The world has gone digital, high-fashion has rapidly pivoted to embrace the digital wave to reach new, increasingly tech-savvy luxury customers on multiple platforms, and even discover the next big thing in the ever-changing world of trendy luxury fashion.
In a recent interview with Glossy, fashion entrepreneur and angel investor Carmen Busquets, whose investments have included e-commerce fashion company success stories including Net-a-Porter, Moda Operandi, Lyst and Farfetch, shed some light on the luxury fashion space’s move to digital, and the sea change that technology is bringing about in the industry.
Making Luxury Brands Accessible to All
Busquets most recent investment was a second-round funding of luxury fashion rental Armarium, which gives customers access to upscale designer clothing through a loan program (think an upscale version of Rent the Runway.) So far, Armarium has raised $3 million from various investors, including Busquets, to build out its AI-powered custom lookbook builder “ArmiBot”, and hire a team of in-house stylists who make custom recommendations using a real-time messenger service, according to Glossy.
Busquets told Glossy that a key feature of technology’s permeation into high-fashion is accessibility and convenience; giving customers the opportunity to experiment with formalwear from top designers that would normally be way out of reach of their pocketbooks. Luxury rental services, like Armarium, throw open the closet doors for customers who want to dip their toe in the trendy designer waters without spending a fortune or committing to purchasing an expensive outfit that might be worn once and hung in a closet. She also emphasized Armarium’s suite of personalized services offerings, which she says cater to today’s luxury goods consumer.
Creating Brand Loyalty Through Luxury Rental Platforms
Such luxury customers today are more demanding than ever, and brands are clamoring to earn their loyalty. Luxury wear rental services like Armarium help serve as a marketing platform for these brands, and the level of service and quality of product can create a customer for life.
“Experimenting via rental leads to brand loyalty and full-price purchases — especially with the personalized styling services and knowledge Armarium provides. The modern luxury customer wants a unique, personalized experience, which is exactly what the new ArmiBot and the Armarium team delivers to existing and future luxury clients,” Busquets told Glossy.
As far as finding the next hot designer or trend, Busquets swears by Instagram as a discovery platform to locate and even contact up-and-coming designers and artisans across the globe. As technology has shrunk the world, it’s created endless opportunities for talented fashion designers to get their creations out there for all to see, and if they’re lucky enough, discovered by a keen-eyed investor like Busquets.