Innogest

Artificial intelligence and big data in fashion, a meeting in Milan

Italy, September 11, 2017

By Innogest

Fashion is a global market of 3,000 billion dollars, 64 billion belongs just to the Italian sector. Tradition wins, but technological innovation is now becoming an essential competitive factor. For the last four years, for example, investments in European innovative startups attributable to fashion-tech, ie digital technologies at the service of the fashion industry, almost quadrupled, from 323 million euros in 2012 to 1.1 billion euros in 2016. Today it is absolutely one of the sectors with the most interesting growth multipliers.

FASHION-TECH. The disruption in Fashion now passes through sufficiently mature and tested realities such as:

  • the advanced customization of the purchasing experience, both through user analysis and profiling systems, and thanks to the development of technologies for creating custom-made products (think of companies such as ModCloth, Shes of Prey or Lanieri for the Italian tailoring);
  • the growing role of e-commerce in used clothes, closely linked to the increasing attention millennials give in the aspects of re-use and to the value of money for their purchases (as an example: TheRealReal for luxury, Poshmark among the marketplaces generalists, Armadio Verde in the circular economy linked to childhood);
  • rental, represents an important trend in the transformation of the dress from product to service (think of RentTheRunway in the USA and Drexcode in Italy for women's high fashion or models of clothes rotation like ClosetCollective);
  • integration in the value chain, which leads to simplification of the process and to reducing intermediaries (WarbyParker in terms of optics, Farfetch for the aggregation of independent boutiques, Velasca in footwear);
  • the increasingly important roles of social media, which are - above all for millenials - the main tool for discovery, inspiration and loyalty with respect to brands (21Buttons for word of mouth of influencers, Askourt for sharing the shopping experience, Thron for integrated content management);
  • digital and technological innovation also concerns the production aspects (the new natural fabrics or based on Orange Fiber mineral nanoparticles, Bolt Threads, Directa Plus).

DEEP TECH. Then there is a front that’s even more recent and innovative, often experimental, linked to the so-called "deep tech", ie the use of advanced technologies, not just software, where the digitalization of processes and functions leave room for pervasive capacity technology to collect, analyze and relate large amounts of information. This is where Fashion meets artificial intelligence, big data, virtual reality, the Internet of Things and wearable sensors, generating new spaces that combine the physical spaces of the store with their augmented expansions (the virtual shop of Shopify or Zugara, the intangible test of cosmetic products by Modiface, the Fitle platform that gives trims to the producers' catalogs, the dynamic management of prices pursued by Lyst, Edited or Personali, the predictive algorithms of Stylumia, the tissues with a high rate of biometric intelligence of Athos and Sensoria).

A CYCLE TO EXPAND ON. On this very varied and promising front, even if it still not very intended in the Italian fashion industry. Beginning this month we are dedicating a series of very specific meetings, Future of Fashion. Technologies to compete. We are convinced that the technological stimulus, combined with the genius and the taste that have allowed the great Italian tailoring tradition to conquer the global leadership, can help this sector to reinterpret and revive its supremacy. For each of the occasion, we bring in the most innovative and representative startups and companies, being reviewed, allowing for a comparison of all the supply chain representatives in the supply chain: startups, accelerators, investors, large companies and historical brands. The first three meetings of the series will deal with artificial intelligence and big data (September 11th), omnichannel and store of the future (October 16th), wearables and internet of things (December 4th).

AI AND BIG DATA. Artificial intelligence and big data are therefore the theme of the first meeting, scheduled this afternoon at 5:30 pm at Deloitte Greenhouse Italia, 25, Tortona road in Milan. What will be the most relevant trends in the near future? Why are you talking about it so much right now? What are the real potentials, beyond the buzzwords? What impact will they have in terms of innovative business opportunities and impact on the more traditional forms of production, distribution and sales?

Guests of the meeting will be:

  • Pietro Leo, executive architect & CTO of IBM Italia, who will talk about augmented intelligence and the way in which technology is expanding our choices;
  • Gabriele Tazzari, R & D Director of Yoox Net-A-Porter, who will expand on artificial intelligence applied to computer vision;
  • Alfredo Maria Garibaldi, partner of Deloitte Italia, who will come to the heart of the opportunities that the analysis of Big Data opens up in the fashion world;
  • Giusy Cannone, managing partner of Fashion Technology Accelerator, who will bring the experience of the startup incubators specialized in the sector;
  • Stefano Molino, partner of Innogest, will, through the eyes of the investor, show how technology can give new life to the most traditional sectors in Italy;
  • three startups among the most innovative in the segment, Evo Pricing (data driven management platform), KPI6 (social media listening) and Mon Style (chatbot for style suggestions), will present themselves in the classic pitch.

Admission is free, but you need to register by sending a message to eventi@deloitte.it

 

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