A new generation online fashion retailer has secured investment as it looks to tap into a $6 billion market.
QUT Creative Enterprise Australia has announced its second investment via its Creative Enterprise Fund.
Fame & Partners has secured the backing in a bid to tap into the $6 billion formal and prom dress market.
Fame & Partners is a hybrid technology and fashion business, using a proprietary algorithm to track the latest trends in event wear.
The business leverages a real-time supply chain set up to offer customisations to these on-trend garments.
The Creative Enterprise Fund is the first dedicated investment fund in Australia that specialises in accelerating the growth of companies in the creative industries.
It is an initiative of QUT Creative Enterprise Australia (CEA).
Fame & Partners CEO Nyree Corby said the formal and prom dress market has been "crying out" for a better online solution.
"The formal wear market originates from bridal ranges that are traditionally sold through small retailers who hold onto old stock.
"They cannot take a fast-fashion approach or keep up-to-date with the amorphous social media fuelled trend-conscious consumer.
"Teens and young women are incredibly tech savvy fashion enthusiasts, sharing blog and social posts of their favourite frocks, daily.
"I noticed a huge disconnect between what young women wanted to wear to their special events, and what was available to them through retailers.
"At the same time I recognised this as an untapped opportunity with huge potential.
"We started selling made-to-order formal dresses in Australia, where we were able to fine-tune our online customer purchase path and supplier and shipping arrangements.
"We’ve experienced strong sales in Australia since startup, so we recently opened up our offering up to the lucrative US prom dress market.
"Within four months, our US sales are already close to exceeding Australian revenue, so we can see huge potential for expanding Fame & Partners there and in other markets globally."
The Creative Enterprise Fund was established by CEA to support creative startups in Australia by investing up to $150k in emerging businesses with significant growth opportunities and global potential.