The Launch of Syky: A Digital Fashion Marketplace

Digital fashion startup Syky, led former Ralph Lauren executive Alice Delahunt, is entering the market with a revolutionary retail marketplace that brings together both digital and physical fashion. The platform will offer a wide range of products, including digital-only apparel, footwear, and accessories, as well as physical “one-of-ones” and augmented reality fashion.

To kick off the launch, Syky has collaborated with emerging designer Fanrui Sun, who will be selling a small collection of items as non-fungible tokens (NFTs) under her label Sunw. The collection includes two digital-only dress designs and one digital-physical bag design, giving buyers both a physical and digital version of the items.

Syky’s platform will not only serve as a marketplace for designers to showcase and sell their works but also enables consumers to purchase, showcase, and sell their purchases via a secondary market. To facilitate these transactions, users can connect their cryptocurrency wallets to the Syky platform.

This launch marks a significant step towards Syky’s ultimate business model, which aims to function as a next-generation luxury fashion conglomerate akin to LVMH. The company’s goal is to foster and promote luxury fashion brands while earning revenue from their sales, all with a digital-first approach.

Syky’s year-long incubation program, known as the Syky Collective, features ten brands, including Fanrui Sun’s Sunw label, Glitch of Mind, and Felipe Fiallo. The British Fashion Council has provided its fashion curriculum to support participants in the Syky Collective.

This groundbreaking platform has garnered support from investors, including Alexis Ohanian’s Seven Seven Six Capital, affirming its potential to reshape the fashion industry. Syky’s aim is to inspire the entire fashion industry to embrace a new digital era and seize the opportunities presented the convergence of fashion and technology.

Definitions:
– NFTs: Non-fungible tokens are unique digital assets that represent ownership or proof of authenticity of a particular item or artwork.
– Augmented Reality Fashion: Fashion pieces and accessories that are designed to be experienced and showcased through augmented reality technology.

Sources:
– Vogue Business (www.voguebusiness.com)
– Syky official website (www.syky.com)