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It is no secret that fashion cannot exist in a bubble; the trends and triumphs of the catwalk are always a direct reflection of the world of their conception, and the mood of society and the designs of the latest season’s lookbooks are inextricably connected.
Even amid the crypto bear market, the present moment is proving a fast-moving one for fashion players’ Web3 strategy. One sure example of that is the situation of digital fashion start-up Syky, which was established by former chief digital officer at Ralph Lauren, Alice Delahunt, and has raised $9.5 million in a series A funding round led by the Seven Seven Six venture capital firm.
As reported by Vogue Business, Delahunt has said that Syky – pronounced “psyche” – is using the funding to help build out its leadership team.
It is a time alive with possibility for Syky as it sets about incubating aspiring designers, despite crypto start-up funding having recently become more difficult to come by for many.
“The perfect example of ‘founder-market fit’”
One of the other participants in the recent funding round was Brevan Howard Digital, the crypto and digital asset arm of the European hedge fund management company Brevan Howard.
Brevan Howard Digital’s co-head of ventures, Colleen Sullivan, was full of praise for Delahunt, describing her as “the perfect example of ‘founder-market fit’; she was ahead of everyone in pioneering digital fashion initiatives at Burberry and Ralph Lauren, and now she is bringing her unique talents and foresight to Web3.”
Sullivan added that Syky was building a “visually appealing experience that is inherently social, sustainable, and open to anyone in the world with an Internet connection”.
So, what else is currently happening at Syky?
The enthralling developments are coming thick and fast for Syky; recent recruits have included Delahunt’s former Ralph Lauren colleague Roxanne Iyer as COO, Jonathan Bennett (formerly of Burberry) as CTO, and fellow ex-Burberry staffer Rachel Crowther in the creative director post.
Vogue Business said that an NFT drop represented the “first phase” of Syky’s business, with membership offering such perks as access to digital and physical events, opportunities for networking, curated fashion-tech reports, and access to future drops.
Syky, which only launched its blockchain-based platform in November 2022, is minting no fewer than 987 “Keystone” NFTs, with distribution set to encompass leaders in the fashion and Web3 sectors. At the time of writing, an allowlist had already been opened, with a wider release to the general public set for 20th January.
Intriguingly, Syky has set aside 50 Keystone NFTs for aspiring Web3 fashion designers, who are able to apply via the Syky website.
Syky’s business model effectively has three prongs: a community for Web3 and fashion; a collective enabling up-and-coming designers to showcase their work; and a platform for the buying, selling, and trading of collections.
Set in place strong foundations for your own high-end brand’s growth during 2023
As efforts continue among various start-ups to bolster the accessibility of digital fashion, exciting possibilities keep opening up for all manner of businesses in the fashion, luxury, and lifestyle spaces that are interested in revamping or refining their Web3 strategy.
For an in-depth discussion of how our own professionals at Skywire London can support your brand’s efforts to achieve sustainable growth in 2023, please don’t wait any longer to enquire to us via phone or email.
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