On a warm September night in 2002, former
acquaintances Alexis Maybank and Alexandra Wilkis
reconnected at a mixer for new students at Harvard
Business School. Alexis had just ended a four-year run
at eBay during the dotcom boom and bust. Alexandra had
just spent three years as an investment banker at
Merrill Lynch. Now they were entering the country's top
training ground for future titans of Wall Street and the
Fortune 500. Little did either suspect that five years
later, they'd become famous not in finance or consulting
or corporate management, but at the bleeding-edge
intersection of fashion and technology. Gilt Groupe -
launched by Alexis, Alexandra, and three colleagues in
2007 - is one of the most fascinating startups of recent
years, with a valuation of more than $1 billion. And it
all began with one bold idea: to bring sample sales
online and change the way millions shop. As Alexis and
Alexandra write about the day Gilt.com went live: "We
had created a website that could potentially change the
rules of retail, for both shoppers and brands. If
shopping was traditionally a slow, leisurely activity
that might consume an entire day, it would now be
competitive, addictive, urgent, thrilling--a rush
delivered at the same time each day. Shopping would
become not just easier, but so much fun." But turning
that vision into reality wasn't easy. Designers had long
controlled their own sample sales by staging them in
anonymous, makeshift locations and strictly limiting
invitations. Those lucky enough to hear about a Marc
Jacobs or Hermes sample sale would drop everything and
run for dramatic, fleeting bargains. Why should elite
brands support a new startup trying to replicate the
experience online? And even if brands like Valentino,
Christian Louboutin, and Zac Posen got on board, would
shoppers embrace such a website? Would the kind of
people who love high-end fashion really visit a new
online sale each day? Was "accessible luxury" a
breakthrough idea or an absurd oxymoron? Alexis and
Alexandra share their perspective in this dramatic story
of Gilt's birth, rise, and evolution. They show how they
juggled the conflicting needs of their suppliers,
engineers, marketers, and potential investors. They
explain how they blended their individual strengths and
weaknesses and managed their rapidly growing team. They
cover the growing pains of expanding into new categories
like housewares, travel, and menswear. And they take us
through the darkest moments of the recession when Gilt
might easily have died. As you'll learn from the true
story of Gilt, anything is possible for those with the
creativity to recognize a new opportunity and the
perseverance to make it real. |
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