Veronica Beard’s founders: ‘Our stores are our greatest labs’
The Glossy Podcast · with Veronica Swanson Beard & Veronica Miele Beard · May 17, 2023 · 40 min
Summary
This episode offers an inside look at how Veronica Beard scaled from a single blazer to a $250M fashion empire. Learn how the founders leveraged a keen understanding of their customer, strategic pricing, and an innovative approach to retail to achieve significant growth and profitability. Essential listening for brands looking to differentiate and expand thoughtfully in a competitive market.
Key takeaways
Start with a clear vision: Veronica Beard began by defining a 'uniform' for women, focusing on versatility and core pieces like the Dickey Jacket.
Strategic positioning is key: Offer designer-level quality at a contemporary price point to capture a broader market, a strategy influenced by economic conditions.
Utilize physical stores as 'labs': View brick-and-mortar locations not just for sales, but as crucial spaces for testing new products, understanding customer preferences, and driving innovation.
Prioritize sustainable growth: Even with rapid expansion, maintain a focus on quality, profitability, and deliberate decision-making over unchecked growth.
Expand thoughtfully into new categories and geographies: Leverage existing brand strength to venture into new product lines (footwear, accessories) and international markets (Canada, London) with a clear strategy.
Embrace continuous product development: Starting with remnant fabrics and iterating based on customer need, the brand constantly innovates, exemplified by their expansion into footwear and future plans for menswear and kidswear.
Fourteen years ago, sisters-in-law Veronica Swanson Beard and Veronica Miele Beard set the foundation of a successful fashion business by launching a layered-look blazer dubbed the Dickey Jacket. “We ultimately wanted to create a [women’s] uniform,” Swanson Beard said on the latest Glossy Podcast. “We started with the jacket by making a run of them that we sampled using remnant fabric from Mood Fabrics. We didn't know what we didn't know, and it was great.” Influenced by the stock market crash the year before the brand’s launch, Swanson Beard and Miele Beard opted to focus on a contemporary price point, yet maintain designer-level fabrics and quality, Miele said. Today, the company has 300 employees, is profitable and is projected to do $250 million in sales this year. And it’s decidedly in growth mode. After recently launching footwear, Swanson Beard and Miele Beard said they’re now eying categories including accessories, menswear and kidswear. Plus, they want to further expand globally. Veronica Beard recently opened a store in Canada, and it opened a location in London last year. “We like success, but we want to do it right,” Swanson Beard said.
What does this episode say about founder & leadership?
Start with a clear vision: Veronica Beard began by defining a 'uniform' for women, focusing on versatility and core pieces like the Dickey Jacket.
What does this episode say about retail & omnichannel?
Strategic positioning is key: Offer designer-level quality at a contemporary price point to capture a broader market, a strategy influenced by economic conditions.
What does this episode say about brand & content?
Utilize physical stores as 'labs': View brick-and-mortar locations not just for sales, but as crucial spaces for testing new products, understanding customer preferences, and driving innovation.
What does this episode say about product & merchandising?
Prioritize sustainable growth: Even with rapid expansion, maintain a focus on quality, profitability, and deliberate decision-making over unchecked growth.
What does this episode say about founder & leadership?
Expand thoughtfully into new categories and geographies: Leverage existing brand strength to venture into new product lines (footwear, accessories) and international markets (Canada, London) with a clear strategy.
