Catwalkgenius.com Launches Fashion Designer Sponsorship
New fashion platform Catwalkgenius.com allows fans of fashion to not only buy clothes and accessories, but to also pick up a share in their favourite designer.
Catwalkgenius.com allows any independent fashion designers to sign up and create adverts for their work, with quality vetted by a panel of experts. If they choose, the designer may also opt into the 'adopt a designer' scheme.
The scheme allows the designer's supporters to buy shares, or 'elements' in their adoption for 14 Euros (plus 1 Euro processing fee) in the hope of sharing in future profits.
Once 5,000 of these elements have been sold, the designer is given the resulting 70,000 Euro funding to create a new collection within a 6-month period.
The collection then goes on sale and all profits from its sale are split equally between the designer, the supporters and the site owner. If the collection sells out, the supporters who backed that designer take home a tidy profit.
This online 'crowdfunding' approach has already met with success in the fields of music, sport, movies, politics and finance.
Site co-founder Helen Brown said, "Fashion design is a really tough career choice. It's incredibly hard work and at the moment a few key people can make or break a career, just on a whim.
"Through Catwalkgenius.com, the public can democratically decide what kind of fashion gets produced and which designers will succeed. Plus, they'll share in the success when it happens."
So far, more than 50 designers have signed up to the scheme and the adoption elements have already started to sell.