Like many other industries the tech industry is dominated by men. Most programmers and IT professionals are men and men also occupy most of the C level positions. For this reason when a woman founds a company in this industry it gets a lot of attention. Such is the case with Whitney Wolfe Herd is the founder and chief executive officer of Bumble.
Since its launch Bumble has become an incredibly popular dating app. What separates it from others is that when it comes to making first contact only a woman can do so. This is now the second most popular app of its kind in the United States. Earlier she had been one of the co-founders of Tinder where she was the vice president of marketing. She wanted to do something different with Bumble and that decision has really paid off. The Bumble app now has almost 30 million users and her company is worth north of $1 billion.
Building upon the concepts of empowering women and encouraging more positive communication Whitney Wolfe Herd launched both Bumble BFF and Bumble Bizz in 2017. The first app is designed to help women find new friends while the latter one is designed to help them build out their professional network. Bumble is increasingly becoming a complete social network for its users. Through just one app users can find romantic partners, friends, and business contacts.
Whitney Wolfe Herd was born in Salt Lake City and attended Southern Methodist University. While at this university, studying for a degree in international studies, she got involved in the wake of the BP oil spill. She started a nonprofit which sold tote bags made of bamboo. Each had a brown pelican on it which was one of the species of animals most affected by this spill. Before long several celebrities were being photographed with one of these bags such as Nichole Ritchie and Rachel Zoe.
Bumble was launched through the backing of Andrey Andreev. Whitney Wolfe Herd had an idea for a new app and he helped her take it in the direction of being a dating app, something she was reluctant at first to do again. Andrey Andreev provided her with the funding she needed to get Bumble started. She says her goal was to create an app that women would find approachable and safe to use. Women using Bumble have a lot more control in who they associate with.
When Fabletics was founded a few years ago, the company had no idea what a success it would become. It was founded to fill a void in the world of athletic wear. Founders, Kate Hudson and Techstyle Group LLC, launched the company to fill a void in the athletic wear industry. At the time that Fabletics was founded, there were limited options in athletic wear. Women could either chose to pay upwards of $100 for a simple pair of leggings, or they could pay cheap prices for cheaply made leggings and tops that would quickly lose their shape or have holes in the seams.
Fabletics wanted to create a different style of athletic wear. The vision was to create fun and highly fashionable athletic wear that women would receive on a monthly, membership basis. The vision has been a huge success and Fabletics now has 1.4 million members that receive a monthly outfit from Fabletics. The brand continues to grow on a daily basis, and with a special offer of 2 leggings for $24 as an introductory gift, it is all the more appealing to become a Fabletics member.
It’s no doubt that “athleisure” wear has become a staple of women’s wardrobes across the country. What used to be worn just to the gym has become a fashion trend to wear to the mall, to brunch, and to run errands. Women everywhere have fallen in love with Fabletics’ custom leggings, known for being the perfect leggings to wear out and about. In fact, Fabletics has siphoned off a large chunk of business from mega online wholesaler Amazon. The quality and originality of patterns Fabletics offers can’t beat what Amazon has to offer, most of which is designed and made overseas in low-budget factories.
When Kate Hudson co-founded Fabletics, she knew it was something that she wanted to be heavily vested in. She has always said that she would never associate herself with a brand that she didn’t truly believe in, and she truly believes in what Fabletics offers. She believes that women everywhere should have access to high quality athletic wear at an affordable price. She believes that athletic wear that is well made and offers the freshest designs inspires women to feel great when they work out and inspires them to continue to work out more frequently. She also believes in the membership model that Fabletics provides and knowns that having workout gear delivered right to your door is better than remembering to buy it each month.
No one ever thought that a company the size of Fabletics would be able to take on the internet giant known as Amazon. Up until this time, Amazon has been dominating everybody in the e-commerce fashion market. Whatever company decides to try and stand up against Amazon is either destroyed by the internet corporation or bought up before they can become competition. When Kate Hudson declared publicly that she was going to create the newest athleisure clothes that could compete with anything Amazon could create business analysis were stunned. However, Kate Hudson’s business, which is valued at $250 million, has been able to take on the $400 billion corporation. The reason that Kate Hudson can do this is that she has discovered how the leverage the power of the crowd.
We live in a day and age where the consumer no longer trusts the advertisements they see on the internet or TV. Most consumers will not purchase a product and lessons-review and they can confirm that review by several friends. This means that unless companies get their product past the tipping point, it is nearly impossible to make a fortune. Kate Hudson was able to get past this tipping point by taking the consumer and making them the priority. The Fabletics staff was required to respond to any Facebook message, consumer complaint, email, or customer inquiry within a 12 hour period. This connected with their no-nonsense customer service policy made Fabletics an immediate hit within the internet e-commerce fashion world. Because Kate Hudson put her customer first, she received a trust score of the 96.
This trust score would make her the competition Amazon feared. It allowed her to launch a subscription-based model that could deliver products to the customer taste on the timeframe they chose. The Fabletics begin to see immediately is that not only do people love the clothes that they were receiving, but they also wanted to purchase additional clothes online. Kate Hudson was able to report to her investors at this last quarterly phone call that 85% of Fabletics sales are coming through repeat customers. In business terms, this means that one customer is the equivalent of 8.5 customers for Fabletics.
Kate Hudson decided that will loyalty such as this it was time to open up retail locations. Many companies no longer are doing this because customers are coming in and searching for the product that they want to buy online and then going online to get the better price. However, Kate Hudson’s company was not a victim to this.
Kate Hudson found that when the retail stores are open half of the people coming inside were already loyal Fabletics subscribers. These loyal subscribers were bringing friends into the store who had not yet signed on the Fabletics. Kate Hudson was shocked to find out the 20% of those friends signed up for subscription by the time he left the store.
Everyone is encouraged to join Fabletics by taking the six question lifestyle quiz.