Fashion platform Frendz launches digital payment method Fashioncoins
Dutch fashion platform Frendz has launched a digital payment method, Fashioncoins. The digital currency is only available for use on Frendz, reports Dutch magazine Emerce.
Frendz is an online platform and app from V&D Concepthouse, a venture developed after the popular Dutch department store V&D went bankrupt in 2015. On the platform, users are able to create moodboards and fashion closets by using their own pictures or items available from the Frendz range. In order to offer a range, Frendz partners with brands such as Josh V, Circle of Trust, Suitable and Lofty Man. When users choose to buy an item from the Frendz platform they receive Fashioncoins. Collected Fashioncoins can then be used as a payment method with a new order.
In 2015, department store V&D went bankrupt. In 2016 Ronald Kahn and Jaco Scheffers from Cool Investments and former Hema CEO Ronald van Zetten acquired the V&D brand name, domain names and all other rights. At first they had plans to restart V&D as an online store, however this later changed into V&D concept house, a platform for young entrepreneurs.
Kahn, Scheffers and Van Zetten together operate under Retail Ventures Holding, which also acquired V&D brands, such as Schoolcampus, Soho, Liv and Prijzencircus, which will all be relaunched. Frendz is the first initiative from V&D concept house. The platform launched in April 2017.
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