French retailer opens start-up competition with U.S. tech accelerator

Galeries Lafayette Group is the latest retail entity to launch its own tech accelerator program.



The French specialty retail conglomerate, which operates the Galeries Lafayette, BHV Marais, Royal Quartz, Louis Pion and Didier Guérin banners, is partnering with Silicon Valley-based technology accelerator and venture fund Plug and Play in the effort. The three-month program aims to develop an integrated platform to assist startups focused on the fashion and retail sectors. It will include access to venture capitalists, mentors, and Fortune 500 companies.



The accelerator, "Lafayette – Plug and Play," launches its first program and call for applications between June 1 and August 22, 2016. A jury of Silicon Valley technology experts and senior executives from Group Galeries Lafayette and Plug and Play will select 10 finalists. "Lafayette - Plug and Play" will be based out of a dedicated 10,700-sq.-ft. office space located in Paris.



"With this accelerator, Group Galeries Lafayette brings innovation to the next level by creating a collaboration platform with high-potential startups and invent with them the fashion and retail businesses of tomorrow,” said Edoardo Manitto, Group Galeries Lafayette VP corporate development and innovation. “We are pleased to be working on this ambitious project with Plug and Play, whose expertise is globally recognized and for which we will be the only partner for retail and fashion in France."



Leading U.S. retailers including Walmart and Target have also sponsored similar startup competitions. Target conducted its program in conjunction with accelerator Techstars. These types of contests are a great way to identify third-party technologies which can be brought in-house for refinement and customization to deliver a competitive advantage. They also offer partnering accelerators the chance to broaden their own retail horizons.



"Plug and Play has ran tremendously successful retail-focused accelerator programs in Silicon Valley over the last three years and plans to replicate this model in Europe through Lafayette – Plug and Play," said Michael Olmstead, VP corporate partnerships at Plug and Play. "We are building the premier destination for startups innovating at the intersection of retail, fashion and technology.



Applications for "Lafayette - Plug and Play" are available at Lafayetteplugandplay.com.