Future+ Fridays | Issue18

1. Introducing Mile: The exclusive new frontier in luxury shopping

What's happening: The team behind Heat, the mystery fashion box company, has just launched Mile, an invite-only subscription-based platform that aims at changing the luxury shopping experience.

TLDR:

• The app's goal is to simplify the luxury shopping experience while featuring curated products from renowned and emerging luxury brands, including never-before-seen items from brand archives, catwalks, and samples.

• A membership-based platform, customers need to apply for acceptance, and different tiers exist.

• Mile offers exclusive access to curated, seasonless luxury fashion at significant discounts (up to 90% off).

• It provides a sustainable solution for managing excess inventory without diluting brand equity, offering a new channel to reach consumers and offload overstock.

• The initiative is supported by major investors like LVMH Luxury Ventures and the Hermès family.

Why it matters: Mile provides a streamlined experience for a select group of invited members, offering a refreshing approach with substantial discounts on high-end fashion from top brands. By addressing the challenges in inventory management and brand equity, Mile not only benefits shoppers but also supports the broader luxury market, giving it potential for becoming a new major digital luxury destination.

2. AI chatbots in fashion: Early tests show mixed results

What's happening: Fashion retailers are turning to generative AI chatbots to enhance shopping experiences, but early tests by Vogue editors show these AI tools struggle to understand the subjective nature of fashion.

TLDR:

• E-commerce search for shopping is a time-consuming process, prompting a shift towards AI chatbots for fashion guidance.

• As highlighted by McKinsey in a 2023 analysis, AI has the potential to boost retail revenue through better customer experiences.

• Competing AI chatbot tools from tech giants like Meta AI, Google’s Gemini, and Microsoft’s Copilot are emerging alongside retailers and startups who are integrating ChatGPT plugins for enhanced customer service.

• Vogue tested several AI chatbots (Copilot, Meta, Gemini, Claude) for fashion advices, finding the results generic and lacking personal touch.

• Current AI chatbots don’t have the nuanced understanding of fashion trends and cultural context which gives space for startups and ventures to develop a proper tool for search such as DayDream (Deep dive 3).

Why it matters: As the fashion industry embraces AI to revolutionise online shopping, the technology's existing limitations highlight a significant challenge. Despite the promising potential to increase revenue and improve customer experiences, current AI chatbots are yet to master the art of personalised and culturally aware fashion recommendations. This gap shows the importance of new startups focusing on the sophisticated needs of fashion-conscious consumers.

3. Daydream: The AI-powered future of e-commerce search raises 50 million

What's happening: A new AI-powered search and discovery platform called Daydream, launched by Julie Bornstein, aims to revolutionise personalised shopping and has raised $50 million in seed funding.

TLDR:

• Daydream, founded by e-commerce veteran Julie Bornstein, addresses the issue of shoppers struggling with ineffective search tools on current e-commerce platforms using AI-driven personalised search.

• Julie has experience with building successful companies using AI notably with her previous venture, The Yes, that was sold to Pinterest.

• DayDream uses generative AI, machine learning, and computer vision for personalised results, featuring natural language and image recognition search capabilities.

• It will initially focus on fashion only, with a beta launch in the US this fall, and has already onboarded over 2,000 brands, including Net-a-Porter and Jimmy Choo.

• It currently has a 23-member team, while aiming to expand to 35 by the end of the year. The leadership team has extensive experience in e-commerce and AI from companies like Google, Microsoft, and Amazon.

• The platform functions as a discovery tool, relying on commission-based revenue and without ads.

Why it matters: AI is still going strong and has become a pivotal force in transforming various industries, and e-commerce is no exception. By providing personalised and accurate search results, as opposed to generic AI chatbot (see deep dive 2), Daydream enhances the shopping experience, making it more intuitive and efficient. This venture is part of a broader trend, with many companies investing in AI to refine and revolutionise their services. The success of the seed round for platforms like Daydream highlights the growing importance of AI in shaping the future of retail, ensuring consumers have access to more tailored and engaging shopping experiences.

4. Paris 2024: The Fashion Olympics

What's happening: The Paris 2024 Olympics are being called the "Fashion Olympics," it will showcase over 3,000 unique outfits in the opening and closing ceremonies, including brands like Louis Vuitton and Dior, with LVMH being a premier sponsor of the event with a €150 million deal.

TLDR:

• The costume design team has worked for two years on these looks for all ceremonies, maintaining secrecy around most of the dozens of designers involved, a mix of established and emerging French and European designers.

• The looks created will feature a blend of new creations, vintage, and up-cycled fashion - making an all-rounded show.

• 100 people in 20 ateliers across France are creating the costumes.

• The opening ceremony is expected to host over 320,000 visitors on July 26, it will involve 200 dressers and 288 hair and makeup artists on show day.

• Ahead of the event, Vogue hosted an event at the crossover between fashion and sport. Anna Wintour mentioned ‘We're here to celebrate the wonder of French fashion. So I'm just grateful for all the support from the French community and the world of fashion here in Paris.”

• The fashion industry is facing disruptions due to the timing of the Olympics.

Why it Matters: The Paris 2024 Olympics promises an event where sports and fashion converge on an unprecedented scale, highlighting the role of fashion in global culture while also promoting sustainability through up-cycled and vintage pieces. The collaboration of renowned luxury brands with emerging designers underscores France's dedication to bringing together creativity and inclusivity.

5. Culture Highlight: BLOOM – An Immersive Experience by HERO

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What’s Happening: Spotlight on the exhibition presented by HERO called "BLOOM: The Secret Wonders of New York’s Forgotten Eden," an immersive sound and light experience running all summer.

TLDR:

• BLOOM by HERO is an immersive experience at the Rockefeller Center where visitors can walk through seven themed rooms with multimedia and multi-sensory installations as well as interactive experiences.

• The exhibition explores the beautiful history of the forgotten Elgin Gardens, America’s first botanical garden that existed 200 years ago, in place of the skyscraper.

• The exhibition displays stunning visuals and includes a 60-foot-long video screen showcasing New York's natural environments.

Why It Matters: The exhibition offers a unique opportunity to connect with nature and history in the heart of Midtown. Engaging sight, sound, touch, and taste, creates an immersive environment that stimulates emotions. A must-visit for anyone looking to escape the city and experience the tranquility of nature.