If you have ever thought about starting your own business, you can take guesses and examples from those who have succeeded more than everyone else, and created companies that are now worth billions of dollars. When deciding how to do something, you always have to look at those who failed, but pay extra attention to those who succeeded.
If you have ever thought about tackling the fashion industry, which is one of the most gratifying markets for young entrepreneurs, then this article is for you.
We are going to focus on examples in the fashion and clothing fabrication industry, and the biggest shark of the fitness field: Fabletics.
Fabletics did everything right, beginning with their business model, their marketing strategies to attract new customers, and their products themselves.
Fabletics was created and co-founded by the three entrepreneurs Kate Hudson, Adam Goldenberg, Don Ressler.
Kate Hudson… the celebrity Kate Hudson?!
Yes, Kate Hudson is one of the most influential entrepreneurs of the fashion world, being the co-founder of one of the strongest and most incredible companies in the field, with a net-worth that has scaled with excruciating speed and a company under her name that conquered an entire industry.
Fabletics might have a cute name and a simple idea: to provide women with clothes for going to the gym, jogging and exercising, that also have tons of variety with different colors, patterns, and personality traits for each piece of clothing. That idea, however, skyrocketed the company forward.
Adam Goldenberg and Don Ressler were two entrepreneurs already in the fashion business, being the creators of the JustFab brand, enormous mother-business, along with a few other acquisitions that are still very famous, like ShoeDazzle.
Being in the fashion business, with a couple of years analyzing the fitness industry, they realized that there was a tremendous hole there. Something that companies currently co-existing in that sector were not providing. Even though customers were constantly sharing their discontent with the lack of variety and vibrant colors in fitness gears from several companies, the cost of increasing the number of patterns for each clothing and having all subsidiaries manufacturing an extra piece of gear was tremendous, so the appeals were left unheard.
Fabletics, on the other hand, ignored the extra cost that comes with an increased variety and used it as the central marketing campaign upon release. More than that, Fabletics does not provide only clothes with vibrant colors, they provide pieces of gear that adequate to different personality traits.
This is why the entrepreneurs behind Fabletics also created the Lifestyle Quiz, an idea that was personality brought by Kate Hudson. A genius move. The Lifestyle Quiz incentivizes clients to take a quick questionnaire to see what kind of person they are, what are their personality traits and how they differ from other women. This comes from their unique philosophy that every woman is unique.
The Lifestyle Quiz, coupled with their marketing strategies of using the e-commerce environment to boost their relationship with the clients, has made it one of the strongest companies in the field to this day.