It is so sad that the Coronavirus pandemic has hit many businesses with physical stores so severely. However, it has resulted in the rapid growth of online businesses. The pandemic made people realize they can do a lot online and save themselves from the hassles of visiting physical stores. Before the pandemic, customers preferred to walk into stores and make their purchases. However, the recent advancement in technology has changed how people shop and style themselves. This change in consumer behaviour led to the fashion tech world’s growth, as entrepreneurs are currently introducing technological trends into their fashion businesses. New fashion startups are being launched daily all over the world, and the UK is not different. A fashion startup refers to a young fashion company founded by an entrepreneur. They introduce competition into the fashion market; of course, healthy competition ensures that consumers get more value for their money. Statistics from Fashion United show that fashion-related industries have offered employment to about 555,000 people in the UK. Burberry, Next Plc, Marks & Spencer, and ASOS became the top four fashion companies in the UK in 2017.
Due to the increased demand for online stores, more fashion startups are springing. Statistica further revealed that the online clothing market accounts for about one-fifth of the total sales in the UK retail industry. The forecast shows that retailers will continue to experience revenue increase due to the rise in online fashion shoppers in the UK. One of the challenges fashion startups London faces is funding. There is limited funding for fashion startups, as investors are still sceptical about venturing into this business. This challenge to prove that there is potential in the online fashion business lies on the startup’s founders. Notwithstanding, startups significantly contribute to the economic growth of any country and should be encouraged. Below is a list of the top fashion startups in London.
- Founded: 2010
- Founder: Chris Morten
- Employee Number: 241
Lyst is a personalized fashion marketplace that allows you to search and access fashion stores. There are over 8 million products accessible through this startup. Lyst has over 150 million shoppers annually, and over 17,000 brands are available to users. It was founded in 2010 by Chris Morten and has raised about $70 million since 2010. Lyst has about 241 employees. The Lyst app has been listed as one of the most downloaded premium fashion IOS apps globally in 2021.
- Founded: 2011
- Founder: Simon Beckerman
- Employee Number: 1417
Depop was founded in 2011 by Simon Beckerman, a co-founder of PIG magazine and Retrosuperfuture. The startup has raised about $105.6M in 7 rounds of funding. Currently, Depop is a wholly-owned subsidiary of Esty. This fashion tech startup is a P2P selling platform that allows people to buy and sell online. So you can have friends and people all over the world see things you like and sell. It also allows people to view what others are buying and selling.
- Founded: 2009
- Founder: Sophie Hill
- Employee Number: 208
Threads Styling makes it easy for people to reach stylists through mobile chat. Threads Styling offers a personalised shopping experience to clients over text and social media. They also provide customised styling advice and recommendations to clients through social media chats. It is a sustainable fashion startup founded by Sophie Hill in 2009 and has raised about $20 million in funding.
- Founded: 2012
- Founder: Ryan Hemminger
- Employee Number: 91
Thread is an app that has replaced personal shoppers. Instead, it makes recommendations to people on what to buy based on their budget, style, and size. In addition, some real-life stylists work behind the scenes to ensure people get what they want. The company was founded in 2012 by Ryan Hemminger and has raised about $50 million in funding and intends to continue to use the funds to expand the business.
- Founded: 2013
- Founder: Hal Watts
- Employee Number: 35
Unmade is one of the fashions startups in London that combines industrial manufacturing with full personalization to ensure that customers receive personalized items that suit their taste. It gives consumers the opportunity to gain full control over their fashion choices. The startup was founded in 2013 by Hal Watts. It has raised about $13.2 million in funding over five rounds.
- Founded: 2015
- Founder: Eliot McCall
- Employee Number: 11-50
Heist Studios is a fashion tech startup that focuses on tights and shape wears and creates personalized tights for women based on their individuality. Heist Studios was founded in 2015 by Eliot McCall and has raised about $2.6M in funding. The company uses a unique technology to ensure consumers remain satisfied.
- Founded: 2013
- Founders: Alex Loizou and Mandeep Singh
- Employee Number: 96
Trouva is one of the UK fashion startups that ensure small physical fashion businesses do not get pushed out of the market by creating a platform that allows people to shop for their fashion items sourced worldwide. It was founded in 2013 by Alex Loizou and Mandeep Singh. This startup has raised about $21.8M in funding and has about 90 employees.
- Founded: 2011
- Founder: Sari Anabtawi
- Employee Number: 9+
Snupps is one of the fashion startups in London that allows people to connect to users who love similar items. They simply create a collection of the items they love, such as watches, make-up, etc. socialize around them. It was founded in 2011 by Sari Anabtawi. The startup has raised about $9.8 million in funding.
- Founded: 2009
- Founders: Julia Fowler and Geoff Watts
- Employee Number: 133
Edited is a retail intelligence company that allows retailers to win. It helps retailers get products and prices right. In addition, Edited helps retailers analyze the market. It was founded in 2009 by Julia Fowler and Geoff Watts. The company has raised about $35 million in funding.
- Founded: 2013
- Founders: Nigel Whiteoak, Cherry Freeman, and Edward Griffith
- Employee Number: 149
Love Craft is one of its kind in the startup ecosystem. It is unique because it is one of the few startups designed for lovers of knitted clothes. It is based on the fact that some people do not love shopping for their clothes, they prefer to make them. They can find the materials required for knitting, crocheting, and sewing on this platform. The company was founded in 2013 by Nigel Whiteoak, Cherry Freeman, and Edward Griffith. The fashion startup has raised about $75.2 million in funding over six rounds.