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DRESS-X IN TECH
While we start to digitize our lives, let’s not forget our closets and the staples that define our style. Through the industry growth of digital fashion, society has seen a shift from minimal wardrobe staples to mass product production, and now a push into digital creation. Technology within our world continues to grow with expansions into artificial intelligence, augmented reality, and blockchain technology. The economic impact of technological change is evident as digital asset exchange contributed $15 billion in revenue to the US GDP in 2021 (Mckinsey). In addition, investment within the fashion technology space grew 66% over the course of the pandemic, pushing the industry to further develop in the years to come (Mckinsey). The link between technology and fashion is becoming harder and harder to separate as new players change the framework outlining the future.
Driven by the wasteful impact of fast fashion, fashion connoisseurs are pushing towards digital fashion opportunities due to its impact on furthering sustainability. Bain and Company found that 75% of individuals surveyed are looking to reduce their clothing consumption. With this, the push to shop and consume ethically has led to the growth of zero waste fashion opportunities. Cultivating digital wardrobes has made way for digital fashion companies, like Dress-X, to grow in profitability and brand awareness.
Dress-X is the first multi-brand retailer of 100% digital clothing. Founded in 2020, Dress-X is a U.S. based company that believes “Digital fashion is the new fast fashion. If we really want it fast, it should be digital” (Daria Shapovalova, Co-Founder of Dress-X). The digital fashion simulated by Dress-X is a virtual garment crafter through 3D software built to simulate real clothing. Dress-X aims to develop a circular fashion economy as each product has an indefinite life cycle. With a focus of quality over quantity, Dress-X is able to provide consumers with strong pieces of fashion while still meeting demand due to its limited reliance on raw materials.
Dress-X furthers luxury fashion by collaborating with designers and labels to sell products in digital means.With its reach to change producer and consumer habits alike, Dress-X has utilized a combination of AI, augmented reality, machine learning, and blockchain technology to develop its platforms. Given its quick growth, Dress-X raised $2 million in seed funding to support the growth of its NFT platform. The importance of a strong NFT platform in the digital fashion realm is not unknown to the industry. In February 2021, RTFKT, an NFT platform offering collectible sneakers sold 600 pairs of digital sneakers amounting to US $3.1 million in just seven minutes, showing the growth in demand for digital fashion. The digital fashion industry is rapidly changing and investors all around the world seem to agree.
As you move forward in the months to come, look into the brands around you and the technology based endeavors they are beginning to pursue. From Barclay’s research, among individuals surveyed, 9% of clothing is bought for content creation, only to be returned afterwards. Companies like Dress-X seek to provide clothes that exist in their digital-only versions to combat the waste issues surrounding the state of fashion today. Next time, before you purchase a new piece to post and show, consider exploring the opportunities digital fashion has to offer, supporting the environment and opportunities for the future of fashion alike.