Mode Operandi - High-End Fashion Pre Sale Network, From Originality To Practice

Mode Operandi is a high-end fashion pre sale website co founded by Lauren Sandor Domingo, the former executive Aslaug of Gilt, and the editor of fashion magazine Lauren (Lauren Santo Domingo) in 2010.

This website not only represents the system that only members can buy, but also emphasizes that tomorrow's clothes will buy this concept today, and the products are seasonal.

The clothes I just showed.

As an entrepreneur, what is the key requirement for success? Why do some entrepreneurs succeed and others fail? How many of them are the result of planning and skills, and how many of them are accidental luck?

Aslaug Magnusdottir, CEO and founder of Moda Operandi, has written the following words for her to share with her in her experience of steering the new technology company.

In February 2011, my partner Lauren Sandor Domingo and I launched an online business.

- Moda Operandi.

Among them, Moda Operandi is the first network company that can accept the latest T series products immediately after displaying new products in New York, London, Milan and Paris fashion week.

This website was the result of my idea in the autumn of 2009, when I was in charge of the senior Department of the gilt group.

At that time, I thought: why can't fashion enthusiasts buy T at home in warm, comfortable and private spaces?

The idea of designing products of any size has always been in my mind. I know I have to succeed and I have done it.

Not long ago, Moda Operandi announced a $36 million round of C investment.

After celebrating the end of our latest round of activities, I sat down to have coffee with my friend Imran Emad. He was my former colleague in McKinsey, and also the founder of fashion enterprises.

Im suggested that I write a column for the media about my experience as a founder and CEO of a fashion startup.

Our conversation led me to think about my career, Moda Operandi and how it was created.

In particular, as an entrepreneur, what is the key requirement for success? Why do some entrepreneurs succeed and others fail? How many of them are the result of planning and skills, and how many of them are accidental luck?

For the launch of a business without perfect script, I do not pretend that I know all the answers to these questions.

However, I really hope that by sharing my thoughts and experiences, I can explain some problems faced by some fashion founders and sort out some lessons learned.

And most importantly, I hope my story can help those who are troubled by an idea and decide to take risks.

1. fill market gaps

You've heard it before and you'll hear it later: an entrepreneur who solves problems, satisfies needs or fills gaps will succeed, Moda Operandi fills.

The fact that the gap is blank is the key factor for us to reach this height today.

Moda Operandi is the only business website specially designed for customers to pre purchase to T. It is unique in this respect.

But how to solve the problem is crucial to a company's success. Is it also the only requirement? Absolutely not.

There are many examples of successful companies, and these are not the first examples.

In the online fashion space, the gilt group is a good example.

Gilt got the idea from Vente-Priv e, a European company that was established in Europe, which sells fashion products at discounted prices through the "time limit rush" approach, but this idea has changed to meet the needs of the American customer base.

Then gilt was not the only one to adopt this idea: a time limited rush to buy websites like the storm occupied the US market and provided customers with their long discounted products and services.

It is very important to fill the gap in the market. If you are only the first to do it, but not fill the market gap, the impact will not be as important as filling the market gap.

2. team matters.

When I started thinking about Moda Operandi, I immediately thought that Lauren Sandor Domingo was the perfect partner.

We have been working in the fashion industry for a long time, and our capabilities complement each other.

My background is focused on the commercial aspect of fashion, and I am an investor and consultant for fashion brands. Lauren's expertise is in creation as a designer and editor for a long time. She has a unique vision of fashion and is closely related to other designers in the world.

We know that technology is our weakness, so we have a very difficult task to find an excellent chief technology officer in New York.

Once this problem is solved, we have the key skills.

Our team is small but full of passion and high quality talents. Through this team, we can build our initial website.

Will you let the key go away? Your original team is everything to you.

Identify key people, get the key to success, and then move on to the next step.

At the beginning, don't stagnate because you hire people who don't need it.

Outsource other requirements or simply declare to your investors and partners, you are not wasting time in those areas now, and will solve them later.

3. passion will make you go further.

People often ask me what I feel like being the founder and CEO of a start-up company, whether or not this is the path I recommend.

My answer is simple: unless you have nothing to do in the world, do not create and run a company.

As the CEO of a start-up, it takes time and energy.

You will no longer have a leisurely drink on weekends, holidays or after work.

You should always be vigilant, consider those who work for you, plan the future of your company, and be anxious about some details that may contribute to your business success (or failure).

Ups and downs are real and extreme.

So one thing that keeps you and your team absolutely motivated is to fully recognize what you have done and be passionate about it.

If you fail to do that, your team will smell that your partner and customer will smell it too, and you will smell it yourself.

Many years ago, when I was living in London, a business partner of mine and I spent several months developing the concept of a healthy fast food chain.

Although it is a reliable business concept that caters to the real needs of the market, it is not my passion.

And when things began to get tough, I didn't let myself go on.

On the other hand, Moda Operandi attracted me from the day I picked up the phone to call Lauren.

With the love I have for our company, I wake up every day to actively cultivate our company.

4. cash is everything.

Take risks to illustrate the point: you may have an excellent business idea, but unless you are very rich yourself or can convince some people to invest in your idea, it is unlikely that much progress will be made except sketched on the sketchpad.

Raising money, like most things in life, requires skill and practice in a day after tomorrow.

When I moved to New York in 2006, I set up an investment company called TSM investment company together with retail legend Marvin Traub.

TSM invested in some fashion brands, such as Matthew Williamson Williamson and Rachel Roy (Rachel Roy), and I spent a lot of time and energy to raise funds for some of the fashion companies that started out in Matthew.

This is an extremely difficult task, because many investors are reluctant to assess the competitive advantage of individual fashion brands.

I have to hone my ability to raise funds, sell brands to investors, learn what to do, what not to do, what motivates them, and what makes them afraid.

Those studies played a key role in raising funds for Moda Operandi, and we had the ability to obtain funds to fund our growth and development, and raised nearly $50 million in two years.

Without this money or without knowing how to raise funds, the excellent idea of creating Moda Operandi can only be a sketch on the sketchpad.

5. life is time.

This lesson may be the most painful.

Timing is everything.

Some of the ideas were very good, but they were too advanced, so they failed.

Some of the ideas were great, but too late and failed.

This is true in the fashion world on the Internet.

Gilt's timing was just right. When the economy experienced a severe recession, the sale of full value luxury goods was hit by the launch of its online store.

As a result, gilt succeeded by selling discounted fashion products in the past season.

In Moda Operandi, we know that our age is now.

We see the crisis. Consumers not only want to buy products from Amazon, but also from designers.

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As the economy rebounded, we worked very hard to capture the market quickly even in the process of making mistakes.

Therefore, Moda Operandi can achieve the sales performance and fund raising required to put the company in a unique position.

In short, though you can't choose the right time for everything, do your homework and decide the right time for your thoughts.

When you see the time comes, you must try your best to catch it.

There may not be another big opportunity for some time.