Caslano - December 6, 2018: History meets technology with Bally's commitment to AI in 2019, as the Swiss luxury brand will take on the role of platinum sponsor of the Fashion Innovation Award held on April 2, 2019 in Lugano, Switzerland.
Loomish, a Swiss investment management firm, welcomes Bally as the only luxury brand supporting the award. Nicolas Girotto, Bally COO says: “We are committed to supporting innovation and technology development in the area of Artificial Intelligence in the fields of luxury and fashion,” adding “Switzerland has always been a strategic platform from where innovation launches into the international sphere. In fact, Bally itself began its global journey from here 167 years ago. Bally has a longstanding tradition of supporting its home territory: from its headquarters in Caslano, Bally supports Swiss creativity through its titular Bally foundation and is now honored to support the Fashion Innovation Award.”
As part of their role as Platinum Sponsor of the award, Bally will also occupy a place on the presiding jury, who will select the winners. The awards, which were founded in 2017, select and showcase tech start-ups from all over the world, with a strong focus on the European markets. The short-listed companies get the opportunity to pitch their solutions to investment funds, venture capitals and leading brands from the Fashion and Luxury industry that might potentially adopt these solutions, with one-to-one meetings ensured only for the best ones. On top, they are provided with numerous benefits including fiscal and tax advisory, C-suite mentoring packages, industry events tickets and cloud services.
The connection of tradition and cutting-edge technology is becoming increasingly relevant!
With the Award, Loomish supports the growth within the ecosystem of its expertise, focusing around lifestyle technologies, in particular the technological innovation in the fashion, food, travel and design industries. Carlo Terreni, the Loomish Founder, says: “We are extremely pleased to have Bally as a partner of the Fashion Innovation Award. This partnership is a great demonstration of how tradition and cutting-edge technology can go hand-in-hand, a connection that is going to become increasingly relevant in the years to come, as fashion becomes more digitized. In addition, with both Bally and Loomish being Swiss companies, we are a part of a bigger innovation wave that is currently being driven internationally from Switzerland as a hub – it is indeed an exciting moment and place to live in.”
Advancing the fashion sector through open innovation
Over the last decade, due to technological advancements, the habits and expectations of fashion consumers have shifted significantly, and the forward-looking fashion brands have been fast to follow suit; Firstly, In order to maintain and deepen the connection with the evolving consumer, the brands are increasingly embracing innovation in all parts of the industry value chain; Secondly,next to dedicated in-house digital and R&D teams, open innovation, i.e. scouting for innovative solutions from the outside, has proven to be the best way to cross-fertilize between technology and fashion industries. The Fashion Innovation Award gives the opportunity to the brands to have start-up scouting dedicated to their needs and to get exposure to numerous innovative solutions from all around the world working on advancing the business of fashion. Doing so internally would demand far more resources and effort. [KR|F1]
Macro-trends and how their impact on the fashion industry
The Fashion Innovation Award attempts to support fashion brands and retailers find the right innovative solutions for their business, enabling them to remain competitive in this changing environment. The technological macro-trends that currently shape the fashion industry include:
· One-to-one customer relationship - not only at the point of sale, but across all the customer
touchpoints. It is a trend enabled by the increase of computational power and the latest CRM systems;
· Personalisation – brands and retailers increasingly use machine learning and AI algorithms to provide personalised product recommendations and to engage customers in the right moment of their customer journey;
· Mobile – consumers expect to be able to shop from anytime anywhere and retailers need to cater to that need;
· Experiential retail – the points of sale are evolving into “stores of the future”, providing more experiences where the physical and the digital merge. It is a trend that blends e-commerce with traditional retail, which is currently regarded as the direction that most retailers will take in the medium-term;
· Luxury start-ups – in recent years, there has been a rise in direct-to-customer business models, as well as luxury second-hand and clothes rental market places. With the consumer, increasingly sustainability-conscious, this trend is bound to continue. Sustainability and alternative materials – the origin and performance of materials becomes increasingly important, as well as the responsibility around managing waste in the fashion industry.
Taking part in the Fashion Innovation Awards
The call for Fashion Innovation Award ’19 start-ups was opened a month ago, at the e-Luxury Summit in Geneva, organized by NetComm Suisse, the Swiss e-Commerce Association, another partner and promoter of the Award.
The 2019 edition of the Award seeks viable machine learning and Artificial Intelligence solutions applicable to all parts of the Fashion Retail value chain - whether in terms of production, branding, logistics or sales. The applications are open here until the end of February 2019: http://fashionaward.loomish.ch/ .
Bally is a Swiss luxury brand established in 1851, anchored in an exceptional heritage of shoemaking. Today the brand offers unique designs across shoes, accessories and ready to wear, driven by a strong, retro sportswear aesthetic. www.bally.com
About Loomish SA
Loomish SA is a Swiss-based investment management firm specialised in Lifestyle Tech, with a focus on Fashion, Food, Travel and Design industries. We are committed to accelerating value creation for all the players within the lifestyle retail ecosystem: investors, digital start-ups and established corporations looking for innovative solutions. Strategically located in Ticino, between the dynamic financial centre Zurich and the global lifestyle hub Milan, Loomish is perfectly positioned to put together the best of the both worlds. We deliver expert guidance and facilitate investments in the Lifestyle Tech arena, focusing primarily on the disruptive technologies offered by medium-sized European start-ups. Find out more at: www.loomish.ch