Under the cloak of beautiful designs, fabulous models, structured jawlines, fashion seems quite a simple business to the everyday consumer. But as there are more and more choices in attire appearing every season, it is hard to stay ahead of the game, or even afloat.
But Paypal and H&M Group have come to the aid of the brand to bring fashion into the forefront of technology.
That’s right folks.
Paypal and H&M have come together to reinvigorate, reeducate, and relaunch Ivyrevel.
There were ripples that something big was coming after reports in September from the Swedish Companies Registration Office that three H&M representatives were on the board of the company: Karl Gunnar, Madeleine Persson, and Bjorn Magnusson, head of H & M CO: LAB, and part of H & M New Business. Magnusson’s placements drew the most interest as he is one of the directors responsible for managing investment in young tech companies, so why else would he be put on the board if H&M weren’t investing?
The rumour mill has been turning, and for once in a blue moon it was right! “We only said goodbye to the OLD Ivyrevel, of course we didn’t close for good. Quite the opposite. We are back, bigger and stronger than ever” said Zouiten on the yesterday’s relaunch.
What has been excitedly confirmed by Zouiten is that H&M Group and Paypal have become partners with Ivyrevel. The exact amount paid has been unconfirmed, yet there are speculations that H&M has reportedly paid $20million for one-fifth share in Ivyrevel, also investing strategic advice and production assistance. Paypal on the other hand, “is a partner and advisor within payment and distribution” of the Ivyrevel which reportedly is worth $100million.
But what’s different this time around?
As Sydney Reising has eloquently stated, “Customer data has long been a backbone of the fashion industry: IVYREVEL will pioneer new trend analysis that fully integrates multiple sources of data. Specially developed algorithms will enhance its design, creating the product its customers want and ensuring IVYREVEL truly understands its customers changing passions.”
How well can a fashion house survive if it doesn’t understand what it’s customers want, how their desires change, and to adapt?
In Stockholm, Ivyrevel has started it’s own Fashion Tech Lab where they’ll use “machine learning as part of the creative process, interactive fabrics, wearable tech, distribution, customer experience”.
The great thing about the internet from a marketing and business prospective, is everything can be analysed. They’ll analyse what people buy, their movements on their website, most popular items, their interests. As they were cofounded by a social media celebrity, it only comes natural that their major advertising platform is social media.
Just like Daniel Wellington and Showpo, they’ve utilised Instagram and Facebook to become a brand people want by associating themselves with relatable social media influencers. Word of mouth advertising is a powerful force as it shows with 80% of companies obvious choice to increase their digital marketing budgets.
No longer are conventional celebrities the main influencers to the consumer generations. The major buying demographics look to their phones, not their televisions for what they aspire to be and have.
Ivyrevel’s launch on the 7th of April 2016 set Instagram on fire with influencers across the globe lighting up their followers feed with #REVELISTA #IVYREVEL.
What did they all have in common? They were specifically chosen by their marketing department by their influence, their follower engagement, demographic reach, geographic location, style, and much more.
Marketing and ecommerce now can no longer be about companies paying for ads on the telly when the eyes are mainly elsewhere.
Their website itself says, “Ivyrevel is a digital fashion house, tailored for our GENERATION”
What do you think about the relaunch of IvyRevel, and how will you tailor your company to face the digital generation?
Written by Bernice Abuan