How Luxury Retail Can Become a Tech Accelerator

ADINA-LAURA ACHIM | January 15, 2020

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In the past, technology and luxury rarely mixed. High-tech culture has a futuristic connotation, while luxury has always had a reputation for being conservative and traditional, but today, revolutionary luxury conglomerates like LVMH and Kering have reconsidered their approach to tech and are now revolutionizing the market. This has helped transform a dormant industry by making it an accelerator for sustainability  something that supporting not only business profitability but also important social goals. Over the last few years, sustainability in business practices have become part of the bottom line, and programs connecting fashion-tech startups and luxury retailers are now the new norm. The New York Fashion Tech Lab, for instance, is a program that links a handpicked group of women-led, b2b, fashion-focused tech businesses with leading fashion companies. This is not the only initiative of its kind and is a reflection of our times. L’Oréal entered into a strategic partnership with the digital accelerator and incubator Founders Factory, Kering chose to work with tech investor Plug and Play, and LVMH and Farfetch have each created their own labs.

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Minted is a lifestyle brand and design marketplace connecting you with the world’s best artists to create something one of a kind. Minted crowdsources graphic design and artwork from a global community of independent artists and sells these as products addressing the $10 billion stationery market, $48 billion art market, and $100 billion home decor market.

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