Fashion Turn to the Left

Fashism Struts Off to Startup Graveyard

No, no, and no again.

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

shameless rumormongering

Rumor Roundup: Artsy’s Art Basel Bust and the $50,000 Tip That Wasn’t

Screenshot_2012-12-06-13-26-26

Basel Bust? Artsy’s invite for its Art Basel party this year–thrown by Chanel–was positively littered with enticing cohosts. “On behalf of Carter Cleveland, Larry Gagosian, Wendi Murdoch, Peter Theil & Dasha Zhukova, we invite you to a beachside barbecue on Wednesday, December 5th in Miami Beach,” the invite said. Perhaps too enticing. “I ended up not going because it was such a shit show,” said one would-be guest. The tipster blamed the venue, noting that “the same thing happened last night at Amfar. It was a mess trying to get into the after party and there were 400 people waiting outside and inside it was a crowded mess.”

Typical for Art Basel, said the source, brushing off complaints. “Less so for tech startups :)” Too bad they missed Demi Moore’s highly gif-able turn on the dance floor next to Lenny Kravitz. Perhaps our partier will have better luck with Tumblr, which is hosting its own Art Basel extravaganza tonight. Read More

Pivotal Moves

Fab.com’s ‘Fabulis’ Pivot: 800 Percent Growth and 500,000 Users in Ten Weeks

fab

Kevin Ryan may be moving away from the flash sites that put Gilt Groupe on the map, but the sales device seems to be working just fine for Fab.com. After a smooth landing on a successful triple pivot [Ed Note: our bad, original idea plus two pivots does not equal three!]–from a daily deals site for gay men called Fabulis, to a flash sales sites for gay men, to a flash site for design for everyone, regardless of gender or sexuality–GigaOm reports that Fab.com has grown 800 percent since May. It’s only been ten weeks, but the site is already approaching the 500,000 user mark. The key, according to CEO Jason Goldberg,  lies in part with a little feature they like to call the “inspiration wall.” Read More