The fashion world, hit with a COVID-19 curveball, faced an unprecedented challenge. The pandemic pause button got pressed on the global economy, and the aftermath was a cascade of issues, with one of the most prominent being the surplus of stock that fashion businesses grappled with.
As Louise Laing, the visionary founder of Phygital Twin, recalls from her years of experience in the industry, “Stock is a real problem for fashion businesses… witnessing that firsthand, we have done like 10 startups. From concept to multi-million dollars or failing because they have too much stock and all their money is tied up in cash flow.”
Think about it: fickle consumer tastes mixed with crystal ball-gone-wrong market predictions. Result? Brands were drowning in unsold inventory, bleeding cash. That’s where COVID-19 played the ultimate wake-up call.
The Birth of Phygital Twin
It was time for a new solution that could not only navigate these challenges but also empower creativity and adaptability within the industry. And that’s when Louise hit the creative zone. She took on a mission to flip the fashion script, and thus, Phygital Twin was born.
Louise’s journey is nothing short of inspiring. Starting as a buyer’s assistant, she quickly ascended the ranks, working in various roles including sourcing manager, head of product, and even CEO of a designer brand. Her extensive experience in fashion consultancy enabled her to gain insights into every facet of the industry.
Phygital Twin addresses the glaring challenges within the traditional fashion industry. The unpredictability of trends, excess stock, and the adverse impact of COVID-19 prompted her to seek a new way forward. She was determined to find a solution that would minimize risks and empower creators to bring their fashion designs to the world with ease.
This isn’t your regular fashion show, peeps. Phygital Twin lets you custom-build gear in 3D, pumping out pieces only when they’re wanted. Say goodbye to excess inventory, and hello to a whole new fashion groove. This innovative model creates a seamless experience for creators and consumers alike.
AR, Gaming, and the Metaverse
Time for the cool part: gaming’s role in Phygital Twin’s masterplan. Louise spills the beans on how hooking up with gaming pros amps up the digital fashion scene. Gaming provides a purpose for users to engage with virtual fashion, making it an ideal space for initial sales. While the metaverse and virtual reality hold potential, Louise emphasizes that the concept must have a clear purpose to attract users. Augmented reality (AR) also plays a crucial role in allowing customers to visualize and interact with digital fashion in real time.
As the conversation unfolds, our host Aman throws a curveball. He wonders if people’s choices in virtual worlds might differ from their real-life preferences due to the experimental nature of avatars. Louise acknowledges this consideration, suggesting that compatibility depends on the garment, with sporty wear and athleisure aligning well with avatar mapping. However, intricate pieces like couture dresses might not fully translate. Louise talks about the potential of AR and body mapping to bridge this gap.
Advice to Her Younger Self
Wrapping it up, Louise drops some wisdom she’d gift her younger self, emphasizing the importance of entrepreneurship and pursuing one’s passion. She encourages young individuals to consider venturing into entrepreneurial endeavors, as this has really helped her in being bolder and more confident.
Louise’s journey from the traditional fashion industry to the forefront of Web3 fashion showcases her pioneering spirit and determination to transform an industry plagued by challenges. Phygital Twin’s innovative approach to fashion design, production, and consumption holds promise for a more sustainable and creative future, where anyone can become a fashion creator with the click of a button. The digital fashion revolution spearheaded by Louise Laing stands as a testament to the potential of merging technology and creativity to reshape established paradigms.