Tribe Logo

Lisbon | Wednesday, December 13, 2023 | 13:57 WET

Disclosure Statement

With the deepest sorrow, the Tribe™ team announces the end of a project that was approached with immense love and affection. What we aimed to achieve was undoubtedly extremely ambitious, reaching far beyond a mere clothing store — of which there are already thousands — and we refused to settle for mediocrity.

Our primary goal was to test a hypothesis: "Can clothing be perceived as a physical asset?" We sought to explore this by selling items through the Noah™ platform, that would be exclusively available for a beta trial on Tribe™. Our objective was to ensure something we coined as "full connection" and "item identity", something we consider that will be fundamental to the future development of the industry. In simpler terms, we aimed to provide each item with a digital identity, akin to a citizen card for physical objects. The idea was more significant than could be encapsulated in a brief text. While it may seem ordinary, the truth is that it's a fundamental concept to support the first economic revolution of an age-old industry, annually generating nearly 2 trillion dollars — a concept we aspired to test but, unfortunately, could not develop in time.

Many crucial aspects that were essential to what we aimed to achieve went awry, and now all that remains is for us to scrutinize the mistakes we made.

Speaking solely of the store's issues, we undoubtedly failed to demonstrate the professional capacity to manage the business correctly. Firstly, we failed to react to a common problem affecting many businesses: we expanded beyond our managerial capabilities, significantly limiting us. Despite being aware of this, we persisted with inventories that far exceeded our management capacity. At one point, our inventory reached a registered value exceeding €25,000, equivalent to approximately 200 items (mostly hoodies), and we lacked the infrastructure to handle such scale. Secondly, we couldn't resolve payment-related issues as we operated in a gray area in terms of tax regulations, compromising our store's functionality. This was undoubtedly one of the most fundamental aspects for us to structure the business correctly. Thirdly, we failed to meet the deadlines set for crucial internal tasks essential to the vision we aimed to impart to Tribe™.

Ultimately, the core failure of the Tribe™ project with Noah™ undoubtedly stemmed from a lack of discipline and commitment to a venture that demanded our utmost dedication. The team deeply regrets the outcome.

Personally, I shoulder the entire responsibility for the project's failure and our inability to meet the expectations placed upon us.

Head Responsible, Rafael Galo