UPDATE #7 - Our Current Progress
Recently, many people who take an interest in our project, have asked us about our current progress, so I would like to take this opportunity, to give an update on our present circumstances in one post.
As of now, we’ve already begun to work with the several hundreds of brands with whom we have signed with, to input their images and designs, their personal introductions and brand introductions, into our platform, including the background introduction of each designer’s story, and also, what they would like to narrate and present to their consumers in China and the Far East. In addition, our work to populate the shops of each of our partner brands in our platform is underway - each designer is handpicking images and content to establish their shop, and this will take some time to adjust, and perfect continuously and with meticulous attention, while in constant communication with each of our partner brands, to build up the perfect brand image in the Asian market, of course, including the China market, such that upon that crucial first glance, when that first impression is made, it will be a lasting and memorable one for the consumer.
Each partner brand is working very hard to showcase their fashion concept and their vision, including their designs, of course, to the consumers in our region.
Even though we are still waiting for trademark approvals to come down, we will not let these preparatory works sit and wait, we will definitely complete this groundwork before the trademarks are finally approved. At the same time, there are several hundreds of manufacturers, including those from Italy, France, Portugal, and Spain, and other countries in Europe, that are actively and enthusiastically aiming to join the cooperation with us, in hopes that they can grab the huge opportunities in this market, and scoop up the order volume that they desire.
Soon, we will approve finally the factories who will be welcomed as partners, but before we select them, the final step of this selection is that they must choose one of the brands we cooperate with and develop one sample based on the brand’s design specifications, and our potential partner suppliers, will supply the fabrics, leathers and other components, for the creation of this one sample.
Based on the quality of this sample, and also the brand’s opinion of the factory in the course of communicating and working together to develop this sample, we will determine, whether or not we are willing to cooperate with this factory and allow them to join our project.
In other words, the approval of these manufacturers will be given only after having created one sample tailored for our brands, so that we can verify their capabilities, and also allow the brands the ability to really feel out whether or not this factory is going to be suitable future partner for their collections. So these approvals are decided based on both the brand’s recognition and approval, and YMYX’s recognition and approval as well.
Recently, these manufacturers have opened their doors after the COVID-19 crisis, one after another, and even though things have not completely returned to normal, all of these potential partner factories are willing to enthusiastically fight for opportunities, using high quality production and fast response time, to win that coveted “entry pass” to join our project that they are vying for.
We hope every manufacturer can get that “pass”, because they are really excellent factories; some have more than 40 years of history, are family businesses passed on through generations, others are among the top 3 in their sector, in their respective countries; and we hope, and we also believe, that every brand will be able to find a partner manufacturer that can match to their needs, and that they enjoy working with, who can produce for them into the future.
We believe they will find that partner.
At present, of the hundreds of designers we’re partnered with, there have been only a dozen or so, that for various reasons have not registered their trademarks, and for those brands, we’ve requested the termination of our signed contracts.
We were sorry to inform them that we had to cancel the contract with them, because they did not apply for their trademark.
Despite our regrets, there is no way to enter the market without registering a trademark, and any brand without that legal protection of their intellectual property will encounter great risks, and it’s very foolish to enter without that protection in place, and should not be done.
This would not only hurt our project, but would cause the brand itself also, a huge damage.
So as a result, even though we feel great regret, we are forced to end our cooperation with these brands.
At the same time, soon, we will meet once more, face to face, with several hundred brands still waiting to meet us, and also several hundred manufacturers and suppliers, in Milan. In addition, we will be holding contract signings with nearly 100 brands with whom we’ve confirmed partnerships, yet we couldn’t meet for an in-person signing, because of the COVID-19 outbreak.
Everything is still progressing normally, despite the obstacles still presented to us due to this COVID-19 outbreak. Everyone I am sure has read, of the second outbreak in Beijing recently; therefore, China is still not yet fully recovered from the outbreak in terms of business operations, logistics, shipments, etc., but we believe that China and even Europe, whether it’s in Italy, France, Spain or Portugal, that each country is slowly on the way to recovery.
Once all aspects are on track, functioning normally, we will immediately aim to launch -
We, together with all our partner brands and manufacturers, are impatiently waiting for this moment, and we feel with firm conviction, that we will achieve success.
Consumers in the Asian market, and especially the Chinese market, are eagerly waiting for these excellent brands to decorate, and add embellishment to their lives. In Asia, there are a large number of loyal consumers of fashion from Italy, France, Spain, Portugal and all across Europe, they are tiring of fast fashion, and they want more choices; and because of the COVID-19 outbreak, they haven’t been able to fly to Europe, to partake in buying the European fashion close to their hearts directly at its source, so our mission, is to transport the fashion boutiques lining the streets of Europe, and extend that experience to Asia, and let these several billions of consumers be able to buy from these brands, even if they aren’t able to travel to Europe themselves.
The market is there, the consumers are there, let us all work together - whether it is us, our partner brands, or our potential partner factories or suppliers. For each of us, and even for the consumers, we believe that each holds a winning card in this project, because with our high quality brands and products, offered at prices that are easy on the consumers’ wallets, and by providing very detailed and attentive customer service, we are creating a set of circumstances whereby our consumers will actually have the ability, and will spur their desire, to take in and linger amongst the various flora in our “garden” of fashion brands.