Description of Challenge:

The textile and garment industry is responsible for manufacturing fashion and no other industry has to follow up so quickly the changes in consumers’ lifestyle. Thus the products have a very short life and on the other hand the production flow is one of the longest and most complex. Such dichotomy results in a challenge to the companies having to answer to the market in fast and dynamic mode; thus the competition in the fashion industry became more intense not only with the fast evolution of fashion trends but also due to the multiple channels of distribution and reach to customers. The differentiation of products is the biggest challenge faced by fashion retailers. On the other hand, the beauty market is usually divided into five major business segments: skin, hair care, color (makeup), fragrances and personal hygiene. Such segments are complementary and through their diversity they can meet the needs and expectations of all consumers concerning cosmetic products. In view of such scenario, major companies and startups have invested mainly in technologies for online purchases with ads in virtual stores bringing challenges such as security in purchasing, logistics and facility of delivery, to name a few. Therefore there are startups developing solutions for manicurists, makeup artists, massage professionals, hair stylists and others.

Opportunities for Startups:

• » Development of nanotechnology coatings to reduce the need to wash clothes; smart solutions for low environmental impact recycling of clothes;
• » Use of 3D body scanners enabling the people ‘to try on’ clothes in virtual mirrors and interactive screens, virtual dressing rooms;
• » Garment making at home or in recycling centers of community groups near local factories;
• » Clothes with no harmful chemicals; clothes lasting for more time and washed less at low temperatures;
• » Development of solutions enabling consumers to be able to customize their clothes virtually by means of mobile devices;
• » Crowdsourcing solutions for development of fashion and beauty products using users’ communities;
• » New information technologies with applications in e-commerce (e.g. how to reduce return rates), branding, market survey, marketplaces, social media and big data;
• » Solutions to increase the companies’ knowledge as to their clients in order to allow better customization of products;
• » Solutions to combat slave labor and poor work conditions especially present in fast fashion business.
• » Solutions in intelligence for recommendation of clothing and accessories based on profile data and consumer’s background and history;
• » Solutions to fight forgeries / piracy especially of luxury labels;
• » New raw materials – more sustainable or alternative materials for use of animal fur.