Online fashion retailer Asos has announced the launch of a new initiative called ScaleUp, aimed at bridging the gap between the fashion industry and ethnic minority-owned brands. The program is designed to help these brands overcome barriers in accessing the fashion market and scaling up their businesses. Asos has partnered with the (Fashion) Minority Report (FMR), a culture change consultancy, to bring this initiative to life.
The ScaleUp initiative comes in response to a report from the London Chamber of Commerce and Industry, which highlighted the challenges faced by Black and Asian entrepreneurs in setting up and running businesses. These challenges include difficulties in accessing funding and lower success rates compared to their white counterparts.
Two successful candidates will be selected for the program, receiving valuable insight and guidance from leading industry experts, wholesale opportunities including the launch of one collection available exclusively on Asos, and one year of mentorship from business leaders. Additionally, they will have the opportunity to pitch for up to £20,000 of funding each to support their growth. In addition to the two main candidates, the ScaleUp initiative will also onboard up to five additional emerging brands.
Daniel Peters, the founder of the (Fashion) Minority Report said, “As any brand founder knows, the path to success in the fashion industry can often feel challenging, but as someone who is an ethnic minority, the barriers are often greater to break through. Through our partnership with ASOS, we can’t wait to deliver a programme that provides opportunities, and the relevant building blocks for scalability to ethnic minority business owners.” ScaleUp aims to address these issues by providing access to funding and support for ethnic minority-owned brands in the fashion industry.
These brands will benefit from workshops, talks, and the opportunity to showcase their brand as part of the February 2024 ScaleUP press and buyers showroom. Asos Senior Creative Director Vanessa Spence expressed the company's commitment to enhancing diversity within the fashion industry by dismantling the obstacles encountered by ethnic minority-owned brands. She emphasized the importance of empowering established businesses with promising visions and nurturing emerging talent seeking extra support to enter the industry.
The judging panel for ScaleUP includes industry experts such as Vanessa Spence, Daniel Peters, Jordan Mitchell, Navi Ahluwalia, Antonia Omisesan, Nick King, and Jo Hunt, with more judges set to be announced soon. The launch of ScaleUp marks a significant step towards promoting diversity and inclusivity within the fashion industry, providing much-needed support and resources for ethnic minority-owned brands to thrive and succeed.
Applications for ScaleUP are open from 31 May to 9 July, and the program is open to ethnic minority founders of UK-based fashion brands that have been in operation for less than five years.
To apply head over to: https://fashionminorityreport.com/hub/scaleup-incubator/
