LVMH awards Innovation Award to start-up Save Your Wardrobe
After recognizing a British company optimizing luxury product delivery in 2022, the French group LVMH once again chose a British start-up as the winner of its seventh LVMH Innovation Prize. The 2023 trophy was presented on June 15 by Bernard Arnault at the Parisian Viva Technology trade show to the London-based start-up Save Your Wardrobe,' founded by Hasna Kourda. In 2020, the company launched a web platform that encourages consumers to care for, repair, and manage their clothing.
"Save Your Wardrobe joins the prestigious list of winners of the LVMH Innovation Award, all of whom have had an exemplary career within the group, contributing to making our houses even more desirable and offering the most memorable experiences. Save Your Wardrobe perfectly exemplifies our ambition in creative circularity, a cornerstone of our environmental roadmap, LIFE 360. I am convinced that their solution will quickly resonate with the aspirations of our houses and the expectations of our customers," commented LVMH CEO, Bernard Arnault.
With the aim of increasing the sustainability of a wardrobe, the platform adapts to the needs of brands and retailers to "streamline the post-purchase experience through reservation and after-sales service management," covering repair, maintenance, and upcycling.
In 2022, Save Your Wardrobe raised approximately three million euros in funding to expand its operations in Europe, particularly in France and Germany. As part of the LVMH prize, the company will collaborate with the group's brands and receive personalized support for one year within its accelerator based at Station F, called
'La Maison des Startups LVMH'.
This year, over 1,300 start-ups from 75 countries applied for this prize, setting a record. Among them, 18 companies were invited to present their work at the LVMH pavilion during the dedicated technology trade show. Save your wardrobe received the grand prize and also stood out in the 'omnichannel and retail' category.
Six other players were awarded prizes. Neobrain, an AI-based employee management software suite, won in the 'Employee Experience, Diversity, and Inclusion' category; the Vidmob platform excelled in the 'Image and Media' field; Absolute Labs triumphed in the 'Digital Immersive Experiences' category; Woola packaging stood out in "Sustainable Development and Green Tech', while ChatLabs received a special mention for "Data and Artificial Intelligence'.
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