Good morning,
Back in March, Rebecca Minkoff--co-founder of her eponymous fashion and accessories brand--watched as every single one of the 900-plus retail shops carrying her merchandise shut its doors.
Those wholesale relationships made up 70 percent of her company’s business. "We didn't purposefully choose transition," Minkoff said Tuesday at the Inc. 5000 Vision Conference. "We had to pivot fast and aggressively." Almost overnight, the 15-year-old business became e-commerce-only. Rediscovering how to act like a scrappy startup again, Minkoff said, helped the business survive--and, indeed, thrive--during one of the most difficult years for retail in recent memory.
The experience taught Minkoff a few critical lessons that are valuable for any entrepreneur. For example: Don’t worry about polish. The company has long produced video content, which quickly turned into Minkoff “messing around in my backyard” with a camera over the summer. Surprisingly, she said, those informal, experimental videos performed far better--with significantly lower costs.
Check out our story to pick up the rest of Minkoff’s hard-won tips for successful entrepreneurship in a crisis. |
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