To all who take an interest in our project:
We thank everyone for taking interest and supporting YMYX for all this time.
With the exception of those designers whom we have already promised to meet in person in Milan in our next round of face to face meetings, those designers whom we have mutually agreed to sign the contract with but have not been able to meet in person yet due to COVID-19, and those designers with whom we have initiated communication with prior to July 1st, I write to update that as of July 1, we have formally closed our selection of new partner brands.
We have already signed with hundreds of designer partners, they are now currently in the process of completing factory sample tests with more than 100 factories in Italy, Spain and Portugal. We are conducting market research for each brand; we must focus our attention on this preparation work now underway for launch.
In the future, the next 3 to 5 years, depending on our needs we may hold another selection of designers for the project. At that time, once any designer has seen YMYX's operation and success in the Asian market, if they feel that they want to join and we also actually need new designer partners, we would be glad to communicate with those who wish to be considered then.
We are very thankful toward all the designers we have met and communicated with throughout this time, no matter if it's those whom we only emailed and spoke to, or those whom we may have met in person in Milan; no matter what has been your point of view toward YMYX, we appreciate the time you gave us.
We wish each of you the very best of luck and continued success. If in the course of our communication, we have disturbed you, we also offer our apologies.
Likewise, we hope that you will wish us luck and success the same, and if you have the interest, we welcome you to follow along on our progress in the Asian market.
Latest Update - June 17, 2021
To all who take an interest in YMYX:
Recently, many people have been asking us about our current situation, whether via direct inquiry, or social media, in hopes that we can share an update.
Currently, we are in the middle of intensive work conducting factory sample tests with more than a hundred pre-selected factories from Spain, Italy and Portugal, on a wide range of products, from the testing of garments, shoes to handbags as well. We have matched them with our partner designers, and are in the process of creating these samples based on our partner designers' newest designs. Numerous partner designers have already completed a first test, and of those designers who have received strong positive feedback from market research, many are also testing with multiple factories as well.
With regard to market entry timing, China has indeed been the fastest country to recover from COVID-19's impact, however, the market situation is still suffering from its lingering effects and far from operating normally.
The main city in the strongest economic zone in China, Guangdong province, Guangzhou, is still in partial lockdown after the most recent spike in COVID-19 positive cases. The situation is not yet fully stable, and while the vaccination campaign in China is progressing swiftly at 900 million shots already delivered, with a population of 1.4 billion and a 2-shot vaccine, it will still take some time for the vaccine to be fully effectively administered.
In fact, this has also been reflected in the consumption in the country, as the recent consumer spending nationally has dropped 20% as a result of these impacts.
In addition, when it comes to logistics and customs, shipping and freight processing, there have been severe delays as a result, reaching a "crisis" situation.
I share with you some links to articles covering these topics below:
Thus, if we were to enter the market at this moment, the timing would not be ideal. And as a result, consumers would experience various kinds of delays when wanting to make purchases.
This would be a nightmare for the consumer.
And for a new brand in this market to keep consumers waiting indefinitely without clear deadlines, this is never a good idea.
So our only approach is to wait a bit longer with patience, and in the meantime, as much as possible, do everything necessary in preparation for market entry, including testing factories and sample tests, conducting broad market research for each brand, and further refinements to the platforms we have already completed, updating them so that they take on an even more sleek and luxurious aesthetic tone, to match the constant evolution of the platforms in China upon our impending launch.
On the European side, we are also not fully out of the woods with the impact of COVID-19. Factories in Italy and Portugal still have problems with staff shortages and closures. Several factories in the course of doing the factory tests have had people get sick with COVID-19, and have to close or shut down for weeks.
Just this week, I received an email from a factory currently in sample testing with YMYX, explaining that the samples they are working on will have to be delayed until the end of the month, due to closures from other suppliers in their supply chain:
(Translation in English)
"Good morning Kate,
unfortunately Covid has caused some delays for us too, the laboratories were closed, we were able to reopen our laundry last week, therefore, we will do our best to send you Gabriele's garments by next Tuesday and those for Vito Pastore at the end of the month.
So this is still the reality of the situation we are experiencing.
We understand a lot of people want to see us enter the market soon; we also feel the same. In fact, we are more anxious than anyone else, as we have costs of staff and overhead, and each day we delay is another day we are not able to earn profit, while still having to maintain these expenditures, but these are external factors that are beyond our control.
Some have written to us and asked why we have not shared more samples being created on the site. For YMYX, we have taken a careful and conservative attitude toward publicly sharing the samples being made because we worry that the designer's intellectual property will be copied.
However, because we have received so many people's requests, and in order to give a further glimpse at our current work, I share with you today a few more visuals below, with the permission of one of our partner designers, Mr. Fabio Menconi, who has been kind enough to agree to share.
Mr. Fabio Menconi designed a vast collection of new pieces totaling nearly 300 looks, and we selected 4 pieces here to show that have been made into real samples.
Mr. Fabio Menconi has seen his work being copied in Russia before, and so even with his agreement, we will not be making public every sample being created in this process prior to launching.
These garments shown below, are the physical samples created by the factory cooperating with YMYX on behalf of Mr. Fabio Menconi, and are shot on models and also as still-life in a boutique:
In fact, even after launching, there are many styles that we will not be sharing online either; instead, these styles will go exclusively offline. Consumers will only be able to view and buy those pieces by visiting our offline locations, and especially for new arrivals, we’ll place them only offline first.
Moreover, we will request these consumers not to bring their mobile phones into the physical offline space during their browsing experience by creating a storage area where they can stow their phones prior to entering the shop.
The reason is because our designers' intellectual property is of incredible importance to YMYX, it is also our core value and lifeblood, and we believe it a necessity to utilize a variety of methods to protect it.
I trust this letter serves as a snapshot update of our current situation.
Finally, for those who still have questions to ask, or doubts, I do apologize, but we are quite busy at this moment, and don't have time to provide lengthy answers; so I would simply advise you not to join us, nor continue to follow the project.
Down the line, a few years after the project's launch, if you still want to join us, and if, at that time, we still have the need for further additions to our designer partner roster, you can contact us again because we believe, at that time, you will no longer have any doubts.