INA & ERIN

Feimso

EYE MAGAZINE TALKS TO INA FEIMI AND ERIN SOKOLOWSKY, FOUNDERS OF THE FEIMSO CONCEPT AND APP.

Firstly what inspired you to create Feimso, and what drives your passion for fashion and technology?

Erin: Actually the inspiration for feimso came from feeling the pain caused from the fashion industry. Our 2 small businesses stopped trading during Covid, people went into pjs and we were left with a lot of unsold stock and accumulated bills. It was hard, because not only the world as we knew it went into a pause but at the same time everything was changing so fast. Attention went towards the online world, the new way to connect, interact, find solutions and consume. Ina came up with the idea after a Tony Robbins seminar. She disappeared on me for two whole weeks. Got me worried sick, as we used to talk multiple times a day till one day I got a message: We are going into tech. She pitched to me and I was ALL IN from day 1. Together we pivoted our business model from renting our own clothes to creating a platform where everyone can make money from their wardrobe. And that was just the start. Now, 3 years later feimso is live, beta testing the first all-inclusive fashion platform in NZ, and preparing behind the scenes to lunch in new markets like Australia, UAE, Saudi, Singapore etc.

In a competitive industry, what strategies have you implemented to ensure Feimso stands out and remains successful?

Ina: The pandemic was just a pressure test for our solution boards. Today I had a webinar with 20 different people from the fashion industry and we spoke about how the industry is unhealthy. The main problem is that fashion as we know it, is dictated by these big luxury houses which are owned by huge corporations led mostly by men whilst women are the biggest consumers. The fashion industry creates all these clothes, accessories, beauty, products, fast trends, and forces us into believing that we like them, we need them. But do we? The answer to consumerism isn’t to create variations of common goods. It’s to change your relationship with material goods. Look what Uber, Airbnb, Facebook, Google did to the respective industry. They gave power to the people. And that’s exactly what our ultimate goal is; to empower and support people by giving them a platform where they can thrive. We all consume fashion. No one leaves the house naked. Therefore, we should have a say and be included. It’s about time for something like feimso to redesigning the fashion landscape, focusing on inclusion, diversity, accessibility, and innovation for people to make money from, connect, collaborate and have fun.

As successful female entrepreneurs, who are your role models or sources of inspiration in the business world, and how have you influenced your approach to leadership and innovation?

Erin: Iris Apfel has shown me over the years as someone who has my own unique approach to colour and fashion that authenticity is more powerful than dulling your own colours to fit in. Professionally, it changes all the time but Tony Fadell who created the first iPod and his journey, along with Simon Sinek for leadership and motivation have really been instrumental in my perception of tech, business and growth of a company, product and team.

Ina: I don’t have a specific role model. Never had one. I get inspired by stories. We are all made of stories and I love learning from them. I like to surround myself with people I can learn from and I am grateful when they let me in.

Feimso has been praised for its user-friendly interface and innovative features. What principles guide your team’s approach to design and development, and how do you prioritize user experience and tell us how it works?

Ina: Our guiding principle is simple: Give people a product they already know how to use and add features that provide immediate value to their lives.. Feimso is designed for seamless integration into users’ existing social media habits. Almost everyone uses Instagram, Facebook, TikTok, or LinkedIn, that’s why navigating Feimso should feel intuitive. The user journey is rooted in our own experiences within the fashion industry. The platform we’re building is less of a product and more about the fashion student who wants to showcase their creations, the local designer to be visible, the small boutique shops to be in the right target market, creators to make money from their content, fashion professionals to monetize their skills, influencers to put a price on their time, individuals to sell their wardrobe and find affordable choices... The opportunities are limitless. We recognized the need for balance and fairness, which drove us to create a platform that drives economic growth, creates job opportunities, showcases talent, and promotes sustainable practices, as long as you give it a chance.

With the rise of sustainability in fashion, how does Feimso contribute to promoting ethical and eco-conscious practices within the industry?

Erin: Unfortunately, the fashion industry has fostered a culture of waste. The fast fashion model encourages a consumerist mindset that’s hard to keep up with. With low prices and constant trend turnover, clothing has become disposable. As a result, we’re buying 60% more than we did just 15 years ago, but we’re holding onto our clothes for only half as long. Shockingly, 85% of clothing ends up in incinerators or landfills. It’s scary for the future of our planet and the next generations. However, there’s hope on the horizon with the booming fashion re-commerce market. Now buying second hand and renting is HOT. We’re addressing the global demand for sustainable fashion practices, which is valued at over $25 billion. Through our platform, users can buy, sell, rent, and soon swap pre-loved fashion items, reducing textile waste and promoting circular fashion practices which are introduce organically when people use feimso. This is something I am both very concerned and equally passionate to talk about. People want to be sustainable if being sustainable isn’t complicated. That’s the trick. And we have delivered a platform where they can be, sometimes without knowing.

Building a startup requires resilience and adaptability. Can you share any significant lessons or experiences that have shaped your journey with Feimso?

Ina: 2 things: 1 - Don’t be too focused on the Idea and pay attention to whom will make your Idea come to life. Having the right team helps a lot. As founders we have to wear so many hats at the same time and be a Jack of all trades. We would have moved way faster if we had more people working on feimso during these 3 years. But we didn’t know what we didn’t know. The only way you can compensate the lack of it, is by over delivering when it comes to your KPIs. The second thing is to find a mentor even if you need to pay for it. Upgrade your skillset as fast as you can and invest on your mental strength to be prepared for what’s coming. Don’t be cheap on your own personal growth because in the world of business you are what you know and who you know. Your success is bound to your expertise and your network.

As advocates for female empowerment, what advice do you have for aspiring women entrepreneurs looking to make their mark in the tech or fashion industry?

Erin: You will have sleepless nights because of deadlines, yo-yo stress and never-ending challenges as well as, battling with your insecurities, breaking old patterns and learning new skills. Your mind has to equal and keep up with your company goals. If you don’t know something ask questions. As founders, we’re deeply attached to our creations, but it’s crucial to remember that investors, customers, partners have other priorities. Take rejection as a learning opportunity, embracing constructive feedback to refine your pitch and strategy. It’s not for the weak hearted but it’s worth it. feimso.com

Feimso has undoubtedly achieved remarkable success. What future goals or initiatives do you envision for the app, and how do you plan to continue innovating in the ever-evolving landscape of fashion and technology?

Ina: What we have launched today is a far cry from our ultimate vision on how feimso will look in 5 years. I read that 87million jobs will be displaced and more than 90million will be created in the near future. What is happening in the tech space is revolutionary. With our core team we do these deep dives on product development, market research and keeping an eye on what’s happening out there. Our Beta testers play a huge role by providing feedback in real time for everything that happens in feimso. At the moment we are focused to build a strong foundation, finding the right talent, partners and investors to join us on our journey. Soon, we will introduce new features that will bring value like never seen before in our users’ lives. We live for it!

WILL YOUR GOLDEN YEARS REALLY BE GOLDEN?

How To Plan For Your Dream Retirement

Retirement – the golden years where you kick back without the constrains of the working week and enjoy life. Picture your ideal retirement. What does it look like? Is it jetsetting around the world or simply enjoying leisurely days at home with family and friends? There’s no one-size-fits-all answer here, but a little soul-searching can go a long way. Consider your current lifestyle and how you might want to maintain—or even upgrade—it in retirement.

With these pictures in mind, it’s time to think about your finances a bit differently now, so your golden years end up how you imagine (even if right now, it might seem far away).

We know that statistically women outlive men, which means extra years to enjoy in retirement. But the extra longevity means a need for better proactive planning, and a need to take action early to ensure those golden years can be filled with joy, purpose, and financial security. So, how do you get started? It’s simpler than you might think.

Set some clear retirement goals—whether it’s a certain dollar amount or the ability to live comfortably whilst taking that annual overseas trip. The Massey University New Zealand Retirement Expenditure Guidelines updated annually provides some guidance around what type of savings and investment goals might be needed per week to live either a ‘no frills’ or a ‘choices’ retirement, which can be used as a starting point.

Don’t hesitate to seek advice from a financial expert who can help tailor an investment strategy that suits your needs and objectives. If you are not already in KiwiSaver, this can be part of the strategy. Craigs Investment Partners has 180 investment advisers across 19 branches available to help you get started and navigate towards retirement. Their goal is to make your investment journey simple and enjoyable, whilst growing your wealth for the long term.

Don’t underestimate the power of upskilling along the way. The more you know about how to manage your money, the better equipped you’ll be to navigate the twists and turns of investing for the long-haul. Craigs has been running a Women’s Wealth programme since 2007 with the purpose to empower women to achieve financial freedom by providing knowledge and instilling confidence in investing. Find out about upcoming Women’s Wealth events at craigsip.com.

Recent research by US firm Fidelity Investments shows that the benefit of taking action in respect of your financial future is more than just financial. The study highlighted that whilst financial pressure is often the biggest contributor to stress amongst women, taking action to put a plan in place made the most significant improvement in stress reduction. Women who made three financial moves to save for emergencies, save for retirement and to think ahead indicated feeling much less stress than those who hadn’t.

Retirement is about seizing the opportunity to live life on your own terms. So, why wait? Start charting your course towards an enjoyable retirement today. To discuss your investment goals and needs, contact a Craigs Investment Partners Adviser for a free, no-obligation consultation. They will help you understand the most suitable investment options available based on your circumstances. Phone 0800 272 442 or visit craigsip.com.