Beta Fashion, dubbed by its owner as the "first online fashion label whose collections are entirely based on designs submitted by members of its community," has launched October 21, ready to take on the big labels of this world.

Led by Joseph Nigoghossian, a graduate of the well-respected Central St Martins fashion college in London, the new brand's aspirations are high, claiming to achieve no less than the "democratization of fashion," "just as Banksy (the UK graffiti artist that now exhibits at leading art galleries) took on the established world of art."

Here's how it works: designers submit their ideas and, if they withstand judging by the label's professionals as well as the site's web community, have them produced and sold in limited editions at Beta Fashion's online store.

Apart from gaining exposure, designers can enter the newly launched brand's competitions, following specific briefs, and win cash prizes. The contest panel also consists of the site's members, who Beta says are designers, buyers and other "fashion conscious individuals," with everyone being able to vote on what he or she would like to shop.

The site's goal, according to its founder, is to become a "leading creative force in the industry, challenging the very way fashion is conceptualized, created, and consumed." The so-called democratization of fashion has already been resounding throughout the land, however, with designers opening up their fashion shows to the public and creating wallet-friendly collections for the high street.

Prices of items currently featured on Beta Fashion range from £35 to £140 (around €38 to €155). The site ships within the UK, Europe and North America for the moment.