Fashion and beauty brands who are well developed in their home regions but would like to expand globally need retailers to stock their products and influencers to help with branding and advertising efforts in new markets. Currently, these parties spend several weeks a year and thousands of dollars traveling around the world to trade shows and scouring the internet, on average 10-15 hours per week, to accomplish this task. The average budget for a brand to exhibit at a trade show can currently range anywhere from $10,000-$60,000 per show. Across our 7 target markets, over $140 billion of fashion and beauty products are traded annually.
Globelist is a fashion technology company based in New York City that enables retailers and influencers to discover fashion and beauty brands from around the world. The goal and mission is to create a truly global coherent fashion ecosystem online. Globelist offers the opportunity for regional fashion and beauty brands to expand their businesses internationally and get access to distribution and marketing/advertising outside of their home areas. The product is unique because it focuses on building relationships in the fashion and beauty industries.
How It Started
What inspired CEO, Mitali Rakhit, to start a business is that she was initially unsuccessful in getting a job in the industry that she was recruiting for, management consulting. It was winter in New England and Mitali was starting to feel depressed after spending almost 6 months preparing for consulting interviews and not getting any offers. She was sitting in her living room and wanted to channel her energy into something positive and had always wanted to start a company. She had an interest in fashion but never thought it was something she could do for a living. Mitali knew she had a wedding coming up in India that she needed to attend but searched all existing e-commerce platforms for South Asian wear that she knew of and couldn’t get an outfit delivered for 4-6 weeks which she thought was ridiculous for 2015. Therefore, her initial idea was to create an e-commerce store for South Asian designer wear. That idea completely evolved into the current concept after a series of events along the way including an unpleasant encounter with a male entrepreneur at a networking event in NYC and doing customer interviews at a tradeshow in Singapore. Finally, Mitali realized that a B2B product would fare much better in the current macro environment given what she was trying to accomplish versus a B2C product. Mitali then scrapped the entire initial MVP and started rebuilding the current product with her team.
How it works
Retailers, brands, and influencers fill out an application to join the community based on our minimum criteria. If selected, they are able to make profiles and upload products and services to be discovered by other members and can place/receive orders.
It has been challenging and very time consuming to be able to filter through all the applications to match the highest quality retailers and influencers to the right brands. We are working on developing an algorithm to do this more efficiently.
Current Status, Growth and Future Goals
Currently Beta Testing with retailers, influencers, and brands from SE Asia, the Middle East, Brazil, and the US. Globelist is focusing on pulling brands from growth markets, although there is an interest for western brands to enter the retail space there as well. As the company grows and expands, it will be facilitating a large amount of intercountry trade and building international business relationships in the fashion and beauty ecosystem. It is a great time to be in fashion and beauty especially as several countries are opening up their economies, like Iran and Cuba. The team is excited for the future and the role Globelist will play in it!
Meet the Globelist Co-Founders:
Mitali is a Yale graduate student, have an extensive background in research and data analysis and have worked in consulting at ZS Associates. Her passion for the global fashion industry is rooted through a history of family businesses in textiles in India. She has traveled to over 50 countries and have a wide international network of contacts in the industry.
Connect with Mitali: Linkedin
Connect with Adam: Linkedin