The chief executive of My-wardrobe.com talks about her global ambition and the sacrifices she's making to get there
You've got to be careful that you don't obsess too much about your competition, says Sarah Curran, founder and chief executive of fashion retail website My-wardrobe.com. With Asos making revenues of £223m on one side and Net-a-Porter valued at £350m on the other, you can see why Curran wants to focus on doing what's right for her own brand.
"What Net and Asos have done has been phenomenal but I've always had very ambitious plans for My-wardrobe," says Curran. "I focus on making sure my customer's service experience is unique rather than react to what they do."
Curran points to 100 per cent sales growth year on year as testament to the "massive global potential" of the brand and a coveted Drapers Best Customer Experience award in 2010 shows that investment in back-end technology is paying off.
"I wanted a site that's easy to navigate and we have bought in innovations that have been user-friendly and specific to our customers and what they want," she says. "I also have an idea of an experience I want to have and my team of Web developers find the solution."
Last year My-wardrobe secured its first institutional investment from Balderton Capital, one of Europe's largest venture capital firms, which invested £5.9m in the company. At the time Curran said the cash would help the business improve its portfolio of designer brands, which includes Anya Hindmarch and Mulberry, and drive expansion internationally.
But it took a lot of "blood, sweat and tears" to reach that point. Curran sold her house to grow the business having spotted a gap in the market—"there was no one positioned in between Asos and Net; not one site or business targeting someone like me"—but admits that she made social sacrifices as well. "I have a seven-year old son and he probably wasn't my priority for three years. What I did was make sure there was support at home that would enable me to focus on the business," she says.
It was easier to make those sacrifices knowing they were a short-term solution, adds Curran. "There was always going to be light at the end of the tunnel. I wanted to grow something quickly rather than take 20 years to do it—with that comes hard work. You can't have a work-life balance but you can readdress it later on." A "lovely" working environment helps, adds Curran, who won't tolerate "bitchiness" at her company. "Diva attitudes aren't healthy," she says.
With many founding team members still within the business, and an experienced executive team behind her—including Nick Wheeler, founder of Charles Tyrwhitt, and Carol Duncumb, former Intimas boss—she says it's easy to bypass the stereotypical fashion industry culture. "There's the element of Fashion Week, which I have to do, but I don't get too absorbed with it."
Breaking problems into "bite-sized pieces" helps her keep focus. Perhaps the key business lesson Curran has learnt is to take one step at a time. "I always make big decisions when I have clear visibility," she says. "Had I made some choices at 1am, I don't know if I'd be where I am today. But never say 'never': what starts out as possibly the worst day in your business life could end up being the best day. Which is exactly what has happened to us on a few occasions."
