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Family Businesses: The Heart of Retail. Inspired by a recent talk on Generational Innovation in Retail at ISTITUTO MARANGONI MIAMI featuring Chief Commercial Officer Mauricio Espinosa, Director of Ready to Wear Sofia Espinosa of Silvia Tcherassi, and moderated by Eva Hughes, I've been reflecting on the vital role family businesses play in our retail sector. Did you know that a whopping 90% of American businesses are family-owned or controlled? 🤯 While this spans all industries, it's clear that family businesses are the backbone of our retail landscape. These businesses aren't just about numbers; they're deeply woven into our communities, prioritizing customer relationships, and championing long-term sustainability. Their resilience, strong values, and innovative spirit (as exemplified by the Tcherassi family! 👏) make them a driving force in the retail world. But what's YOUR take? If you're a consumer: Share your favorite family-owned retail store and why you love supporting them. ❤️ If you're in the retail industry: How have family businesses impacted your career or business? 🤝 If you're part of a family business: What are some of the unique challenges and rewards you've experienced? 💪 Let's celebrate the contributions of family businesses and keep the conversation going! #FamilyBusiness #RetailIndustry #ShopLocal #Sustainability #SmallBusiness #Entrepreneurship

People's attention needs to be earned. Usually, it involves thinking outside of the box. Jo Malone London is a powerhouse name in the perfume industry. Before all the traction, Joanne Lesley Malone, the brand's Founder, had to earn part of the market share, which the brand did later on. She had developed formulas that smelled great, so much so that she believed customers would relate to the brand. So, the product was there, and the question then became about how to get people to notice. The idea that came next was, in my opinion, genius. Joanne hired several people to carry many eloquently designed Jo Malone shopping bags to walk around the city during the weeks before the product launch. The feeling was supposed to be "This is the next cool thing" and it sure did feel like it. Long story short, Jo Malone became a hit, and even got acquired in 1999 by Estée Lauder Companies. We can't completely disregard past methods. But, we can't just stick to the same norm over and over again. Be brave and create excitement. Let's keep moving forward! #motivation #entrepreneurship

If I had one takeaway from my conversation with Nick Dreyer, it would be this: Do what works for YOU. Nick's insights on Veldskoen Shoes's growth strategy are a reminder that there are no two paths alike in entrepreneurship. There were no cookie-cutter plans for Veldskoen: just a bold vision and strong values. With Ross, they bootstrapped their business and took it to 30 countries in 5 years with a unique combination of holding companies, franchise models and local partners. But while their shoes have been on the most influential feet (the SA Olympic and Paralympic team in Tokyo, Prince Harry, Ashton Kutcher, etc.), there's one thing Nick always emphasizes: "We've chosen to focus on the brand from a heritage perspective for as long as we can. And we're happy to grow within that because the last thing I want to be is a fashion thing. A 300-year-old object shouldn't go out of fashion." Lesson learned: Stick to your true self and values – they attract the right people. Thanks, Nick!

💥💥10 Key Takeaways for Entrepreneurs from Bernard Arnault💥💥 Bernard Arnault, the visionary behind LVMH (Moët Hennessy Louis Vuitton), one of the world’s leading luxury brands. #resilience #adaptability 1. Resilience and Adaptability: Arnault’s story exemplifies resilience. He transformed failing brands and businesses by adapting to changing market conditions. 👉Entrepreneurs should embrace flexibility and learn from setbacks. #vision #commitment 2. Vision and Commitment: Arnault’s unwavering commitment to his vision drove his success. 👉Entrepreneurs must define their purpose clearly and stay dedicated to it. #quality #creativity 3. Quality and Creativity: Arnault believes that luxury is the combination of quality and creativity. 👉Entrepreneurs should prioritize excellence and innovation in their products or services. #values 4. Spotting Value: Arnault’s keen eye for detail allowed him to identify value in failing brands and sectors. 👉Entrepreneurs should cultivate a similar ability to recognize hidden opportunities. #luxurygoods 5. Focus on Luxury: Arnault strategically focused on luxury goods. He revived Christian Dior, emphasizing its luxury offerings. 👉Entrepreneurs should identify their niche and excel within it. #strategic 6. Strategic Turnaround: Arnault successfully reorganized Financière Agache, emphasizing Christian Dior. 👉Entrepreneurs can learn from his strategic turnaround approach. #acquisition 7. Aggressive Acquisitions: Arnault’s acquisition spree led to LVMH’s dominance. 👉Entrepreneurs should explore growth through acquisitions when strategically aligned. #meticulous 8. Attention to Detail: Arnault’s success lies in his meticulous attention to quality and detail. 👉Entrepreneurs should adopt a similar mindset. #innovations #luxury 9. Innovation and Luxury: Arnault’s brands continue to innovate. 👉Entrepreneurs should blend innovation with luxury to create irresistible products. #philanthropy Learn 10. Philanthropy and CSR: Arnault’s philanthropic initiatives demonstrate social responsibility. 👉Entrepreneurs should consider giving back to society as part of their journey. Bernard Arnault’s journey teaches us that resilience, adaptability, and a commitment to vision are instrumental in creating and steering a successful enterprise. Let his story inspire you to achieve extraordinary accomplishments! 🚀🌟 #entrepreneurship #successstory

𝗙𝗿𝗼𝗺 𝘀𝘁𝗿𝘂𝗴𝗴𝗹𝗲 𝘁𝗼 𝘀𝘂𝗰𝗰𝗲𝘀𝘀: 𝘁𝗵𝗲 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗺𝘆 𝗼𝗻𝗹𝗶𝗻𝗲 𝗯𝗼𝘂𝘁𝗶𝗾𝘂𝗲! “I’m Sarah, the founder of an online boutique store, specialising in sustainable fashion. I had been running my boutique for over four years, but despite my passion for eco-friendly fashion, I found myself struggling with operational inefficiencies and financial uncertainties. 𝗧𝗵𝗮𝘁'𝘀 𝘄𝗵𝗲𝗻 𝗜 𝘁𝘂𝗿𝗻𝗲𝗱 to Dyane from Bstamina, for guidance. Dyane, with her nearly three decades of entrepreneurial experience, understood the unique challenges I faced. Together, we worked on restructuring my operations and refining the financial processes. Dyane's insights were invaluable, helping me streamline inventory management and optimise pricing strategies. Today, my online boutique store isn't surviving – 𝗶𝘁'𝘀 𝘁𝗵𝗿𝗶𝘃𝗶𝗻𝗴. 𝗧𝗵𝗮𝗻𝗸𝘀 𝘁𝗼 𝗗𝘆𝗮𝗻𝗲'𝘀 𝗺𝗲𝗻𝘁𝗼𝗿𝘀𝗵𝗶𝗽, I have not only improved my business's profitability but also stayed true to my mission of promoting sustainable fashion. If you're ready to transform your boutique, Dyane is the mentor you need.” Message me for details! #testimonial #coachingandmentoring #transformation #entrepreneurship

What Challenges Did Amancio Ortega Overcome On His Way To Becoming A Successful Businessman Amancio Ortega, the Spanish entrepreneur and founder of Inditex, is the world’s largest fashion retailer. No one should cheat you that the popular entrepreneur grew his business smoothly without any challenges. The truth is that he faced several challenges on his path to becoming a successful businessman.  https://lnkd.in/gRbTZU88 #AmancioOrtega #BusinessSuccessStory #products #brand #ZaraFounder #growth #fashioninnovation #globalexpansion #reputation #supplychain #quantity #teambuilding #technology #customerexperience #marketplace TYCOONSTORY CNBC Reuters IntechOpen Investopedia ResearchGate

I love meeting Founders and discussing with them how they made their firms a success and what they learnt as well going in depth to discuss the challenges that they have had along the way. So it was truly inspiring to meet up with one of the founders of Brotzeit, Franz Lanthaler at, suitably enough, Brotzeit at Vivo. The lessons that Franz has learnt and recounted to me are the story of every entrepreneur’s journey and include but are certainly not limited to: -Expanding too quickly -Having to shut down unprofitable outlets such as those in 313 where the rent went up too much to be sustainable and Star Vista where not enough customers bought alcohol -Having co-founders wishing to be bought out -Opening franchises who then stole the concept, rebranded and there was nothing that could be done about it -Manpower issues -Supply chain issues -Menu concepts working and not working -Marketing challenges -Loyalty scheme challenges And more! It was a fascinating chat and I learnt a lot. Ironically Franz’s main business is not FnB but jewellery which is his specialism. He’s also not on LinkedIn preferring to keep a relatively low profile so I was honoured to spend time with him and think about what he had said. Ultimately Brotzeit is a fantastic business and makes money and is profitable by controlling costs and focusing on the menu and giving value to their customers and are a great example of how to launch and build a successful business in Singapore and Asia but it has not been plain sailing as no entrepreneurial journey is. If you're a Founder and would like to meet up at one of my Brotzeit ‘offices’ on the “mainland” at either Raffles City or Vivo to discuss how we could enhance your personal brand on LinkedIn to win you new clients, new investors or get a new job/NED role with a FREE CV, DM me, our service details are here: https://buff.ly/3IQjykd #linkedin #rockstar #mohawk #founder #entrepreneur #personalbranding #blackmarketing #linkedinmarketing #sentosa #singapore #brotzeit #mainland

Quebec Is Ready To Rally Behind Another Exciting Brand… We decided that Montreal was the place for us to build Mid-Day Squares. The place to create more jobs, build up an ecosystem of entrepreneurship, And to once again reclaim a seat at the table for the consumer packaged goods industry.  Montreal is craving ENERGY & MOMENTUM in the business world. We truly need another brand located here that makes noise globally. Just like The Hershey Company did for Pennsylvania. We think massive and impactful… Drake & the Raptors helped put Toronto on the map. Nike got Oregon excited. Starbucks got Seattle, Washington bumping. We want to blow up our hometown of Montreal. Your energy just hits differently when you're doing it for your city. #retail #cpg #manufacturing #quebec #montreal #cpgbrands #foodandbeverage #grocery #marketing #entrepreneurship #foodandbeverageindustry

What strikes me, Cornelia: We know many owners who are still very active as CEO or Chairman even if they are already very old. Being an entrepreneur appraently keeps you young! AvS Advisors #familybusiness #ownershipadvisory

HOLOFIL today got a repeat order for the third time from the same swiss client who first ordered it online from our e-store in early 2020. This is a testament to the quality of the product and value the customers see it offers. Another German client who is focused on jewelry/ watch retail industry distribution network who onboarded with us last week with his new display, called today to tell how happy he is with both our business and consumer displays. He will sell Holofil in the German market as one of our latest distributors in EU. Build a business where your clients / partners come back to you on their own and praise your product. Nothing beats that high. Not even investors and their massive funds. Had Covid not pushed Holofil on back foot in 2020-2021 the story in momentum today would have been a completely different one, because just when Covid hit in March 2020 onwards, Holofil lost a massive number of confirmed sales bulk orders that year, that killed all its massive momentum. But it has survived and slowly coming back on track again. #startup #entrepreneurship #customer #feedback #customerservice