Jessie Zeng, 25, is hoping to make the latest female fashion trends accessible and affordable with her new startup Choosy.‘ data-reactid=”32″>Jessie Zeng, 25, is hoping to make the latest female fashion trends accessible and affordable with her new startup Choosy.
Choosy announced Tuesday morning a $5.4 million round of funding led by New Enterprise Associates (NEA). Forerunner Ventures, Innovation Global Factor and XFactor Ventures are among the other investors in this seed round. ‘ data-reactid=”34″>Choosy announced Tuesday morning a $5.4 million round of funding led by New Enterprise Associates (NEA). Forerunner Ventures, Innovation Global Factor and XFactor Ventures are among the other investors in this seed round.
Zeng grew up in China but came to the U.S. for high school. After getting a double degree in urban planning and economics at MIT and Wellesley, respectively, Zeng pursued banking at Citi for two years. Then she took three years off to return to China and worked for the family business as well as dabbled in venture capital investing.‘ data-reactid=”37″>Zeng grew up in China but came to the U.S. for high school. After getting a double degree in urban planning and economics at MIT and Wellesley, respectively, Zeng pursued banking at Citi for two years. Then she took three years off to return to China and worked for the family business as well as dabbled in venture capital investing.
“These influencers post anything they’re wearing on their social media accounts, and being so close to the supply chain, they can take pre-orders and create the product right away,” she explained. ‘ data-reactid=”59″>“These influencers post anything they’re wearing on their social media accounts, and being so close to the supply chain, they can take pre-orders and create the product right away,” she explained.
Zeng’s family is deeply rooted in textile manufacturing, and she had tried to veer away from that path her entire childhood. While she originally shuddered at the idea of going into the family business, she found herself drawn to the fashion industry — and she had a significant advantage because of her family’s existing network. ‘ data-reactid=”61″>Zeng’s family is deeply rooted in textile manufacturing, and she had tried to veer away from that path her entire childhood. While she originally shuddered at the idea of going into the family business, she found herself drawn to the fashion industry — and she had a significant advantage because of her family’s existing network.
Choosy has 15 employees working out of China, all of whom are considered full-time employees and get full benefits. They plan to produce garments within 48 hours of getting identified. ‘ data-reactid=”63″>Choosy has 15 employees working out of China, all of whom are considered full-time employees and get full benefits. They plan to produce garments within 48 hours of getting identified.
Fast fashion was supposed to be the beacon of hope in a dying brick and mortar retail industry. And a great experience for the customer who expects to see fresh styles every time she stops in to browse. But, excess inventory is proving to be a serious drag on the industry. Swedish retailer H&M reported $4.3 billion of unsold clothing, shoes and accessories in its latest quarterly report.‘ data-reactid=”70″>Fast fashion was supposed to be the beacon of hope in a dying brick and mortar retail industry. And a great experience for the customer who expects to see fresh styles every time she stops in to browse. But, excess inventory is proving to be a serious drag on the industry. Swedish retailer H&M reported $4.3 billion of unsold clothing, shoes and accessories in its latest quarterly report.
“Girl Boss” author Sophia Amoruso founded Nasty Gal in 2006 and raised multiple rounds of funding before ultimately filing for bankruptcy 10 years later. UK-based online retailer Boohoo bought the brand, that was once valued for over $200 million, for a mere $20 million. Los Angeles-based women’s e-commerce site Revolve relies heavily on influencers to market their music festival-focused garb. According to Forbes, Revolve reported $1 billion in sales, dressed 416 influencers and reportedly generated 4.4 billion social impressions last year alone.‘ data-reactid=”72″>“Girl Boss” author Sophia Amoruso founded Nasty Gal in 2006 and raised multiple rounds of funding before ultimately filing for bankruptcy 10 years later. UK-based online retailer Boohoo bought the brand, that was once valued for over $200 million, for a mere $20 million. Los Angeles-based women’s e-commerce site Revolve relies heavily on influencers to market their music festival-focused garb. According to Forbes, Revolve reported $1 billion in sales, dressed 416 influencers and reportedly generated 4.4 billion social impressions last year alone.
Zeng calls Choosy a vertically-integrated e-commerce company 2.0 and has convinced investors that she can run a more streamlined business than her predecessors. ‘ data-reactid=”74″>Zeng calls Choosy a vertically-integrated e-commerce company 2.0 and has convinced investors that she can run a more streamlined business than her predecessors.
Zeng herself has over 32,000 followers on Instagram. While she doesn’t consider herself an influencer, she said she has always been passionate about fashion. ‘ data-reactid=”77″>Zeng herself has over 32,000 followers on Instagram. While she doesn’t consider herself an influencer, she said she has always been passionate about fashion.
Florence, who has led investments in companies like Care.com (CRCM), Snap (SNAP), Quidsi (acquired by Amazon), Jet.com (acquired by Walmart) and Gilt Groupe (acquired by Hudson’s Bay), said Zeng immediately stood out to him among the thousands of entrepreneurs he meets every year.‘ data-reactid=”79″>Florence, who has led investments in companies like Care.com (CRCM), Snap (SNAP), Quidsi (acquired by Amazon), Jet.com (acquired by Walmart) and Gilt Groupe (acquired by Hudson’s Bay), said Zeng immediately stood out to him among the thousands of entrepreneurs he meets every year.
Despite operating in a crowded space, Choosy’s business model directly addresses the lack of innovation in the fast fashion industry. H&M emphasized the need to focus on three key areas — developing a more efficient supply chain, advancing initiatives like AI, and building customer apps and new tech faster. While the major retailer has struggled to execute if Zeng succeeds, Choosy has the potential to reshape the shopping experience as we know it.‘ data-reactid=”101″>Despite operating in a crowded space, Choosy’s business model directly addresses the lack of innovation in the fast fashion industry. H&M emphasized the need to focus on three key areas — developing a more efficient supply chain, advancing initiatives like AI, and building customer apps and new tech faster. While the major retailer has struggled to execute if Zeng succeeds, Choosy has the potential to reshape the shopping experience as we know it.