ASOS, in collaboration with Fashion Minority Report (FMR), has recently launched a program called scaleUP, an incubator initiative specifically designed to support ethnic minority-owned brands in the fashion industry. The main objective of this program is to tackle the barriers these brands face in accessing the fashion market and scaling up their operations. Research from the London Chamber of Commerce and Industry has highlighted the difficulties black and Asian entrepreneurs encounter in setting up and running businesses, including challenges in securing funding, resulting in lower success rates compared to their white counterparts.
To address these challenges, the scaleUP program offers funding and support to two chosen candidates. These candidates will benefit from mentorship by industry experts, wholesale opportunities such as an exclusive collection on ASOS, and a year-long mentorship from experienced business leaders. In addition, they have the chance to pitch for up to £20,000 of funding each to support their growth. The program will also provide valuable workshops, talks, and a platform to showcase their brands at the scaleUP press and buyers showroom in February 2024 for up to five emerging brands.
Applications for scaleUP are open until 9 July, specifically targeting ethnic minority founders of UK-based fashion brands in women’s or menswear, as well as accessories. Eligible founders must have been operating their businesses for less than five years. The judging panel consists of representatives from ASOS, FMR, and other industry insiders. Vanessa Spence, Senior Creative Director at ASOS, expressed the company’s dedication to dismantling the barriers faced by ethnic minority-owned brands. The aim is to empower established businesses with promising visions and nurture emerging talent seeking that extra boost to enter the industry.
The partnership between ASOS and Fashion Minority Report signifies a growing awareness of the importance of diversity and inclusivity within the fashion industry. Through providing support and opportunities to ethnic minority-owned brands, the scaleUP program aims to establish a more level playing field and encourage innovation from underrepresented voices. Initiatives like scaleUP are paving the way towards a more inclusive future in the industry, where all fashion entrepreneurs have equal opportunities to succeed and thrive.
Useful links:
1. ASOS
2. Fashion Minority Report
