CFDA teams with PayPal
The Council of Fashion Designers of America has teamed up with PayPal to teach merchants about selling online.
The stylish organisation is to hold a discussion for members of its incubator programme - supporting up and coming designers - about PayPal's various payment options for merchants. It will take place in October and aims to educate participants about how they can utilise PayPal when selling online, either as a merchant requesting a small business loan or accepting payments as a merchant.
PayPal's fashion sector includes the likes of apparel, handbags and footwear, but jewellery doesn't fall in the category. The company revealed $60 billion was spent on fashion last year by its users, with $8 billion in North America alone.
Darrell Esch, vice president and general manager of small business lending at PayPal, explains fashion is a big part of its business.
“In 2014, there were more than $20 billion payments connected with fashion sales [through the company’s network] by 67 million shoppers [on a global basis]," he told WWD.
This isn't the first time the programme has been in action; Darrell explained that the programme started off as a pilot idea in September 2013 and was taken up a gear in the US last year. As 2014 drew to an end, the programme was known in the UK and Australia.
Since the programme's beginnings two years ago over $500 million in capital has been lent, benefiting over 40,000 merchants.
It's hoped the incubator partnership will broaden in time and include other CFDA members.
The CFDA - helmed by CEO Steven Kolb - has been busy recently as alongside its partnering with PayPal it recently announced the finalists for its Vogue Fashion Fund Award. There are ten designers in the running, including Matt Baldwin and David Hart. The winner will be announced on November 2.