It has certainly been a while since I updated you all on our progress, but it’s been an intense time. I can now say with much pride that we have a fully functioning Lucy Rose prototype in the form of the LR4. I can wear it (albeit gingerly as it’s slightly too big!) and it does the job that nearly eight years ago I wondered for the very first time whether a shoe could do!
We’ve met some incredible people on this journey already, those that adamantly say it can’t be done and those who are equally as enthused as ourselves that it in fact can. It’s been a lesson in perseverance, frustration management and the R&D process which spoiler alert doesn’t always go how you planned!
So now, attention is turned to raising funds for the next stage of the process and that involves meeting investors and pitching my idea. In 2017 all female-led companies received 4% of funding from venture capital firms, in comparison to 83% all male-led companies and 12% of mixed. It has been proven that female led companies generate more jobs and higher revenue than all male led companies, so it’s fair to say this statistic doesn’t sit well with me.
In addition, I am entering the high-end fashion arena at a time where the high street is seeing its worst phase and all investors are interested in Tech or FinTech innovations only as they are more likely to make a quick buck. Where does that leave me and Lucy Rose? As far as I am concerned, people will always need shoes and women will always have a soft spot for a new pair of heels. Couple that with the technology that Lucy Rose offers and the brand led aspect of achievement in their careers, I can only hope that I as the founder can embody that emotional attachment and keep the dream alive.
Until next time,