Management (CRM) system.
  • Sophisticated Enterprise Data management
  • 4 Fulfillment centers – Europe, Canada and US – fully equipped with advance tracking systems and operations backed by sophisticated predictive analytics
  • Product design informed by user preferences, social media sentiment analysis and real-time sales activities
  • Creative Brand storytelling with over 40 TV commercials plus 200 iterations (2018) and counting
  • Continually creating new kinds of enterprise systems, workflows and efficiencies to serve their members
  • Constantly prototyping and testing new applications that drive customer experience and deliver products smarter, faster and better
  • Monthly release of new collections

Priorities

  • Increase active subscriptions
  • Further Scale globally and sustainably
  • Optimize CPA (Cost per Acquisition) – reduce media and advert spend, remain innovative, increase ROI

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Increase value by using a compelling image of the desired future company to convince others to provide the funding and resources the company requires
  2. Increase profitability by learning to make well-reasoned decisions or conclusions about how to scale from own experience and others
  3. Increase sales by applying big-data analytics to produce information about users, suppliers and customers
  4. Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process to increase sales
  5. Increase the number of new customers and the retention rate of existing customers by offering rewards that satisfy customers’ needs for recognition of their loyalty
  6. Increase profitability by improving links, interactions and shared purpose with local organizations in each region the company operates
  7. Sell high quality products at lower prices compared to competitors to gain market share
  8. Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale.
  9. Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
  10. Increase demand of products and services by combining two or more resources in a way that the value created from them exceeds the sum of the value created from each resource separately
  11. Dedicate teams with strong mix of marketing and technical skills to increase the number of new customers and the retention rate of existing customers

References


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen