Wednesday 3 November 2010

Tamara Mellon and her excellent intuition

Tamara Mellon and her excellent intuition


An intuition is sometimes the key to switch on the engine of a successful business story. The difficult part is probably to trust and follow the intuition and take risks.
Tamara Mellon, the founder and Chief Creative officer of Jimmy Choo, a fashion footwear and accessories brand, was chief editor of accessories at Vogue when, in 1996, found the shoemaker Jimmy Choo’s boutique in east London.
She thought that the creative potential of the shoemaker, mixed with her experience in the sector, could have led to the creation of a new icon brand for women.
Together they decided to launch a ready to wear shoes brand with production based in Italy and opened the first Jimmy Choo shop in Motocomb Street in London.
In 1998 Jimmy Choo opened stores in New York and L.A. and immediately started to appeal to young Hollywood stars such as Hilary Swank and Halle Berry.
Mrs. Mellon understood from the very early stages of her company that the link between her company and Hollywood had to be strong if she wanted to build a strong brand with high visibility.
To achieve this Jimmy Choo was one of the firsts brands that created customized items made to be wore at the Oscars Night.
Its strong presence in the market and in the mindsets of women was also established thanks to the cult American tv series “Sex & the City”.
All around the world women watching the comedy and aspiring to become like their idols saw the Jimmy Choo’s shoes at their “divas” feet and wanted to have them as well.
Growth however was not only achieved by responding to strong demand. Jimmy Choo during the years has been able to raise capital from various sources:
In 2001, when Equinox Luxury Holdings L.t.d., acquired Mr. Choo’s equity; in 2004 Lion Capital acquired a majority shareholding valuing the company £101 million; in 2007 Tower Brook Capital Partners bought the majority of Jimmy Choo’s shares for £185 Million.
With a mixture of capital injection and strong demand the company was able to achieve extensive growth during the years reaching its actual level of approximately 100 stores in 32 countries.

Below we report an interview with Tamara Mellon taken from the Financial Times “20 Questions”.

How would your PA describe you?
My last PA called me “the Buddha” because I always remain calm.
What do you like most about your job?
I love the variety of design – from an inspiration trip with my team to the concept development of new products – and the business management and brand direction with CEO Joshua Schulman.
And least?
I wish I could satisfy all the business requests and maintain a healthy balanced life being a great mother with enough time for my friends.
What time do you start and finish work?
I’m strict with my daily routine, waking early to ensure my daughter gets to school on time, maintaining exercise for a healthy mind and juggling work and meetings. The work day pauses when my daughter returns from school and resumes when she’s in bed.
When do you turn off your BlackBerry?
Holidays are a no-go zone.
What’s the worst job you’ve ever done?
Some of my jobs have been pretty laborious – but the experience all contributes somehow to my business.
What is your smartest business idea?
Setting up Jimmy Choo.
What did your father teach you about business?
Trust my instincts.
Have you ever lied at work?
Only when I was young and came in late with a hangover.
If you hadn’t been in business, what would you have done?
I’ve always had an inclination to work in fashion, starting with my days selling at Portobello Market, but my hobby is psychology.
Tips for working with private equity investors?
After three private equity deals, that’s a book.
Is business sexist?
It is less prevalent now than when I was younger.
What did the board say about you posing nude for Interview magazine?
It was an amusement, a welcome break from the business numbers.
Does appearing in the gossip pages hinder or help your business?
Being in the public eye is integral to the business.
Have your looks been an advantage or disadvantage in business?
Being well-groomed is part of living the brand.
What did Sex and the City do for your business?
It allowed Jimmy Choo a platform for global recognition at a time when we were fast becoming a household name.
Has your job made your personal life suffer?
I adore my job but it is incredibly difficult to balance a personal life.
How important is money?
It’s about the passion for what you do. If you are passionate, money will follow. 
When do you want to retire?
I can’t quite envisage an end date, Jimmy Choo is such a personal involvement.
How do you want to be remembered?
For being an innovator in creating and marketing a global luxury lifestyle brand and hopefully an inspiration to women.

No comments:

Post a Comment