Otrium named one of the world’s most innovative companies
Otrium Debuts on Fast Company’s 2023 World’s Most Innovative Companies List
2 MARCH 2023
Otrium, the leading digital outlet transforming how consumers buy end-of-season fashion, debuts on Fast Company’s prestigious 2023 World’s Most Innovative Companies List after a year of explosive growth. Each year, the American magazine’s editors search the world for the perfect blend of the next generation of trailblazers and decade-defining disruptors. We’re solidifying our rising star status – joining the ranks of disruptors like Airbnb, Ralph Lauren, Apple & more.
Otrium is changing how fashion is created and sold, challenging industry norms around overconsumption and overproduction. The outlet with a mission wants a future where every item of clothing produced is worn. Otrium empowers over 300 brands to responsibly sell excess inventory, connecting them to a community of five million consumers – and counting. Otrium has seen revenue jump of 1000% year over year and members grow at a speed of 500%.
“The conversation around what to do with excess inventory in fashion has never been more timely or critical,” says Zuraihah Scott Washington, President and Chief Operating Officer. “Otrium is eliminating unsold inventory and changing the way fashion is created and sold. Through our mission to transform the end-of-season segment through technology, we’re flipping the traditional fashion industry model that relies heavily on seasonality, trend, physical retail, or stock buyers. With every item we sell, we divert textile waste away from countries like Ghana and Chile which often end up burned or in landfills.”
Otrium’s free, members-only platform allows consumers to unlock exclusive access to high-quality brands like Belstaff, Mara Hoffman, APL, All Saints and Everlane for a fraction of the price – while educating consumers on the positive impact of their choices. “Our platform elevates the off-price experience for discerning brands and consumers alike,” says Washington. “Consumers want thoughtful solutions and options amidst increasing economic and climate uncertainty.”
“57 percent of our community tell us they prioritize buying off-season instead of new off the rack,” elaborates Washington. “Otrium is enabling new consumer shopping experiences by offering what we like to call ‘second chance’ vs. second hand inventory seen in resale models.”
No item is left behind. Otrium ultimately connects its brand partners with preferred stock buyers and local charities for the small amount of pieces that can’t be sold through its consumer platform, optimizing a partner’s recovery value.
“The ocean of possibility is blue – and we know Otrium is driving the change,” says Milan Daniels, co-founder, speaking from New York City. “While off-price fashion sales are still predominantly taking place offline, the market represents a $200 billion opportunity. By 2030, we expect our playground to be worth as much as $480 billion – and no new clothing in landfills.”
In 2022 alone, Otrium matched over 5 million garments with new owners.
- Partnership will give Otrium’s three million members greater visibility of brands going the extra mile when it comes to sustainability.- Shoppers can now select a filter showing only conscious brands and products, rated using Good On You data - Partnership comes as Otrium announces new Good On You accredited brands onto its marketplace including Alchemist and Closed joining longer standing partner brands including Karl Lagerfeld, Alex Chung, and BelstaffOtrium, the premier fashion outlet marketplace today announces a partnership with Good On You, fashion’s #1 source for brand sustainability ratings. The partnership represents a significant step forward for the industry in making sustainable fashion more accessible. Otrium’s three million members around the world can now instantly see what brands go the extra mile on sustainability directly on the search results pages. Otrium members can now select a filter on the website or app that shows only ‘Conscious’ brands and products. This ‘Conscious’ label is based on Good On You’s rigorous ratings methodology, which evaluates each brand’s track record on the environment, labour and animal welfare. On Otrium, brands are asked to consent to show their rating. Good On You independently rates brands on behalf of consumers. The focus on transparency is why ratings are based solely on publicly available information including industry-leading standards, certifications and brands’ own reporting. To date, Good On You has rated more than 3,000 brands including mainstream fashion houses, smaller designers and ethical labels. Otrium co-founder and CEO, Milan Daniels, said: “We’re committed to finding ways to help our members shop more consciously, giving our fashion-lovers the best possible online retail experience while making sure every item of clothing produced is worn. Our partnership with Good On You will help to improve visibility for our millions of members so they can easily choose brands that go the extra mile to be more sustainable.It’s essential that we collaborate with external experts like the Good On You team. We are in the business of helping fashion brands waste less with a purpose-led vision of a circular future for the fashion industry. There are enormous challenges ahead as the world pushes towards a more sustainable future and we’re playing an important role by working with brands to help them reduce waste in fashion.” Sandra Capponi, co-founder of Good On You, said:"Fashion urgently needs to make progress on sustainability issues, and consumers have significant power to push the industry forward. We believe everyone has a right to know how brands impact the issues that you care about. That’s why it was natural for us to partner with an innovative platform like Otrium. We already share so many values around making sustainable fashion more accessible and combating waste.Thanks to this partnership Otrium is helping more customers than ever discover leading conscious brands—and that can make a real difference. Collectively, when we're all choosing to support the brands doing good for people and the planet, then the industry will have no choice but to respond. That’s how we help create a sustainable future for fashion.”Otrium’s fashion marketplace was designed to help solve the enormous multi-billion dollar industry challenge of unsold inventory. Currently, approximately 12% of clothing produced, or more than $200 billion, stays unsold sitting in warehouses.Using proprietary technology, Otrium works with fashion brands to help find a buyer for every item of clothing produced to reduce the clothing waste. It offers brands an easy way to set up an online outlet store, leveraging its in-depth analytics to ensure brands maximize their revenues and ensuring customers get the best fashion brands at exceptional prices, all with premium service.Significant momentum behind OtriumThe news of the partnership with Good On You comes as Otrium announces new brand partners to its marketplace of over 300 brands including Theory, All Saints & Joseph, which have been added to longer standing partner brands including Karl Lagerfeld and Belstaff. On top of this the marketplace is seeing revenues more than double in 2021 and is launching in the US at the end of this month.Otrium has 3 million registered members and over 300 fashion stores now on its app. It serves over 20 markets across Europe and the US from 3 logistics hubs located in the Netherlands, UK and the United States.For further information, please contact [email protected]
London, January 2022: Otrium, the end-of-season fashion platform, is bringing Data-Made Fashion to the industry to reduce waste from unsold inventory and excess fabric, and ensure more of the clothes created are bought, reducing waste and pollution.At the cutting edge, the company is already collaborating with many of its brand partners, which also includes Studio-AR amongst many others, to produce Data-Made Fashion items and is seeing this pioneering part of its business expanding rapidly. Already, a Data-Made Fashion item for Otrium resulted in a best selling item for Alchemist, showing the commercial impact of the approach. Otrium was designed to solve the fashion industry's unsold inventory challenge by giving fashion brands an online outlet channel and the digital tools to smartly connect their end-of-season collections with fashion lovers. For users, Otrium offers hundreds of designer brands in one app at up to 75% off. Behind the scenes, Otrium goes to great lengths to ensure that it fulfills its company purpose - the company believes all clothing should be worn. That isn’t the case right now, currently, around 1 in 10 items are never sold, they remain in warehouses and eventually end up in landfills. Working towards a future when all clothing is worn, Otrium goes the extra mile to ensure its brand partners give their unsold items the best chance to find an owner. As well as Data-Made Fashion, Otrium’s technology also : undefinedundefinedOtrium enables its brand partners to improve their ESG reporting processes and performance by helping brands to be entirely transparent about where their unsold inventory and fabrics are going – and providing them with the data to back this up.
What is Data-Made FashionData-Made Fashion uses data from shoppers to create the clothes they want to wear, reducing waste from unsold inventory and creating fashion lines that don't end up unsold and so won’t ultimately find their way to landfills. Otrium does this by using its customers' data, with their permission, in the right way. Otrium’s partners are able to create clothes customers want to wear, meaning fashion without excess (colours, sizes, lines etc.) Data-Made Fashion also enables a more efficient use of fabric, meaning less waste from excess material, a significant fashion industry polluter. As a result, Otrium helps brands create fashion that’s meant to be worn by taking the guesswork but not the creative inspiration out of clothing creation.Otrium believes this is the future for a sustainable fashion industry and across the board fashion will shift towards a more demand-based approach to clothing creation. About the Alchemist partnershipOtrium has partnered with Alchemist, a Dutch label founded in 2004 by Caroline Mewe, who believes fashion and ethical business practices are equally important. The label creates beautiful clothing that is ethically produced from sustainable materials. Every year, Alchemist carefully creates two collections. These collections are assembled from designs that are easily mixed and matched with earlier collections, ensuring longevity. They make sure their collections are not only beautiful, but also durable. Also built to be worn through different seasons, the focus of the collections isn’t on following fast-moving trends but on high-quality designs that fit well. For the partnership with Alchemist, the team worked with excess fabrics. The data insights Otrium provided showed Alchemist which styles are most popular with customers. This way, the team has been able to produce a lead item from overstock fabric. The item, the Dollma top in dark chocolate, has proven to be amongst the brand’s best-sellers, and the brand is now planning on a new Data-Made range for Spring ‘22.Says Milan Daniels, co-CEO & co-founder of Otrium“Creating Data-Made Fashion items with Otrium means that instead of being optimistic based on a gut feel, brands can be realistic, informed by the data. At Otrium we’re committed to creating long term positive impact and value with Data-Made Fashion that paves the way to a future without excess inventory altogether. “Alchemist founder, Caroline Mewe, says;“With Otrium, we combined leftover fabric from some popular items and their data insights to create one of our best-selling styles – our top Dollma top. Because our supplier already had the pattern and fabric in stock, they were able to quickly make the fabric into a beautiful item, which has sold incredibly well. We’re now planning on combining Otrium’s data with our designs and beautiful fabrics to expand our Data-Made Fashion range later in Spring 2022.”
The British Fashion Council announces Otrium as a new Patron- The British Fashion Council has announced end-of-season fashion platform Otrium as its newest Patron, joining the likes of Depop, Farfetch and Yoox Net-A-Porter Group- As part of the Patronage, Milan Daniels, Co-CEO and Co-Founder at Otrium, joins the British Fashion Council’s Industry Advisory Board- The news comes as Otrium hits new heights, with over 3.5 million registered members and 400 brand partners now live. Recent labels joining the roster include Zadig and Voltaire, All Saints, Viktor & Rolf and Thakoon.Amsterdam, 4 February, 2022 - Today, the British Fashion Council and Otrium, the end-of-season fashion platform, announce that Otrium has become the newest Patron of the British Fashion Council. The patronage reflects the alignment between Otrium’s vision of a world where all clothing is worn and the British Fashion Council’s ambition to build a successful circular fashion economy.Otrium joins 36 existing patrons of the British Fashion Council including Depop, Farfetch, Yoox Net-A-Porter, Burberry and Chanel.As a Patron, Otrium will support the British Fashion Council to deliver significant and impactful programmes that positively impact the industry at large. Specifically, Otrium will play a key role in helping the British Fashion Council to develop strategies for more sustainable business practices and how fashion brands report their ESG progress and credentials.As part of the Patronage, Milan Daniels, Co-CEO and Co-Founder at Otrium, will also join the British Fashion Council’s Industry Advisory Board to oversee, support and advise on key issues facing the industry.Otrium was designed to solve the fashion industry's unsold inventory challenge by giving fashion brands an online outlet channel and the digital tools to smartly connect their end-of-season collections with fashion-lovers. With 57% of Otrium customers agreeing that purchasing an Otrium item prevents them from buying new, Otrium is undoubtedly realising this goal.Behind the scenes, Otrium goes to great lengths to ensure that it fulfils its company purpose - the company believes all clothing should be worn. That isn’t the case right now, currently around 1 in 10 items are never sold, they remain in warehouses and eventually end up in landfills. Working towards a future when all clothing is worn, Otrium goes the extra mile to ensure its brand partners give their unsold items the best chance to find an owner. Otrium’s technology helps brands in 3 ways: undefinedundefinedundefinedOtrium works with over 400 fashion brands and serves over 20 markets across Europe and the US. Recent labels joining the roster include Zadig and Voltaire, All Saints, Viktor & Rolf and Thakoon. They join established international brands including Karl Lagerfeld, Reiss and Asics. For its 3.5 million members, Otrium offers a personalised off-price fashion experience and reductions of up to 75%. Otrium co-founder and CEO, Milan Daniels, said: “Embarking on a Patronage with the British Fashion Council is an important milestone for Otrium. We see a future where all clothing is worn and supporting the British Fashion Council’s work is a major step towards getting there. We look forward to collaborating with the British Fashion Council’s wider network and driving long-term positive change in the industry.”Caroline Rush, BFC Chief Executive commented: “We are delighted to welcome Otrium as a BFC Patron. As we embark on an important journey to make the British fashion industry circular, Otrium’s expertise will be crucial for our extended network. We look forward to working with Otirum to create positive change across the industry.”