Podcast Review | Suitsupply | Fokke de Jong: How I built this with Guy Raz
Guy Raz from How I Built This is well known for his interviewing ability and the star-studded line up he attracts and his latest episode with Fokke De Jong, founder and CEO of Suitsupply, does not disappoint.
It might sound like another suit business that started in someone’s dorm, selling to college friends and associates before the expansion kicked off, but what is fascinating is the strategy he took to compete with the global brands like Armani that were selling suits at 5 to 6 times the cost.
No doubt, Fokke and Suitsupply got a lucky break a few times but his approach to offer a high touch value service, which he calls the “Goldman Sachs” retail experience, and truly understanding the supply chain while going against the norm are the reason for his success.
Worth noting Suitsupply generated $200m (euros) in sales prior to the pandemic, which is impressive given his laser focus on quality and offering a product at a reasonable price.
A few key takeaways:
- Fokke travels to each store every 6 months and gets everyone to name two things the business can do better.
- Having a lot of capital is not always a good thing.
- Happy to go against the norm.
Link to Podcast
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For further reading, click here for the article from the Wall Street Journal that is referenced in the episode.
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