Fashion Forward (FFWD) has announced that selected designers from its third season will team up with the crowd-funding website Eureeca, in order to launch a 90-day equity funding campaign. Interested investors can provide committed investment in return for shares in the respective brands.
“Forming partnerships, such as this one with Eureeca, is integral to FFWD’s long-term vision to nurture and grow the region’s fashion industry,” explained Bong Guerrero, Founder and CEO of Fashion Forward, in an official statement.
The first brand to start its crowd funding campaign is men’s accessories label Monsieur Fox by Adrian Azodi, who showcased his wares at FFWD Season Three in The Garden; his just-launched Eureeca campaign will run through June 10th. “For Monsieur Fox, as a small brand, we were at an inflection point of growth. In order for us to reach our next stage of expansion and to scale we needed to raise funds,” explained Azodi. “Working with Eureeca will help us to use the potential of the region by giving us a platform to reach a crowd and range of investors which will empower us to take on the global menswear market with an established base in the Middle East.”
Eureeca.com has one fashion success story under its belt. In January of this year, Roula Ghalayini, founder of the women’s bag brand Poupée Couture, was the first fashion designer from the region to get investments through the site; against an initial target of US $70,000 (roughly AED/SAR 256,500), Ghalayini was able to secure US $112,833 (roughly AED/SAR 412,000).
