The online fashion industry is dominated by Amazon who controls 20% of the market. One of the companies that has been most successful competing against Amazon is Fabletics. Fabletics is a company which is focused on women’s activewear. They use a subscription model where members pay a monthly fee in order to receive a monthly box of clothing plus other benefits.
Over the last few years Fabletics has expanded by opening physical stores in cities across America. One thing that most physical retailers hate is what’s called “showrooming”; customers browse the physical store but then buy the product online instead. Due to Fabletics starting out as a strictly online store they encourage what they call “reverse showrooming”. People can browse their clothes online and then buy it in a local store for the same price.
When first joining Fabletics the company encourages them to take an online questionnaire called the Lifestyle Quiz. Taking this quiz helps Fabletics know about them such as their size and what types of fashion appeals to them. By taking the Lifestyle Quiz the new member will receive a box of clothing each month that is their size and something that they will enjoy wearing.
As a technology company as well as a fashion company, Fabletics makes extensive use of metrics to keep track of sales and other data. One way they use this data is by deeply examining what sells in each local market they have a physical store in. By doing this they know what the local trends are and what fashion is popular in that particular market. The SVP of Operations, Dustin Netral, has said that Fabletics combines global fashion trends with what is popular on a local level.
Fabletics was launched in a partnership between TechStyle Group and Kate Hudson. The leadership of TechStyle Group chose her to lead the brand because she is well liked and also known for being athletic. They also cited that she is approachable for women. She is deeply involved in running the company, doing everything from picking new fashions the company will sell to doing data analysis and keeping track of sales.
Under Kate Hudson’s leadership Fabletics has been very successful. They now have about 1.2 million members. In 2016 the company experienced 644% growth as well. The company has also branched out and is now offering a new line of clothing through a partnership they formed with the pop singer Demi Lovato.
Christopher Burch may not be a name that you are familiar with, but once you hear about everything that he has accomplished and done in his life, you will wonder why it is not a household name. Christopher Burch had a very modest upbringing. His father had always been involved in business and was a sole proprietor himself. He wanted to teach his children all about the business world and the meaning of hard work. To drive this point home, Christopher’s father enlisted him into service at a construction company at the ripe age of 13. There, he worked long days and made very little money, but from that point on, Christopher wanted to work for a living and be an entrepreneur.
According to Huffington Post, Christopher got his first taste of real entrepreneurship when he was attending Ithaca College. He and his brother invested the paltry sum of $2,000 in their very own apparel business named Eagle’s Eye. Eagle’s Eye bought sweaters for under ten dollars per item of clothing and then sold them for a handsome profit. While this idea was not earth shattering, it was something that nobody else was attempting to do. Through word of mouth and Christopher’s business skill, they were able to grow the business to nearly $140 million in sales after just ten years. They ended up selling their venture for $165 million, making an extremely impressive profit. For Christopher, this was only the beginning of a life of investment.
Christopher then created the Burch Creative Capital Group after he graduated. He had made some good investments between the end of college and the start of his own firm, and he wanted to do something with it. Today, this company is worth billions and has helped to start over 50 businesses. The business model at Burch Creative Capital is to find the companies and ideas that are very innovative and that are not in any currently established markets. The more creative the idea, the better in the mind of Christopher Burch. It is with these truly risky and disruptive technologies and investments that you can make a real profit.
Today, Christopher Burch is a billionaire. He has been in numerous publications, including Bloomberg, that praise his style and the way he runs his business. He is still investing, hoping to get a piece of the growing technology sector, as well as in areas that are getting more popular with the public, like organic foods. His presence is growing every day.
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