FASHION IS CONSTANTLY EVOLVING. HOW ARE CONSUMER TRENDS, TECHNOLOGIES, INNOVATIONS AND MEDIA DEVELOPMENT INFLUENCING THIS
This magazine will be looking at the latest consumer trends, innovations, technology, and media development and it is broken down into 4 topics of ‘Future themes’, ‘Diversity and Inclusivity’, ‘Luxury Collaboration’, and ‘Crypto Fashion’ An online portfolio will be developed to capture research on current issues.
STEPIC and MINTEL Trendscape will be used to complete topic 1 of ‘Future Themes’. Topic 2 will focus on intersectionality and consumer themes Topic 3 will look at digital fashion, consumer trends, NFTs, and virtual influences. Finally, Topic 4 will look at what licensing is, consumer & market themes, and market trends.
The STEPIC model is used in fashion to analyse changes in society, technology, economy, policy, industry, and culture. “We use STEPIC as a focal lens to form a view on how our future might unfold, with emphasis on consumer mindsets and market trends”
(Retail Week, 2022) once the research is completed, a brand will decide on a winning strategy to focus on due to the market changes
Trendscape is a tool created by Mintel to explore trends and opportunities in any topic Figure 2 shows what it looks like, each subject is put into a circle, and when someone hovers the mouse over it tells you which topics are connected.
STEPIC Model Mintel Trendscape
Exploration of the STEPIC model
Exploration of Mintel TRENDSCAPE
FIGURE 1, (RETAIL WEEK, 2023)
FIGURE 2, (MINTEL, 2023)
There are many factors shaping change in the fashion world and the STEPIC model helps brands understand these changes. STEPIC stands for society, technology, economy, policy, industry, and structure and we’re going to be looking at STE from STEPIC.
The society factor from STEPIC is “drivers that are altering consumer behaviour and preferences” (Retail Week, 2022), and it is stated in the report that change overload, cost of living anxiety, more with less, hybrid consumers, and power in the hands of workers are factors which are said to shape changes in society and future themes. The theme that will be explored from this factor is ‘cost of living anxiety’
Technology is “the driver enabling new models, processes, and possibilities” (Retail Week, 2022). The factors that are shaping changes within technology are AI powers, NFTs down but Metaverse growing, beyondreality experiences, digital transformation, and innovative materials. AI powers will be investigated in more detail in this magazine
Finally, the economy is a “driver impacting the health of global retail” (Retail Week, 2022). The factors that are shaping changes in the economy are the UK economy (recession), Consumers reining in spending, the wealth gap, and balancing short and long-term priorities. The UK economy will be investigated in more detail.
STEPIC - STE Consumer Themes
"82% of UK consumers are concerned that prices for everyday purchases are going up (v 75% global average)" (Retail Week, 2022).
supporting customers and remaining relevant with entry level ranges and supportive messaging Retail Week, 2022)
Due to the decrease in wages, consumers will look for more affordable products during this time, this can be by using membership rewards gained or simply changing to a cheaper alternative. An example of a retailer that took the initiative to help its consumers during this time is Primark, in July 2022 they “pledged to freeze prices on more than a thousand items in its kids wear range to help families” (Retail Week, 2022) by selling tshirts for only £1.80.
FIGURE 3 SHOWS THE IMPACT INFLATION HAD ON FOOD PRODUCTS
AI’s an artificial intelligence that is programmed to perform tasks by using technology, this is used in many ways in fashion from design to customer experience One way in which AI is used in fashion is with virtual try-ons (through the AI algorithm), this allows customers to virtually try on any fashion garment to see how it would look without having to try it on physically (Choi et al, 2020) This technology has improved return rates for brands and increased customer confidence in buying products online.
“Additionally, AI-powered solutions have intensified competition in last-mile delivery as artificial intelligence revolutionises routing plans, self-driving robots, and drone delivery.” (Retail week, 2022)
AI digital assistants can be a short-term investment for retailers to investigate their brands This would be a low-cost option to improve a brand efficiently as “offering quicker and better shopping experiences remains a priority with consumers” (Retail Week, 2022) An example of a retailer that uses AI is JD, they “apply AI alongside its supply chain to make forecasts and buying decisions across its 10 million automated SKUs when future supply and demand remains unknown” (Retail Week, 2022)
Another example of AI is virtual influencers on social media, this is a cheaper way for brands to promote their products online compared to using normal influencers and they are only used for marketing purposes (Molenaar, 2021)
Lil Miquela is one of the top virtual influencers (figure 4) used in the fashion industry due to her having over 2 million followers on Instagram and a good online presence. She has worked with luxury brand ‘Prada’ to promote their products online
AI Powers
STEPIC - STE
Consumer Theme (AI Powers)
Figure 4 (Flora Macdonald Johnston, 2018)
There’s no doubt that the economy is always struggling, but for the UK in 2023, it is said that “factors disrupting the UK economy are set to define the retail environment during the Black Friday and Christmas periods” (Retail Week 20230) due to a rise in inflation and the cost-ofliving crisis Families and employers are having to work extra hard to keep up with making a living, but it is difficult with the low wages that they are being given.
Especially since the UK left the EU (Brexit), transportation and manufacturing have increased in prices, making it difficult for retailers to make a choice if they should increase their prices to make a profit but by increasing prices, it can affect consumers by being unable to make purchases as they can’t afford it
Figure 5 shows the significant increase in pricing from food to non-food products from June 2020 to August 2022 There was over a 10% increase between these 2 years
Not only was there an increase in food and garments, but there was also a dramatic increase in petrol prices and energy bills, figure 6 shows that there was a 13% increase between 2019 to 2022 This has put pressure on retailers during the Christmas period as well as having to fight with other sectors to keep their stores open due to the increase in bills, retailers must be careful with how they price their items, so they don’t lose customers to other competitors “Christmas comes at the worst possible time as inflation enters double-digits, and consumer spending declines and will be spread over a longer period” (Retail Week, 2022)
FIGURE 5, (RETAIL WEEK, 2023)
"UK TO ENTER RECESSION WITH INFLATION AT 40-YEAR HIGH"FIGURE 6, (BANK OF ENGLAND, 2022)
Policy in the STEPIC model is “the actions of the government that impact consumer behaviour” (Warc, 2022) One of these events that are affecting consumers’ decisions is the ‘significant media regulations coming this year’.
This is due to the many consumers realising the issue with data privacy on social media, this can be by other people using their online information portraying to be their own (for example, pictures). Therefore, as there are many complaints from consumers regarding their privacy, “the government is intervening with laws designed to restrict the power of the tech giants and giving it back to the consumer” (WARC, 2022).
Consumers want to feel safe and free when posting on social media and each platform should look after their consumers, therefore, “the European Parliament adopted the Digital Marketer Act” that will be enforced in 2023, where “companies that breach regulations will be fined up to 10% of their global annual turnover if they offend again it can go up to 20%) There are many other policies that companies need to follow when it comes to the safety of their consumer online
If these regulations seem to have a positive effect on the safety of the consumer, then all the acts will be applied “by global policymakers”.
Being transparent with “their consumer when using their personal data” as well as “ensuring online safety, especially when it comes to young people, should be a top priority for all companies and their consumers” (WARC, 2022).
The industry is the key “driver that dictates the competitive environment” (Retail Week, 2022) for example, global events A global event that has impacted retailers and consumers the most is COVID-19 and the pandemic with “retail sales volumes falling by 19% compared with 2019, the largest annual fall on record” (Khaliq, 2021), the decrease in sales can be due to retailers having to close their stores during this time and having to focus solely on their online sales.
Even though businesses have slowly recovered from the pandemic, there are still other factors that are interrupting their progress, one of these being supply chains.
Post-pandemic and after leaving the EU, it was important for brands in the UK to focus on finding a supply chain that is efficient and reliable, so they received their products on time. During Brexit, “one in 20 UK businesses (5%) overhaul their supply chains” (Holly Williams, 2022), this shows how important it is to find the right supply chain
The war in Ukraine caused congestion at ports, insufficient shipping capacity, and staff shortages, as “374,000 businesses rely on Russian suppliers and 241,000 Ukrainian” (WARC, 2022) which is why many delays were caused.
Not only that but when China was put into lockdown their factories closed, which affected many companies including ‘Apple’.
The rise in prices doesn’t seem like it’s stopping any time soon, therefore, businesses should see how they can control their prices “to maintain their stock” This can be done by choosing a cheaper manufacturer or cheaper materials as well as not overstocking to avoid losing money and not understocking, so they have enough products to sell to their consumers
If brands are experiencing any delays, they should be transparent with their customers and let them know updates. Many online brands will send an email to their consumer if their order is going to take longer than expected to arrive
"INVESTMENT IN CIRCULAR MODELS WILL DRIVE FUTURE GROWTH, WITH RESALE OR RECOMMERCE PLATFORMS SET TO GROW SUBSTANTIALLY OVER THE NEXT FEW YEARS" (RETAIL WEEK, 2022)
Culture in the STEPIC Model is the “cultural and consumer influences” (Retail Week, 2022)
One of the factors that are shaping culture in fashion is sustainability and partnerships. Due to the cost-of-living crisis, consumers are looking for a cheaper alternative in buying fashion products, and due to not having the same amount of money as before consumers are turning to thrifting and mending their clothes, “53% of consumers have repaired rather than replaced an item in the last 12 months” (Retail Week, 2022)
Not only is thrifting becoming more popular, but resale is also said to grow “127% by 2026” (Retail Week, 2022) due to consumers wanting to resell their clothes rather than throw them away as it is more sustainable Many resell platforms, for example, Depop has “reached 32 million users in 2022” (Business of Apps, 2023).
Ganni has recently revealed a new line of bags that is “made from leather alternatives for spring” (Colville, 2023). The brand has done this as its goal is to stop using “virgin leather for any of its products by 2023” (Colville, 2023) by using recycled leather and ‘Ohoskin’ the brand is one step closer to its goal Figure 7 is a picture of what the bag looks like.
Another sustainable partnership that is going to take part in 2023 is the Dye Lab and Anya Hindmarch collaboration “The capsule collection, which is comprised of kaftans in multiple colours and patterns, has been hand-designed, handdyed and handmade by local artisans using locally-sourced materials – with an emphasis on minimising waste and celebrating traditional craftsmanship” (Colville, 2023).
Diversity means “having a range of people with various racial, ethnic, socioeconomic, and cultural backgrounds and various lifestyles, experiences, and interests” (How would you define diversity, 2010) When shopping online, “67% of consumers would make second purchases from brands committed towards diversity” (Marketing, 2020) as they think it’s important for a brand to be diverse. An example of how a brand can become more diverse is by having plus-size models, employers from different races, or collaborating with someone who has a different cultural background
“Diversity in fashion means bringing in a diverse group of people who share clear distinctions such as age, skin colour, race, orientation, and body type” “(Aslaug Magnusdottir, 2022).
For example, since the Black Lives Matter movement, many brands “have faced increased pressure from consumers to step up their practices and provide clear insight into their policies “(Aslaug Magnusdottir, 2022)
Brands felt the pressure during this time as they know no one wants to buy from a brand that doesn’t show their support or is doing little to raise awareness of the lack of support for diversity.
In Figure 8, customers aged 18 years and over believe that brands should do more towards diversity and inclusivity. For example, 73% think that ‘fashion advertising campaigns should normalise all bodies (eg, plus size, disabilities). However, 41% don’t think that a brand needs to have a ‘diverse and inclusive leadership team’ just to be representative (Mintel, 2022)
It is important in the fashion industry that brands can be inclusive to everyone “regardless of colour, gender, impairment, medical condition, or other need” (Indian Retailer, 2022) as by doing so, the consumer will feel understood and discover brands that align with their values (Amazon Ads, 2022).
Nowadays, customers are looking for brands who have the same beliefs as them, therefore if brands are inclusive, it is said that they “will likely do more than raise revenues and loyalty” (McKinsey & Company, 2022).
In fashion, inclusivity means that a brand should make its garments designed to be “useful to everybody, including the disabled community” (Samanta Bullock, 2021), this can be done by using a zipper instead of buttons in a garment as it is easier for some people Brands “need to raise visibility and representation from the top of the chain so that consumers and customers with disabilities can feel reflected and identified as a part of society” (Samanta Bullock, 2021)
It is important for brands to respect customers’ beliefs and opinions and by doing so the fashion brand has to make sure they are inclusive, if not it can affect their brand image Victoria’s Secret is a prime example of why not being inclusive can get you backlash and negative comments
In 2014, the fashion brand created an ad about the perfect body however they only showed the same size models (figure 9), this mistake caused consumers to be appalled by what the brand said creating a negative image for the brand Since then, the brand has seen working with plus size models (figure 10) as they have realized they need to be more inclusive, if not they can lose customers
In the fashion industry, intersectionality is how a brand includes race, nationality, gender, disability, and sexuality in its brand and how it affects them “The interconnected nature of social categorisations such as race, class, and gender, regarded as creating overlapping and interdependent systems of discrimination or disadvantage”. (Womenkind 2021).
It was "originally used to describe and explain the experience of Black women However, it has evolved since then and is now often used to describe a myriad of intersecting and marginalised identities." (Inclusive employers, 20230.
Intersectionality plays a crucial role in the fashion industry by recognizing that individuals' experiences are shaped by the convergence of multiple social categories By considering factors such as race, gender, class, sexuality, and ability, fashion can become more inclusive and empowering This concept promotes the celebration of diverse identities and challenges stereotypes, expanding the definition of beauty and style to create a more authentic and inclusive portrayal of individuals Furthermore, intersectionality addresses the systemic inequalities deeply rooted in the fashion industry. By acknowledging how discrimination intersects across various dimensions, fashion can actively work towards dismantling oppressive structures This approach enables a deeper understanding of the experiences and needs of marginalized communities, empowering the industry to create clothing, campaigns, and platforms that are genuinely inclusive and representative Embracing intersectionality in fashion holds the power to foster equality, social justice, and positive societal change.
FIGURE 11 (SOL, 2022)
they may have not been the first beauty brand to release over 20 shades, they were the first to release 40 shades of foundation which were groundbreaking in the fashion industry. Fenty Beauty's extensive shade range has positive feedback and brand identity, it also made beauty brands expand their offerings to be more inclusive As a result, Fenty Beauty played a pivotal role in pushing for greater diversity and representation within the beauty industry.
Not only has Fenty released various foundation shades which darkertoned customers felt appreciated, but the brand also used models who were aged 18-60 years old (who identified as men, women, and nonbinary).
It is important for fashion brands to include a big variety of sizing in their clothing line, so all customers feel included and show they support body positivity. Plus-size individuals make up a significant portion of the population yet 32% still can’t find garments that fit them properly in 2023. Therefore, by a brand focusing on adding bigger sizes, it will help these consumers who can’t find garments that fit them. Selkie Collections is one of the many brands that have started to add plus sizes to their collections, “the brand’s mission statement emphasizes that the brand was created with the main goal of size and cultural inclusivity, reflected in their advertising and products Selkie’s size range is from XXS to 5X. They also have a goal of sustainability, producing only small quantities of each of their items” (Riya Jayanthi, 2021).
ITommy Hilfiger has launched a collection called ‘Tommy Adaptive’ that is clothes made for men, women, and children with disabilities due to the difficulty these consumers experience with putting clothes on. This clothing line was made so these customers felt empowered and included in the fashion industry Tommy Hilfiger wants fashion to be accessible to everyone. “The clothing features magnetic zip jackets, Velcro pants and cardigans, and sensoryfriendly fabrics. The collection is comfortable, as well as fashionable, and includes seated wear for wheelchair riders” (Taylor, 2021).
This is an important step that fashion brands should be looking into as everyone should be able to buy from brands they love without having to struggle with opening a button up shirt.
Digital fashion is “virtual 3D clothing designed with both humans and digital avatars in mind. Rather than using fabric and textiles, digital garments are created with special 3D computer programs” (Nasdaqcom, 2021), from digital clothing to a virtual fashion week and the metaverse
Digital clothing is becoming more popular than ever, the first collection was “created by the Scandinavian brand Carlings in 2018” (Stephenson.law, 2022) which can be seen in Figure 12. This involves using augmented reality (AR) or computergenerated imagery (CGI) to create this virtual clothing, it can be worn in virtual worlds, on social media sites, or in online games.
There are many reasons why digital fashion is becoming important in the fashion industry one of these being due to social media and virtual reality growing “The rise of social media platforms, virtual reality experiences, and online gaming has created new avenues for showcasing and experiencing fashion Digital garments enable individuals to curate their digital identities, experiment with different styles, and engage with fashion in virtual spaces”
Awareness of environmental sustainability does not only occur in the industrial and economic fields, but also in the fashion sector. Read how this awareness permeated the modern fashion industry and how it came about.
During the virtual fashion week, designers will showcase their collections which are live-streamed for viewers to watch, these shows frequently include interactive components, such as behind-the-scenes videos, interviews, and live chats with designers and business leaders.
The Helsinki Fashion Week organised the ‘Digital Village x PATRICK MCDOWELL’ virtual catwalk shows which showed a collection that was celebrating the LGBTQ community. It “presents a new vision for inclusivity and accessibility in the industry The upcoming designer opens up about how his first digital fashion collection came to be, and why this could be one of the most dynamic growth areas in the sustainable fashion movement” (MurrayNag, 2020) Figure 13 shows what the virtual fashion week looked like.
Brands should join and be part of a virtual fashion week as it "prevents business losses and helps customers get the desired results without disappointments" (Oleksandr Storozhuk, 2023)
AJust like digital fashion, the metaverse is a virtual space where people can interact with each other, however, in fashion, the metaverse is used to create showrooms and virtual fashion weeks to display their collections so users can interact, it also allows users to customise their avatars and try on virtual garments.
The metaverse presents many opportunities for brands to be more creative and engage with their consumer through social platforms within the platform.
Brands can collaborate with virtual designers and artists to create unique digital fashion collections and showcase them through virtual fashion shows and events.
"The
The ‘Metavrs’ is an “all-in-one web3 management platform for brands”, it is “used by leading brands and agencies worldwide to help them manage digital assets (NFTs) with utilities & experiences” (METAV.RS, 2023). Figure 14 is an example of one of their work
Due to metaverse being “expected to grow at a compound annual growth rate (CAGR) of 41.6% from 2023 to 2030” (Market Analysis Report, 2023), it is important for as many fashion brands to join in, so they don’t miss out on a major customer target
Not only is it expected to grow, but it can also offer a sustainable alternative for consumers due to the products not having any physical production and consumption This will help brands reduce waste, have a lower environmental impact, and not have to rely on physical manufacturers
Even though the metaverse is still evolving, it represents a new industry that includes technology, creativity, and consumer engagement
The metaverse allows consumers to experience fashion in a way it has never been experienced before
metaverse brings together the convenience of online shopping with the ability to experience products virtually through immersive technologies" (Dey, 2023)
Crypto fashion is “digital fashion that can be traded and authenticated upon the blockchain” (Pitcher, 2021) With crypto fashion, brands started to use this to their advantage to create a crypto fashion week
“Last September, the first ever Crypto Fashion Week - the metaverse’s answer to London, Milan, Paris, and New York Fashion Weeks - had a different look It all kicked off with The Meta Gala (a digital ode to the Met Gala), which featured a labyrinthine staircase suspended in the digital sky” (Meta, 2022).
This event has then become popular that an Instagram account was made focusing on the crypto fashion week
The Instagram account
‘cryptofashionweek’ has become a verified 10 thousand followers with 109 posts, the first post being in February 2021 (can be seen in figure 15) All the posts focus on what is happening within digital fashion from Levi’s using AI models to what is currently happening in crypto fashion
Virtual influencers are “fictional computer-generated ‘people’ who have the realistic characteristics, features, and personalities of humans” (Megan Mosley, 2021) They are becoming popular within the social media industry as “more brands queuing up to get involved with this futuristic means of marketing” (Megan Mosley, 2021) to show how they are keeping up with trends
These virtual influences aren’t real people they only exist online with high technology behind them so for brands to work with a virtual influencer they must go to their creators to make it happen “Virtual Influencers will give brands more control over their collaborations. For example, if a real-life influencer makes a mistake, it can be difficult to resolve often having to re-shoot and as a result, the campaign’s launch can become delayed When it comes to virtual influencers, the mistake can be erased and simply amended within a matter of minutes“ (Megan Mosley, 2021).
"54% of all UK consumers find virtual identities appealing in some level" (Megan Mosley, 2021)
VIt has been a big year for fashion NFTs, “over the last 12 months, not only have more brands come on board and more fashion-focused Web3 start-ups launched, but they’ve evolved their NFT strategies to focus less on short-term monetary value and more on long-term, holderfocused perks as the value of crypto plummeted more than 60 percent”
(Madeleine Schulz, 2022)
“As NFTs became more mainstream, brands began to offer longer-term utility, often linked to experiences and membership programs. Prada’s monthly physical Time capsule collection drops are now linked to NFTs since June These grant access to global Prada Crypted and Prada Extends events (in addition to a Discord server and future drops)”
(Madeleine Schulz, 2022) Figure 16 shows Prada’s time capsule.
"Branded NFTs took off this year, with big buy-in from brands such as Gucci and Prada" (Madeleine Schulz, 2022
Licensing is when “a retailer or manufacturer rents, or leases, a brand's image to create consumer products” (Sponsor, 2022). In fashion, licensing can be done by brands for different reasons, from using brand name on different products
In the fashion industry, licensing is frequently utilised as a strategy by brands to increase their market share and provide licensees with access to their existing consumer base and brand recognition For instance, a fashion company might license its name and designs to a company that specialises in making premium handbags, allowing the company to offer a larger variety of goods to its clients without having to make significant investments in production resources.
“Brand Licensing allows retailers to differentiate themselves from competitors while expanding into new product categories that are deemed exclusive due to the licensing deal At the same time, brand licensing also allows retailers to attract new customers through different product offerings” (Sponsor, 2022).
"Demand for licensed products continues to grow, with several leading retailers from M&S to H&M working together with brands to create high-demand consumer products. Data shows that brand licensing can drive revenue, increase traffic, and boost consumer loyalty
Brand Licensing allows retailers to differentiate themselves from competitors while expanding into new product categories that are deemed exclusive due to the licensing deal. At the same time, brand licensing also allows retailers to attract new customers through different product offerings" (Sponsor, 2022)
Figure 17 shows the top global licensors by category. Entertainment is the top licensor for brands with 2955% , with corporate brands coming second with 20.45%.
Many trends have occurred in the fashion industry, resale being one of them, and they are here to stay Since 2016, the resale market has grown “by an impressive 1094%, and in 2022, it is forecast to experience further growth of 31.0% to $182.4 billion” (Global Data, 2022) But what does this mean for the luxury market? It is known that for fashion brands to survive they have to be on top of upcoming trends, this also applies to luxury fashion brands.
Since the luxury market saw growth in reselling, many brands jumped on this trend, GUCCI being one of them.
“In 2020, GUCCI partnered with The RealReal, and in 2021, the release of the House of Gucci film had InStyle magazine reporting that the movie was “making Gucci merchandise skyrocket on resale platforms” (Ewan, 2023
This new partnership in 2022 was to build “a relationship between upscale resale platform Vestiaire Collective and Gucci parent company Kering But resale is just one part of a larger strategy. Another is making use of Gucci deadstock materials through its Gucci Continuum platform, launched through Gucci Vault.” (Ewan, 2023).
Just like reselling, rental has become a must in the fashion industry, not only does it “have a smaller environmental footprint than buying new items” (Hughes, 2022), but it also saves the consumer some money which is what consumers are looking for these days due to the cost-of-living crisis
Burberry is one of the many luxury fashion brands that has joined in rental, by allowing consumers to rent any of their products. They done this by having a “partnership with My Wardrobe HQ; a platform offering renting and reselling of luxury items. The platform already saw huge demand for Burberry items on its peer-to-peer platform, where lending directly from the brand is now added” (Melissa Wijingaarden, 2021).
““It is exciting that Burberry is now collaborating with My Wardobe HQ, as the company donates 40% of its profits to Smart Works Smart Works is a charity that provides high-quality business attire and coaching for women with lesser economic opportunities Burberry’s products will be offered for rent at My Wardrobe HQ with prices ranging between £41 and £170 per week Besides renting, products will be made available for resell through the platform as well Resell prices start at £111 and go up to £750 for a trench coat”
.Coperni is another luxury brand that has started doing rental, it launched its rental service in 2021, which allowed its consumers to rent some of their most popular designs for a limited time Coperni has since then partnered “with UKbased rental platform Hurr” (Rachel Douglass, 2023) to expand their services to a wider audience. This partnership allows HURR customers to access a selection of Coperni’s most popular designs from jackets to accessories at a fee ranging from £30 to £200 for a 4-day rental period.
This partnership can be seen as a wider trend in the fashion industry towards sustainable consumption.
“The site has now welcomed a series of notable partnerships with both premium and luxury brands, from Selfridges and John Lewis to & Other Stories and Mulberry
Its expansion was further fuelled by a fourmillion-pound funding round later in the same year, which it used to expand its operations and develop its proprietary technology”.
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