Desigual innovation relies pandemic weather with the launch of the first startup accelerator driven by a Spanish fashion company.

Desigual relies on the search for technology to revitalize the sector. The Spanish company and controlled by Thomas Meyer has partnered with the Plug and Play platform to launch Awesome Lab, a project that will promote the development of technological solutions for the fashion industry, according to the specialized portal Modaes.

In this way, the accelerator, which will have a million euros of investment, becomes the first launched by a fashion company in Spain. The project, which will have international scope, was born with the objective that Desigual incorporates the different technologies in early stages.

” The launch of Awesome Lab is Desigual's commitment to digital innovation and to intensify the flow of knowledge and ideas with which to identify opportunities and implement responses in an agile way, " says Desigual.

Desigual innovation relies pandemic weather

Parallel to this plan, the fashion company, which will host startups at its headquarters, will create a financial investment vehicle with which to identify those emerging companies in which it chooses to invest. It will do so with a budget of around 15 million euros over the next 3 years.

Plug and Play will select up to 150 startups as candidates to join the program. These proposals will be evaluated by a jury made up of members of the Desigual innovation committee, industry leaders, Plug and Play experts and Thomas Meyer.

Desigual innovation relies pandemic weather

The call for startups will open on July 20 at an international level, with the launch of around 10 challenges by the company and that will go from product design and development to customer relationship.

This approach by Desigual would not be the first of its kind in the fashion and beauty sector. The French giant L'Oréal, for example, launched an accelerator in 2017 with Station F, while the Japanese Asics already has several editions of the Tenkan-Ten program, which seeks sports and wellness projects and operates from Barcelona.

Desigual innovation relies pandemic weather

According to Alberto Ojinaga, general manager of Desigual, this project aims for the company to make "collaboration its clear and differentiating competitive tool"” ” The launch of this accelerator is the beginning of a new stage of growth, " he adds in statements to Modaes.

The company, which has been immersed in a transformation plan for several years, has accumulated 6 years in restructuring, most severely last year as a result of the impact of COVID-19 on its accounts. In fact, its turnover rose in 2020 to 360 million euros, compared to 589 million the previous year. The company started last year with losses of 83 million euros.

Currently, the company has more than 2,700 employees and is present in 107 countries through ten sales channels, 428 single-brand stores and six product categories: Woman, Man, Kids, Accessories, Shoes and Sport.

Desigual innovation relies pandemic weather

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Hacienda puts cryptocurrency investment under the microscope: this is how the anti-fraud law that has just entered into force can affect you

Treasury has put cryptocurrencies under the magnifying glass as a measure to prevent tax fraud. The new anti-fraud law entered into force a few days ago and is part of the Recovery, Transformation and Resilience Plan sent to Brussels by the Government.

The new Law includes this control to cryptocurrencies "for their proliferation and popularity among investors and savers", which from now on must report on the holding and operations carried out with virtual currencies, both inside and outside Spain, whenever it challenges Spanish taxpayers.

The Treasury will require information on balances and holders of the currencies and on all types of operations that have been carried out. Likewise, " it will be mandatory to report in the form 720 of declarations of goods and rights abroad on the possession of cryptocurrencies abroad," as reported by the Ministry headed by María Jesús Montero.

The regulation, which includes actions in different fields beyond the digital environment, also introduces the prohibition of" dual-use software", both in terms of production, as well as its possession and commercialization. They are accounting management tools that are used to manipulate and falsify the accounting of companies in order to pay less taxes.

According to the Tax Agency, with the use of these programs every year billions of euros of revenue are lost to the public coffers. Now, the electronic systems used in business management and accounting will have to adapt to requirements "that guarantee the integrity, conservation, traceability and inalterability of the records of operations".

Although the new Law has just entered into force, the Tax Agency has been tightening the siege on cryptocurrencies in recent years, although not in such a decisive way as now.

In 2018 it sent information requests to more than 60 entities that are engaged in cryptocurrency trading operations. The companies that were asked for information ranged from financial institutions, exchange houses and payment gateways to entities linked to ATMs and companies that support cryptocurrency payments.

In 2019, through the Tax Control Plan, the Treasury intensified control over large estates, e-commerce, Fintech technologies and cryptocurrencies. Finally, in October 2020, the draft law of the regulation that has just begun to apply was approved.