Master in International Fashion Business students Catalina Aranda Manrique, Varnika Sangoi and Davina Vogt have been awarded in May 2024 the Women in Entrepreneurship prize at the Mark Challenge, a business plan competition powered by the International University of Monaco (IUM) that brings together students, alumni, academic professionals and business leaders from all over the world. Here, the Fashion Business course students report on attending the prize collection ceremony in Monaco as well as the details and the future trajectory of their winning project.
Stepping into Monaco, we were immediately struck by its unique blend of old-world charm and cutting-edge modernity. This city is not only a haven for the affluent but also a hub for global business, making it an ideal venue for the Mark Challenge. The Yacht Club, with its stunning views of the Mediterranean, encapsulated the grandeur and opulence of the city, making it the perfect setting for the award ceremony. This environment was not just about luxury; it was about connecting with a global network, sharing ideas, and envisioning the future of fashion and business.
The days surrounding the award presentation were filled with excitement and anticipation. At the Yacht Club of Monaco, we felt a surge of pride and gratitude for the recognition of our project. The presentations by other groups showcased a diversity of projects, filling us with a mix of nervousness and accomplishment. Above all, we were confident in the potential impact of our project, LuxVentures.
Creating, crafting, learning, adventure – these words capture the essence of LuxVentures. In today’s world, traditional summer camps often emphasize sports and nature, overlooking the vibrant world of fashion. With the decline of artisanal craftsmanship and a shift towards digitalization, it’s crucial to immerse children in the rich culture of fashion and encourage a more tactile approach. This is where LuxVentures comes in, exploring a unique market and bridging this gap. LuxVentures is a distinctive summer camp that nurtures creativity, promotes personal growth and emotional intelligence, and offers parents peace of mind knowing their children are in good hands, making friends from around the world. Held annually in four global cities with only 100 participants per edition, the camp offers innovative activities focused on fashion, along with unique accommodation and dining experiences.
The winners of each category were announced, culminating in the Special Award for Women in Entrepreneurship sponsored by Angels for Women (A4W), an association supporting female-led startups. The announcement of LuxVentures as the winner transformed anticipation into sheer happiness. Elena from A4W asked about the genesis of LuxVentures. We explained, “We wanted to focus on a different target: kids are often overlooked, and today’s consumption is more product-focused rather than experience-focused. We wanted to bring this type of experience to kids so they can connect more with the world of luxury and craftsmanship. The LuxVentures experience is designed to contribute to the personal development and growth of children by introducing them to these values.” After the ceremony, we connected with other participants, enriching our Monaco experience by networking with international students.
The Mark Challenge is more than just a competition; it’s a glimpse into the future of the fashion industry. The diversity of projects presented underscored a significant trend: the shift from product-centric to experience-centric consumption. In our discussions with other participants, it became clear that the future of fashion lies in creating meaningful, immersive experiences that connect consumers to heritage and craftsmanship.
Our project, LuxVentures, exemplifies this shift. By focusing on the younger generation, we aim to instill a deep appreciation for the artistry and cultural significance of fashion. This approach not only nurtures creativity but also fosters a sense of global citizenship and cultural awareness. Other projects at the Mark Challenge similarly emphasized sustainability, ethical production, and the importance of storytelling in fashion, highlighting a collective move towards more responsible and impactful business practices.
We are currently awaiting our prize, which includes support for the application process to A4W, feedback for further business development, and possible investment. As a group, we have decided we still need more experience to launch this business successfully but hope to realize this idea in the future. Participating in the Mark Challenge has been a transformative experience. It has shown us that innovation in fashion is not limited to new designs or trends but extends to creating holistic experiences that enrich lives and preserve cultural heritage.Â
We are grateful to Polimoda for connecting us with the Mark Challenge and for the strong support from our teachers, without which we would not be where we are today. Overall, the project was challenging but very enriching. If you are passionate about fashion entrepreneurship, this kind of experience could be your gateway to a world where business and innovative ideas are celebrated on an international stage.
CREDITS
Written by:
- Catalina Aranda Manrique, Master in International Fashion Business student
- Varnika Sangoi, Master in International Fashion Business student
- Davina Vogt, Master in International Fashion Business student
Special thanks to all our supporting teachers and Polimoda for giving us this incredible opportunity.
