Phoebe Gates and her father Bill. (Photo taken from her Instagram account)
"Vintage" is in vogue globally.
Trendy boutiques offer brands, some more well-known than others, at attractive prices. The interest is twofold: acquiring a "rare" piece at a good price. Collectors and fashionistas have jumped on board, with numerous facilities available to ease their efforts. In the United States today, an "AI-powered app" named Phia, launched last April 24, marketing itself as a "shopping assistant" meant to sidestep the hassles of finding the best discovery. Created by a young woman born with a silver spoon in her mouth: Phoebe Gates (22), daughter of the 13th largest fortune in the world according to the latest Forbes ranking. She started this business in collaboration with Sophia Kianni (23), a friend from her Stanford University years, where she earned a degree in human biology. The name of their startup, Phia, is a combination of their respective first names. Phoebe, the youngest of Bill Gates and his ex-wife Melinda French Gates' three children, was the only one in the family interested in fashion, personally customizing her look to be youthful, "secondhand" and vintage. After finishing their studies, the two young women sought a professional direction: a Gen Z version of LinkedIn or an immersion in climate change? Then, suddenly, this eureka moment: "There must be other girls like us, 'smart,' aged 25 to 30, wanting to shop and get the best price at a click!"
Phia, an AI-powered shopping assistant
After many attempts, they had this breakthrough, explaining the process on the online site Unwell dedicated to new creations: "Phia is a price comparison tool using AI inspired by Google Flights, which tells online buyers which flight is most suited for them. Our operator relies on information from resellers like Depop, Poshmark, The RealReal, Vestiaire Collective, eBay, to reach the median price of the item. The goal is to be a true shopping assistant that not only offers cheaper options but also evaluates the item based on its resale value and what the shopper already has in her wardrobe. The target clientele is a dynamic young woman. She shops like a pro but doesn’t want to waste time doing it."
"Our vision for Phia is simple: to make you the savviest shopper there is," they added.
Phoebe Gates shared her project with her parents without asking for any help for its realization – Bill Gates left his three children less than 1 percent of his fortune, or enough to allow them to carve their own path in life. In the podcast Burnouts – hosted by the influencer Alex Cooper – the youngest Gates did not deny that her surname made things easier when she and her partner took on the financing phase. Notable names were interested in investing in this experience. Starting with Kris Jenner, who has an eye for business and is dubbed the "momager" of the Kardashians, or their manager. As well as Sara Blakely, the philanthropist and billionaire behind Spanx shapewear, and Joanne Bradford, renowned in financial technology.
Clothes for six generations to come
The founders of Phia initially began with $100,000 from Soma Capital and a $250,000 grant from Stanford for social entrepreneurship. Eventually, after numerous rejections, they were able to gather an additional $500,000 from what they call "providential" investors.
"If the company succeeds, people will say: 'It's because of her family,'" she told the New York Times. "And it's largely true. I could never have gone to Stanford or had such a wonderful childhood or felt the necessary motivation without my parents. But I also feel an enormous internal pressure."
In a nod to Bill Gates' efforts to combat climate change, the Phia website mentions the sustainable aspect of secondhand shopping, stating: "Choose to shop in a more kind way for your wallet and the planet, without sacrificing an ounce of style." Phia also says: "There are enough clothes on our planet right now to dress the next six generations of mankind."
Bill Gates once said about his youngest daughter: "Of my children, she's the least like me ... because she has excellent interpersonal skills, she knows how to talk to people."
The other two Gates children are Jennifer (28) and Rory (25). Jennifer, who is a pediatrician, is married to an Egyptian equestrian champion, Nayel Nassar, based in the United States. Rory graduated from the University of Chicago with a double major and a master's in creative writing. He is currently pursuing a doctorate at the Institute of World Politics and is an analyst for the Commission on the Afghan War.
As for Phoebe Gates, she is in a relationship with Arthur Donald, who is none other than the grandson of Paul McCartney.
This article was originally published in French in L'Orient-Le Jour.