Mimoona partners with Philadelphia Fashion Incubator at Macy’s Center
Fashion startup Mimoona helps independent, emerging designers and brands test the demand for their garments before production.
New York City, NY (PRUnderground) November 14th, 2013
Building and generating success for an independent fashion business is no easy task today as designers face many challenges in an industry where trends and collections are constantly changing. In addition to the creative demands required of designers, they must also consider the business aspects such as determining which designs down to style, color and sizes to produce. Incorrect predictions can lead to excess inventory, loss of sales and cash flow difficulties. A solution to this problem has been long-overdue, as co-founder Arik Broadach Marmorstein said, “I strongly believe that the challenges [Mimoona] reduces are making the industry better and more efficient, enabling designers to focus more on designing and less on managing excess inventory and worrying about risks involved.”
Instead of using previous market research and intuition to inform design specifics such as color, size and style, Mimoona harnesses collective opinion as a market research tool. Designers post the garments they are considering to produce on their own website in different variations. Customers can then browse through the different designs and pre-order the garments they like. If the design reaches the minimum amount set by the designer that would make it worthwhile to produce, the designer will move to the production phase and customers will be charged automatically. If there is not sufficient demand for a product, the customers who did back that particular item will not be charged and the designer will not spend time and money over unnecessary production.
The Philadelphia Fashion Incubator at Macys, Center City, is a collaboration between Center City District, the City of Philadelphia, Macy’s Center City, and various educational institutions devoted to fashion design in Philadelphia. The incubator aims to promote and empower emerging fashion designers coming from design schools and the fashion community in Philadelphia. The Incubator is thrilled to partner with Mimoona and work with their innovative crowd sourcing solution, said Elissa Bloom Banet, the Executive Director of the incubator. The services they offer emerging designers are a great solution to the challenges they face in the production and sales of their products.
Using Mimoona, fashion designers/brands offer advantages to their customers also, as pre-ordering new, cutting edge designs empowers them to maintain and strengthen their unique style. From a financial standpoint, by using Mimoona to alleviate and reduce excess inventory and lost sales, results in designers refraining from grossing up these risks in the garments.
Mimoona was part of the DreamIt Ventures accelerator program in New York City and its founders previously launched the most successful crowdfunding platform in Israel.
About Mimoona Ltd
We are a fashion tech startup helping designers and brands test the demand for their garments before production.