M&S, a British multinational retailer, has collaborated with six start-ups selected from 100 new businesses as a part of its Founders Factory joint venture.
Founders Factory Retail launched last year focuses on investing in growing start-ups, and it has M&S as the majority shareholder and Founder’s Factory’s exclusive partner.
The ventures aim to help new businesses from Founders Factory’s global start-up network that can be supported and scaled using retailer’s knowledge in design, computer engineering, AI, data science and strategy.
Three out of these six are in garment space.
Texel:A company that offers a 3D scanning technology, creating digital avatars that help customers find clothes according to their shape and size.
Ruley:A concept, still underdevelopment, is said to have potential to disrupt the ethical and sustainable fashion influencer space.
The Drop:A company that specialises in made-to-measure suits at an affordable price range and allows customers to choose a suit, upload a photo and their measurement, and receive a tailor-made suit in 3 weeks.
Jeremy Pee, Chief Digital and Data officer, M&S said “M&S is changing to create a more entrepreneurial, empowered, digital-first mindset across the business. From subscription delivery models, a 3D scanning technology to disruptive new product platform, Founders Factory Retail is parachuting alternative ideas into the business and exposing team to innovative thinking.”
Adding to what Jeremy said, Brent Hoberman, Co-founder of Founders Factory averred “This partnership works because there are clear benefits for both sides. For M&S, start-ups provide access to new, innovative ways of thinking; and for each start-up, M&S offers scale and credibility.”
He also said “Founders Factory has now facilitated over 200 pilots with partners, six of which with M&S. And the partnership with M&S is only a year old; we are only just getting started.”