GP Bullhound Research Online Fashion INDEPENDENT TECHNOLOGY RESEARCH SECTOR UPDATE / MAY 2013 / by MANISH MADHVANI & SASHA AFANASIEVA THE GP BULLHOUND BANKING TEAM GP Bullhound is a research-centric investment bank headquartered in London. This reports looks into the latest trends in the online fashion market, following on from our first research coverage of the sector in October 2008. The first section provides an overview of the development of the market. We then look at the changing behaviour of consumers online and how apparel sites are addressing this with new engagement methods. The next section assesses how the supply chain has been impacted by new online fashion business models. The fourth section examines new business models that have established differentiating ways to engage with the consumer, while the next assesses new B2B business models. In the sixth section, we reveal our views on the latest investment and exit trends in the online fashion segment. Finally, we profile some of the most promising players in the space.