PAKT Wins Vogue BMW Innovation Prize 2024

HONG KONG SAR –
Media OutReach Newswire – 24 October 2024 – PAKT has been named the winner of the
Vogue BMW Innovation Prize 2024, marking the Hong Kong start up’s second consecutive year in the competition. Following their launch in Hong Kong in 2016, they entered the Singapore market in 2023, and the win was announced at a captivating NEXT IN VOGUE gala dinner in Singapore where guests included industry-defining luxury brands, fashion icons and global celebrities including Academy Award nominee Stephanie Hsu. This incredible recognition coincides with the 8th anniversary of PAKT.

Barbara Yu Larsson Founder PAKT accepts Innovation prize from Lars Nielsen Managing Director BMW Group Asia

PAKT is a unique service revolutionising wardrobe management, that allows clients to store, digitise and sell their clothes and accessories. Its key functions include specialised storage in a climate-controlled warehouse, a digital inventory, deliveries on demand and the ability to sell items you no longer love, all managed through a personalised app.

“Winning the Vogue BMW Innovation Prize 2024 is global validation for PAKT and will bring us to the next stage of our journey as we continue our commitment to circularity,” says Barbara Yu Larsson, Founder and CEO PAKT. “Our vision is to revolutionise the way people manage what they wear and solve real problems by combining specialist care with the power of AI to expand our offerings.”

Lars Nielsen, Managing Director of BMW Group Asia, emphasized the group’s vested interest in nurturing the next generation of innovators, stating, “Coming off the heels from the incredibly successful inaugural Vogue Singapore x BMW Innovation Prize in 2023, we’re committed to elevating the experience in 2024. Embracing our dedication to nurturing creativity and empowering emerging talents in ASEAN, when creative minds come together, sparks fly! Be it digitalisation, groundbreaking ideas, or cutting-edge design, collaboration is the driving force propelling us into the future.”

Shortlisted applicants were invited to participate in a two-day bootcamp, followed by a month long mentorship programme, before presenting their business models to a final jury that included: Renzo Vitale,
Creative Director Sound, BMW Group, Amanda Parkes,
Chief Innovation Officer, Pangaia, Lauren Bartley,
Chief Sustainability Officer, GANNI.

In addition to a monetary prize of SGD$20,000, the winner also receives media support, complimentary membership at the Singapore Fashion Council and an all-expenses-paid trip to Monaco courtesy of VisitMonaco.

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The issuer is solely responsible for the content of this announcement.