Otrium, the leading digital outlet transforming how consumers buy end-of-season fashion, debuts on Fast Company’s prestigious 2023
World’s Most Innovative Companies List after a year of explosive growth. Each year, the American magazine’s editors search the world for the perfect blend of the next generation of trailblazers and decade-defining disruptors. We’re solidifying our rising star status – joining the ranks of disruptors like Airbnb, Ralph Lauren, Apple & more.
Otrium is changing how fashion is created and sold, challenging industry norms around overconsumption and overproduction. The outlet with a mission wants a future where every item of clothing produced is worn. Otrium empowers over 300 brands to responsibly sell excess inventory, connecting them to a community of five million consumers – and counting. Otrium has seen revenue jump of 1000% year over year and members grow at a speed of 500%.
“The conversation around what to do with excess inventory in fashion has never been more timely or critical,” says Zuraihah Scott Washington, President and Chief Operating Officer. “Otrium is eliminating unsold inventory and changing the way fashion is created and sold. Through our mission to transform the end-of-season segment through technology, we’re flipping the traditional fashion industry model that relies heavily on seasonality, trend, physical retail, or stock buyers. With every item we sell, we divert textile waste away from countries like Ghana and Chile which often end up burned or in landfills.”
Otrium’s free, members-only platform allows consumers to unlock exclusive access to high-quality brands like Belstaff, Mara Hoffman, APL, All Saints and Everlane for a fraction of the price – while educating consumers on the positive impact of their choices. “Our platform elevates the off-price experience for discerning brands and consumers alike,” says Washington. “Consumers want thoughtful solutions and options amidst increasing economic and climate uncertainty.”
“57 percent of our community tell us they prioritize buying off-season instead of new off the rack,” elaborates Washington. “Otrium is enabling new consumer shopping experiences by offering what we like to call ‘second chance’ vs. second hand inventory seen in resale models.”
No item is left behind. Otrium ultimately connects its brand partners with preferred stock buyers and local charities for the small amount of pieces that can’t be sold through its consumer platform, optimizing a partner’s recovery value.
“The ocean of possibility is blue – and we know Otrium is driving the change,” says Milan Daniels, co-founder, speaking from New York City. “While off-price fashion sales are still predominantly taking place offline, the market represents a $200 billion opportunity. By 2030, we expect our playground to be worth as much as $480 billion – and no new clothing in landfills.”
In 2022 alone, Otrium matched over 5 million garments with new owners.