Got $50? Why not invest it in clothing?
Fashion Stake is a new upcoming website that will allow anyone with $50 to invest in a label they like. The site will start out with no more than five up and coming (read: struggling) designers, and by buying $50 stake in a company, "supporters" will be given credits towards clothing purchases, as well as special offers like exclusive previews, showroom visits, fashion show invitations and personal experiences with designers. Supporters will also have a say in what styles they would like to see produced.
The concept is built through the idea of "crowdfunding". By definition, crowdfunding is the act of taking a job traditionally performed by a designated agent (usually an employee) and funding it through an undefined, generally large group of people in the form of an open call. This idea has been in place for some time and it has already gained popularity in New York, Chicago and Holland. The creators of Fashion Stake, Vivian Wang and Daniel Gulati, hope to get the designer businesses up and running with this website.
"Fashion’s dirty little secret is that no one really has a lot of money — even people who are well-known and household names,” Weng said. That can be evidenced by all of the business (Chanel and Versace's) "restructuring" and household names like Maria Pinto going out of business.
Well, here's a $50 to help you out. Keep the change.
Photo: NYmag.comSee the Top Ten Summer 2016 Trends for Women Over 40