Spanish fashion company, Mango, has launched a fashion startup accelerator, The Mango StartUp Studio, a collaboration with the IESE business school.

The project will be funded at a cost of €3 million and will involve the participation of more than 50 companies.

The Mango StartUp Studio will hunt for firms and concepts in the early stages of development that require cash investment. The investment will be used to introduce innovation to the fashion industry's value chain and improve the customer experience.

Mango expects that the project will help the company foster innovation, identify growth prospects, and engage in the creation of new technology and business models.

Mango's CEO, Toni Ruiz, said the new accelerator will help the company better understand the startup environment, build contacts with key players in the industry, and identify trends and disruptive technology.

The agreement with IESE Business School comprises the business school's assistance to Mango in the screening of projects, training of personnel, and collaboration for meetings that assist and foster networking among selected entrepreneurs.