Aslaug Magnusdottir business woman and entrepreneur gives insights into the do’s and don’ts of luxury fashion startups. She is the co-Founder and chief executive officer of Tinker Tailor a year old luxury fashion brand which shut down recently. Magnusdottir is also the cofounder of the luxury fashion e-retailer Moda Operandi which is where the idea of Tinker Tailor was born. She explains she founded Tinker Tailor as she saw a demand for customized garments. She believes the timing is crucial when starting a luxury fashion brand, being the first mover gives you a competitive advantage but it can backfire if the customer is not yet ready for your business concept. Business schools usually teach you to start small and be focused when starting a business. Tinker Tailor had two major arms; alteration of high end fashion and made to order clothing. The lack of focus could have had a role in its failure. Read full article here.
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