In this episode, Gwen Whiting, the founder of The Laundress and I talk about what it’s like to go through the full life cycle of a business from an idea to exit. All Gwen had in the beginning was a passion for the fashion industry, and she recalls not being particularly skilled in design when she started out. What she did from that point though, was what led her to be able to eventually get The Foundress acquired by Unilever. Gwen time and time again put herself in positions where she was uncomfortable, and was able to attain tremendous growth and experience as a result.
Gwen refers to her main stint in the fashion industry as “Ralph Lauren University” and even says that she didn’t leave, she graduated. She is admirably gracious for her time at Ralph Lauren, where she was fortunate to have a ton of great experience in the industry that would eventually become the inspiration for The Foundress. After witnessing how much time, money, and attention that her colleagues were spending just to maintain their wardrobe, she enrolled in a course in laundering clothes at the recommendation of one of her mentors.
Gwen’s story from here echoes that of many other entrepreneurs; including hosting a party to raise money to start the business, and then grinding her way into getting people to adopt what she and her partner had built.
This is a great episode if you’re interested in hearing more about the story of a business being built from start to finish, so make sure to check this one out!
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2:05 - Gwen's starting point
3:32 - High School/ Childhood Interest in Crafts
4:55 - Fashion Illustration Classes
5:40 - Start of Neck-tie Business
6:50 - Internship with Ralph Lauren
7:44 - Experience with Big Designers
9:14 - Thread of Culture
9:55 - Hands on Experience
16:01- Origin of the name
17:20 - The Audience
17:44 - Raising Capital
21:28 - The Moment of Truth
23:15 - Most Challenging Element
26:36 - Critical Mistake
28:30 - Being Transparent
28:48 - The Business Model
32:14 - Element of Control
33:54 - Post Acquisition by Unilever
34:30 - What is in for Future?
35:34 - Putting Learning into Practice
35:55 - Advice to Young Fashion Entrepreneur
38:38 - Best Piece of Advice
39:32 - Gwen's Super Power
40:54 - Silver Linings
42:40 - Gwen's North Star