Red is great for lipstick and the sole of your stilettos – not so much for your balance sheets and bank accounts. The path to profitability can often be seemingly endless, snarled, and plagued with fender-benders and traffic jams – but it doesn’t have to be mysterious or lonely. And while every brand forges its own unique path, there are five markers that guide the way for them all.
This session will cover the 5 steps all direct to consumer brands must take as they navigate their way towards the black:
1) Product Development & Category Expansion
2) Inventory Planning & Allocation
3) Sales Channels, Marketing & Analytics
4) Financial Plans, People Plan & Operations
5) Funding & Pace of Growth
They say it’s the journey that matters, but when we’re talking about profitability, it’s the destination that makes or breaks a brand.
Drew Koven is Managing Director of LDR Ventures, an LA based Venture Capital group that works with early stage fashion and consumer lifestyle brands to incubate, operate and grow with a clear path to profitability. LDR focuses on Fashion and Footwear, Food, Health & Beauty, eCommerce, Omnichannel Retail, Fashion Tech & Retail Tech. Notable investments include: Thrive Market, sweetgreen, Fame & Partners and Bow & Drape. They embrace diversity, impact, inclusion and female founders. LDR is opening an incubator in Los Angeles this summer to address the specific needs of fashion and consumer brands and has recently launched a podcast called The BizFix.
An entrepreneur and intrapreneur, Drew was formerly CEO of The Beach People, a home fashion Company his team took global, achieving 5000% growth, which he sold. His executive leadership roles include: Vice President of Omnichannel retail and eCommerce for Guess Jeans, President of eCommerce and Customer Experience for Steve Madden Shoes, CMO/CDO for Melissa & Doug Toys and CMO of FreshDirect, the online grocer. As a leader and culture builder, he has experienced very low single digit turnover with his teams and mantra of “People Before Profits.”
Drew was awarded as a Top 25 Retailer by Apparel Magazine, Top 3 Mobile Marketer by Mobile Marketer Magazine, Boston Business Hall of Fame Inductee, Virgin Atlantic Entrepreneur of the Year, a 40 under 40 recipient and is an Advisory Board Member of Apparel Magazine. He has his finger on the pulse of today’s global retail environment and the ins-and-outs of starting and growing businesses. He is married with two sons and lives in Los Angeles.