The future of Fashion tech has arrived, technology’s impact on the fashion and retail sectors has been difficult to ignore. The shift from in-store retail shopping to the world of e-commerce has forced traditional retailers to rethink business strategies and adapt to rapid changes in technology and consumer preferences. Yet, many overlook the endless opportunities to integrate technology into apparel products other than health and fitness wearables. As one of the leading San Francisco and Silicon Valley Intellectual Property, Startup and Fashion Tech law firms we have been watching this trend emerge.
As in other sectors, new technologies have begun to revolutionize how businesses in the fashion industry operate. Brands are using Artificial Intelligence to incorporate custom shopping experiences based off of social media tools and platforms, to better impact purchasing decisions. And, some brands are integrating technology features into their designs to help you shine like a diamond in a crowd. New technologies are not only changing how the modern fashion industry functions, but also how its products interact with a consumer whose purchasing behavior is constantly reshaping.
In light of growing industry demand for new solutions, tech entrepreneurs have been quick to respond with innovative products to help propel the $2.4 trillion fashion sector well into the 21st century. Accordingly, Fashion Technology, or Fashion Tech, has become a rapidly growing and vibrant ecosystem. In 2009 total investments in Fashion Tech totaled $50 million; by 2014 the number had risen to $2.8 billion. Continued demand for Fashion Tech has led to the creation of our newest (invite-only) pitch event, San Francisco Fashion Investors, whose focus is to identify, guide, and develop the next wave of Fashion Tech Innovators.
If you are a Venture Capital or investor in The San Francisco Bay area looking to expand your portfolio with San Francisco Fashion Investors please contact us for more information about our next event.