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20VC: From a $1.1M Acquisition to $1.4BN in Revenues; The Meteoric Rise of Hoka Running with Deckers CEO, Dave Powers
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Strategic Turnaround and Brand Rejuvenation through Product Innovation
The speaker discusses the importance of providing customers with something to believe in during times of turnover and change. They emphasized the need for a fresh perspective on the brand to create new energy and purpose for both the team and the customers. The introduction of a new president led to a directive to disrupt the brand and change people's perceptions by pushing the fashion envelope, creativity, and introducing new product iterations while still retaining the original brand DNA. This approach changed people's perception and allowed the company to focus on reducing skus, innovating off the classics, and leveraging influencers to re-accelerate the brand. The company's success in introducing best-selling styles that appeal to different consumers and wearing occasions has led to increased purchase frequency, indicating a positive upswing. Additionally, the discussion touches on the importance of hero products in driving continuous success for brands.
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