Untucked and Unfiltered: Chris Riccobono's Story of Entrepreneurship as the Co-Founder of UNTUCKit
Jan 23, 2024
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Chris Riccobono, co-founder of UNTUCKit, shares his journey from healthcare to fashion, driven by a desire to solve men's shirt length issues. He reveals the challenges of launching a successful brand, including production hurdles and innovative marketing strategies. Riccobono discusses the resilience needed as an entrepreneur, especially during the pandemic, and the evolving retail landscape. Plus, he highlights the power of brand ambassadors in enhancing credibility and navigating the shifting dynamics of consumer preferences.
Chris Riccobono identified a significant problem in men's fashion during his MBA studies, leading to the creation of Untuckit.
The pandemic compelled Untuckit to quickly pivot its business model, ultimately allowing for successful recovery and growth in 2022.
Riccobono emphasizes the continued relevance of physical retail stores, predicting a trend towards smaller, customer-focused brick-and-mortar locations.
Deep dives
The Impact of AI on Retail
The podcast highlights the growing role of artificial intelligence (AI) in enhancing the retail experience. Notable innovations discussed include platforms like Lily AI and FindMind, which improve online shopping by personalizing customer interactions. Additionally, Firework's new AI-generated avatar, AVA, is showcased as a tool for online customer inquiries and in-store assistance. These advancements reflect the retail industry's shift towards leveraging technology to create more engaging and efficient shopping experiences.
Chris Riccobono's Entrepreneurial Journey
Chris Riccobono's journey began during his MBA studies at Columbia, where he identified a significant problem in men's fashion: collared shirt lengths that didn't suit many men's needs. What started as a side project in his apartment transformed into Untuck It, addressing the struggle of finding shirts designed to be worn untucked. The brand quickly gained traction, growing to over 80 retail locations, showcasing Riccobono's ability to turn an idea into a successful venture rooted in a common consumer pain point. His focus on solving real problems in fashion exemplifies the potential for innovation in traditional markets.
Challenges and Resilience During the Pandemic
The pandemic posed unprecedented challenges for many businesses, including Untuck It, which faced the possibility of bankruptcy in early 2020. Chris Riccobono shares how, despite having weathered early growth success, the sudden closure of stores forced the brand to pivot quickly and find new revenue streams, including selling t-shirts and polos. Engaging with landlords and suppliers led to cooperative arrangements that helped the company survive. Ultimately, their adaptability not only allowed them to endure the pandemic but also laid the foundation for a strong recovery and profitability in 2022.
The Future of Retail and Brick-and-Mortar Stores
Riccobono believes in the enduring importance of retail stores despite the rise of e-commerce, arguing that physical locations provide vital customer experiences. He predicts a shift back toward smaller, more efficient brick-and-mortar stores that prioritize customer interaction over lavish setups. By focusing on smaller footprints and optimized customer engagement, companies can remain competitive in a saturated market. This strategy highlights the potential for brick-and-mortar to coexist with digital retail, offering distinct advantages as shopping behaviors evolve.
Embracing Innovation and Growth in New Ventures
In addition to Untuck It, Riccobono launched Greatness Wins, a new athletic apparel brand aimed at combining performance and trendy designs. This venture emerged from his observations during the pandemic, recognizing a gap in the market for high-quality, stylish athletic wear. By collaborating with prominent athletes, including Derek Jeter and Misty Copeland, the brand aims to differentiate itself through credibility and innovative products. This commitment to staying ahead in the competitive athletic space illustrates Riccobono's forward-thinking approach to business in an ever-evolving industry.
Ken interviews Chris Riccobono, Co-Founder and Executive Chairman of Untuckit., one of the fastest-growing men’s retail brands in the U.S.
After earning his Bachelor’s degree from Providence College in 2001, Chris began his career at GE Healthcare and enrolled in Columbia Business School in 2007. While working towards his MBA, Chris thought of the idea for UNTUCKit after speaking with lots of men about their fit problems—especially the length of their collared shirts—and began the business from his apartment in Hoboken. It began as just a side job, but once Chris and his early customers realized that he’d solved a big problem in men’s fashion, the business quickly grew beyond his expectations—with a compound annual growth rate over 100% each year—into the brand we know today with more than 50 retail locations by the end of 2018 and an entrance into the international market.
In addition to furthering his education and growing the brand, Chris dedicated time to sharing his passion for wine through a video blog called Pardon That Vine, traveling the world interviewing winemakers, and teaching beginners about wine. Chris was a winner of the Entrepreneur Of The Year® 2018 Award in New York and in his spare time he works closely with the Cancer Center at Atlantic Health System in New Jersey.
Chris currently lives in New Jersey with his wife and children.
Untuckit's Origin and Chris Riccobono's Journey: Chris Riccobono, the co-founder of Untuckit, started the company with the idea of creating a shirt designed to be worn untucked, addressing a common problem in men's fashion. The concept emerged from Chris's frustration with traditional shirts being too long, and he decided to venture into the fashion industry despite having no prior experience in the field.
Struggles and Early Challenges: Untuckit faced initial challenges, including the difficulty of finding the right shirt length and manufacturing issues. They encountered setbacks like shirts shrinking and buttons unraveling. Chris and his partner struggled to make a quality product and initially had limited resources, raising a modest amount of money to launch the brand.
Marketing Strategies and Growth: Untuckit adopted unconventional marketing strategies, such as radio ads and airline ads, to promote their unique product. The tagline "shirts designed to be worn untucked" resonated well with the audience. Despite the slow initial growth, Untuckit's brand strength and customer satisfaction led to significant success, with a focus on brick-and-mortar stores alongside online presence.
Impact of the COVID-19 Pandemic: The podcast covers the unexpected challenges Untuckit faced during the COVID-19 pandemic. The company went from a position of rapid growth to considering bankruptcy within a few months. Chris highlights the importance of resilience and adaptability in overcoming the challenges posed by the pandemic, which significantly impacted the fashion industry.
Current and Future Plans: Despite the challenges, Untuckit managed to survive and adapt. Chris discusses their recovery strategy, including negotiating with landlords and factories, raising debt, and ultimately becoming profitable again. Untuckit is optimistic about the future, planning to open 20-25 stores, exploring international markets, and diversifying into wholesale. The company aims to continue its growth trajectory and capitalize on its brand strength.
Efficient Store Strategy: Chris emphasizes the importance of efficient store design and operations. He prefers stores in the range of 1,200 to 1,500 square feet, with a focus on cost-effective buildouts. The goal is to provide a productive and efficient shopping experience.
Move Away from Large, Expensive Stores: Chris challenges the tradition...
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