A report from the London Chamber of Commerce and Industry found that Black and Asian people face hurdles in setting up and running businesses, including struggling to access funding, and that ethnic minority-owned businesses have lower success rates compared to their White counterparts.
Also for this reason, the (Fashion) Minority Report (FMR) and ASOS, a British online fashion and cosmetic retailer founded in 2000 in London primarily aimed at young adults, announced the launch of their inaugural incubator programme, scaleUP, an initiative to help bridge the gap between the fashion industry and ethnic minority-owned brands – who continue to face barriers in accessing the fashion market and scaling up their business operations.
As any brand founder knows, the path to success in the fashion industry can often feel challenging, but as someone who is an ethnic minority, the barriers are often greater to break through.
(Daniel the (Fashion) Minority Report)
The programme will provide two successful candidates with insight and guidance from leading industry experts, wholesale opportunities including the launch of one collection available exclusively on ASOS, and one year of mentorship from business leaders.
Through ScaleUP, we’re searching for vibrant, captivating brands that resonate with our fashion-loving ASOS customers and are highly trend-led, relevant, and fashionable, at accessible prices.
(VANESSA SPENCE, SENIOR CREATIVE DIRECTOR, ASOS)
The two successful businesses will also have the opportunity to pitch for up to £20,000 of funding each to support their growth. In addition, the programme will also onboard up to five additional emerging brands who will benefit from workshops, talks, and the opportunity to showcase their brand as part of the February 2024 scaleUP press and buyers showroom.
Applications are open till 9 July. Find out more here.
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- Source: https://thisisoliver.co/2023/06/03/an-incubator-to-support-ethnic-minority-owned-fashion-brands-landed-in-london/