Episode One: Lux Fix
In Episode One of The Business Class we profile luxury etailer, Lux-Fix ( www.lux-fix.com). Set up in 2011 by school friends Alice Hastings Bass and Rebecca Glenapp, the online business offers flash deals on current season collections from a range of established and up-and-coming British designers.In this episode we explore the company's current challenges, exploring their online business model and examining how luxury fashion is one industry that has experienced growth throughout the downturn. Assisted by panellist Juliet Warkentin, CCO Stylist Pick, James will explore the founder's plans for expansion, and consider some of the issues surrounding very early stage SMEs.
Alice Hastings-Bass graduated from Oxford University with a first class degree in History then began her career as an analyst at Goldman Sachs, working on UK Mergers & Acquisitions. Before co-founding Lux Fix, Alice worked at Quilvest Private Equity, where she was involved in the execution and monitoring of direct and fund investments in the UK and Europe.
Rebecca Glenapp began her career at the strategy consulting arm of Armstrong International, before leaving to work in business development for digital start-ups. Before co-founding Lux Fix she worked in business development and marketing across several start-ups including mobile price comparison site BillMonitor, at the same time conducting consulting projects for larger digital companies like Facebook.
Lux Fix - Vital Statistics
Members-only fashion boutique which provides customers with exclusive discounts on a selection of current-season fashion from the most exciting young and established British designers. Through implementation of their week-long sales the company also helps to drive shoppers to designers' online stores, and they benefit by taking a percentage of every sale they drive to an external site.
Company Name: Lux Fix
Turnover: £80k (projected with 2012)
Employees: 2 (+2 Interns)
James' Checklist For Businesses £0-£100k Turnover
- Is this a business or a hobby?
- Has the entrepreneur done their research and do they understand the market they are entering?
- Does the entrepreneur know how much finance he/she needs to raise to reach the next stage of growth? Is their product/service correctly priced? Has the entrepreneur factored their own time into their costings?
- Is this business idea the entrepreneur's best idea, and the best use of his/her skills?
- Does the company have any orders yet and can they prove interest in their product?