My Favourite Failure: From the outside my lingerie business looked amazing but I’d got the key numbers wrong - Emma Parker
Nov 2, 2023
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Emma Parker, Founder of Playful Promises, discusses the challenges of running a lingerie business, including financial difficulties and mistakes made. She shares how her business went into administration but managed to keep the intellectual property of the brand. She also talks about building a brand, becoming ASOS's private label supplier, and the importance of work-life balance.
Financial mismanagement and lack of understanding of margins can lead to business failure.
Separating personal identity from business and setting boundaries is important for maintaining a healthy perspective.
Deep dives
UK Startups at Risk of Asset Theft by State Actors
UK startups are increasingly vulnerable to state actors attempting to steal their assets. An example of this occurred when a Scottish renewable manufacturer, specializing in wave power, was visited by a delegation led by a senior Chinese official. Shortly after the visit, their laptops were stolen, and pictures later emerged showing a Chinese firm producing a virtually identical product. To address this growing threat, the National Protective Security Authority and the National Cyber Security Center in the UK have launched a new campaign called Secure Innovation, emphasizing the importance of both cyber and physical security.
Emma Parker: From Business Failure to Rebuilding Success
Emma Parker, founder of Playful Promises, shares her journey of business failure and recovery. In 2005, she started a lingerie brand with a focus on offering a wide range of sizes, but struggled to gain traction due to limited online reach and inadequate pricing strategies. Despite challenges, she started doing parties, created word-of-mouth marketing, and even attended trade shows to sell her products. However, financial mismanagement and lack of understanding of margins led to the business performing poorly. Emma eventually lost the business but managed to keep the intellectual property. She found a licensing partner, licensed the brand name, and later regained control of the brand. Leveraging social media and good timing, she successfully rebuilt the brand, securing high-profile partnerships, such as ASOS, and achieving profitability by correctly pricing products and understanding margins.
Separating Personal Identity from Business and Drawing Boundaries
Emma Parker emphasizes the importance of separating personal identity from business and setting boundaries. She reflects on the negative impact her first business failure had on her personal life and relationships. Learning from that experience, she now prioritizes creating a balance between her business, personal life, and self-care. She recommends not defining oneself solely based on business success or failure and stresses the significance of taking time for hobbies, relationships, and personal rejuvenation. Drawing clear lines between personal and professional life is crucial to avoid burnout and maintain a healthy perspective.