The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark. If you would like to have your startup considered for inclusion, please see the details here.
Name: Edition01
Quick Pitch: Limited-edition capsule collections from celebrities and some of the world's most recognizable designers.
Genius Idea: Making luxury even more exclusive.
Since sites like Gilt and Groupon took off in the U.S. at the end of the aughts, the number of online businesses offering limited-time discounts, particularly on luxury goods and services, has proliferated. This has been a worrisome trend for many a luxury brand anxious to preserve the price integrity of its wares.
Edition01 is part of a small but growing flock of young startups, including retailers Moda Operandi and AHAlife, developing new models for full-priced retail. And it's landing partnerships with some major brands as a result. It's current list includes Donna Karan, Anna Sui, Zac Posen and Prabal Gurung. The one-and-a-half-year-old company has also done sales for vintage handbags and a private label collection of fur vests and scarves.
How has Edition01 been able to land all of these designers? In addition to the appeal of selling at full-price, cofounder Estefania Lacayo has been working with many of them for years through consulting jobs at Rent the Runway and ideeli, where she worked on designer acquisitons. Before those, she worked as a retail buyer.
Items are produced in limited editions of up to 80 and, if very expensive, as few as three. And most of these items are expensive, relatively speaking: Dresses on the site typically carry price tags between $1,000 and $2,500; jewelry and clutches typically cost between $300 and $600. Cofounder Estefania Lacayo says the company plans to launch more collections priced under $300 "for the woman who appreciates craftsmanship but doesn't have the resources for a $3,000 dress."
Edition01 works with designers at different stages in the production cycle. Sometimes, both parties will meet when a designer is choosing fabrics for his or her own collection; other times, they'll meet when a designer is placing orders, and develop something from the fabrics he or she has already ordered.
Between now and the end of the summer, Edition01 is launching a line of sporty legwear with actor Gwyneth Paltrow and her trainer, Tracy Anderson, as well as a five-designer collaboration in celebration of the 50th anniversary of the CDFA and the New York Mets. A collection with jewelry designer Pamela Love will go live in September.
Edition01 raised around $500,000 in seed funding from venture capitalists David Tisch, Ken Lerer and Ron Conway's SV Angel in August 2011. Lacayo says the company has raised a bridge round with existing investors and also struck a licensing agreement with a luxury store in Qatar.
Series Supported by Microsoft BizSpark
The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark, a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.
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