Welcome to the FirstMark Family (and to the United States) Fame & Partners
Sometimes as a venture capitalist, you make broad sweeping proclamations to yourself based on your biases at the time, or at what point you believe certain innovations or trends are in their life cycle.
We have seen a lot of interesting emerging commerce brands and invested through the commerce ecosystem which has been driven by the fundamental shift to buying online. We were not sure about what would be new, compelling or different. But, sometimes, when you meet a special entrepreneur your preconceived notions change. That is what happened when we met Fame & Partners’ Founder and CEO Nyree Corby.
Fame & Partners delivers a high quality, bespoke dresses without the traditional cost. Taking a data-driven approach, they aim to be women’s first choice when outfitting for formal events.
The company has multiple levels of innovation. Fame has developed a unique algorithm that considers color, fabric, style, celebrities’ social media influence, red carpet appearances, and competitors’ offerings to accurately predict the most popular designs of the day. The Company has also created various body type templates fora better fit and enabled elements of personalization so they can deliver a mass customized product. In addition, the team has developed an on-demand global supply chain that balances speed, quality, and customization with drop-ship delivery. Custom gowns are delivered to customers in about two weeks at fast fashion prices.
As much as Nyree is an expert in fashion — helping me navigate the difference in satin and chiffon — she is even more impressive as a data-driven executive. She has built her business on the back of data, smartly assessing trends in consumer behavior and matching supply and demand.
She is chasing a massive market. Including proms, weddings and other special events, occasion dresses are a $29.6 billion global business. U.S. women spend $3,400 per year on clothing and apparel ($283 per month), attending four special events a year. Around 30% say they want to customize their outfits and 81% say it’s difficult to find the perfect dress.
We believe Fame & Partners can help them find that perfect dress.
We also appreciated Nyree’s entrepreneurial journey. She started the Fame & Partners business in Sydney and has just relocated the business to Los Angeles in order to build a large global business from the much larger US customer base. We are excited to partner with Upfront Ventures, who has a great local LA network and platform. In addition, I am excited to serve on the Fame Board with Yves Sisteron who has a deep background in retail and commerce.
I’m very excited for FirstMark to lead the company’s Series A and to join the board of directors. We hope that you’ll give Fame & Partners a try for your next big occasion!