So it goes: Another once-buzzy startup has packed it in. Fashism, the New York-based social shopping app that let you post photos of outfits and solicit yes or no verdicts, just sent out an email titled “It’s so haaaaaard to say goodbyyyyyyyyyeeeee.” You might remember it as the company whose investors included Ashton Kutcher and Demi Moore, back before their marriage hit the rocks.
To their credit, the email is pretty straight-up: ”We have not been able to generate enough revenue to keep Fashism up and running.”
In a comment to Betabeat, cofounder Brooke Moreland was similarly frank: ”I think that even though our users love the app and the brand, we were never able to scale to the level we needed to generate significant revenue. It’s tough to make money on a social app.”
She added, “We were able to get creative and keep ourselves going for the past 4 years, but it became clear that we would not be able to create the type of business that we had initially intended. “ Read More