From PSFK's Accelerating Innovation In Retail report, here's how today's leading brands are fostering new innovation by creating programs, coalitions and events that support emerging talent

While some companies are fostering innovation through internal processes, many brands and retailers are leveraging external means, such as startup support, strategic partnerships and venture capital investments, as a way to accelerate change and stay ahead of the competition. Leaders across the retail industry are participating in these efforts, launching innovative accelerator programs and co-creation initiatives that nurture emerging brands, new technologies and young talent.

From PSFK’s Accelerating Innovation In Retail report, here’s how today’s top retailers are fostering new innovation by investing in programs that provide mentorship, training and resources to the leaders of the future:

Estée Lauder Hackathon
To debut its Long Island City Tech Hub, beauty brand Estée Lauder hosted an external hackathon to innovate in technology across its beauty brands. The company intentionally mixed its participants amongst working professionals and college students from local universities, such as NYU, Stony Brook, Fordham and the University of Pennsylvania, in order to disrupt the space with external ideas.

L’Oreal Open Innovation
Beauty brand L’Oreal collaborated with Station F to create the exclusive beauty tech accelerator within the startup campus. The partnership aims to build the future of beauty, bringing ideas from both companies together for fresh innovations of personalized beauty for global consumers. This collaboration comes as one of L’Oreal’s many initiatives at play with its incubator.

The Vanguard by Net-A-Porter
French luxury fashion e-tailer Net-A-Porter launched an initiative called the Vanguard that nurtures emerging fashion labels around the world. The incubator program provides mentorship and training for the upcoming labels, as well as access to venture capital.

Source: stock photos from g-stockstudio/Shutterstock

Tommy Hilfiger x IBM x FIT
Apparel brand Tommy Hilfiger collaborated with tech company IBM and the Fashion Institute of Technology’s Infor Design and Tech Lab on a project called Reimagine Retail, which included an AI-powered tool that can quickly identify upcoming fashion trends. During the collaboration, FIT students were given access to IBM Research’s AI capabilities and applied them to Tommy Hilfiger’s product images. Machine learning then gave the students insights and inspiration for key silhouettes, colors and patterns.

For more insight into today’s innovation efforts, and how brands and retailers are fostering a culture of change, download PSFK’s Accelerating Innovation In Retail report, available here.


Lead image: stock photos from Rawpixel.com/Shutterstock

While some companies are fostering innovation through internal processes, many brands and retailers are leveraging external means, such as startup support, strategic partnerships and venture capital investments, as a way to accelerate change and stay ahead of the competition. Leaders across the retail industry are participating in these efforts, launching innovative accelerator programs and co-creation initiatives that nurture emerging brands, new technologies and young talent.

From PSFK’s Accelerating Innovation In Retail report, here’s how today’s top retailers are fostering new innovation by investing in programs that provide mentorship, training and resources to the leaders of the future: