Twin Fashion Entrepreneurs Questioned By Dragons | Dragons’ Den

29 year old london-based twins Polly and Charlotte Vickery are experienced in the Fashion sector and they've recently Launched their own range but to expand Their company needs investment and That's where the dragons come in will They see potential in these two young Entrepreneurs Foreign Foreign Dragons my name's Polly and this is my Sister and business partner Charlotte And we're here today to ask you for 65 000 pounds worth of investment for 20 of Our company Since Brad and Susie launched we have Established a reputation for our unique Hand-drawn Illustrated animal t-shirts On tops Um our customers are sorry 15 to 35 year Olds yeah we work with different Illustrators to create our one-off Quirky prints and we follow the trends And we've had great press we've been in Magazines such as closer look company And Cosmopolitan and we also loved by Girl band The Saturdays Since starting of trading in 2009 we are Now in 60 stores as well as a major High Street department store thank you for Listening we'd now like to invite any Questions [Music] A bright pitch from East London twins

Polly and Charlotte Vickery in return For a 20 stake in their online and High Street fashion label they need a 65 000 Pound cash injection I mean just a few People have got a horse you give me a Pig yeah because when we thought it was Rock and roll yeah retail fashion expert Theo perfetus is first to question the Young entrepreneurs Guys hello I'm Theo how many pieces in The range Is that normal this is a no our Autumn Winter range is a lot bigger yeah give Me numbers about 35 and up to this stage You've just been t-shirts and Sweatshirts okay so what makes you Comfortable about moving into Other products I assume it's dresses Dresses Um well Must ask for Products With our previous experience dealing With factories and we know all the Problems that can go wrong and you know We've dealt with that compatible with How to move forward and also margin are You achieving Um Gross profit is 41 percent And net profit is uh 15 percent A typical order will be how much Pre-sold and how much for stock I'm Up and then maybe 10 to 20 stop right so

You're not being that adventurous are You no no well cash flow isn't it so we Have to be careful Targeted questioning and detailed Responses it's a good start for the duo But what of the brand itself Duncan Bannatyne wants to know Um brat and Susie yeah Where did the name come from uh we had Two cats when we were little and they Were called Brighton Susie all right and That became the name of your business Yeah When was the cop deformed with a Business one years ago yeah two years Ago yeah yeah and what was the tunnel For the first year uh 77 000. we made 9 000 net profit are the Second year Um 105 000. and we made uh 15 000. Now when you say you're in stores what Kind of stores Independents or chains Are Independence and then joy and then Also Um House of Fraser what did you do Before I used to work in production at River Island so my background's mainly Fast and then I was a designer at Miss Selfridge and then I've just worked for High Street suppliers as a designer [Music] The Confident fashion twins are going Down well in the den But Peter Jones thinks he's spotted a

Floor in their business model Gross margin seems to be very low 41 percent Yeah we're working on that yeah because We don't have the larger orders we're Still paying quite a high cost price for Our Um t-shirts but once we get larger Orders and um we'll be able to negotiate Better prices with our factories the Second issue is the copycats because it Means you've got to continue to innovate And continue to come up with new designs I think with our design well especially Charlotte's design background we're Always moving with the trends anyway so We won't have things on the rails Hopefully for too long we'll have all The things we do have like um our loyal Customers and kind of selling it on our Personality and I think the High Street Are always going to copy yeah something So Polly Charlotte hi I'm Deborah Um what are you paying for your Illustrations oh um okay Um it's quite small we pay 20 pounds to Each illustrator flat fee flat fee we Blog about them and we um we help them Out as much as so those here as a way of Getting their illustrations around Because I've got to tell you I think it's great thank you But I don't see this as a strongly Branded clothing Ranger I know you'll

Search your illustrations But as Peter's just described that's Quite easy to find another illustrator To come up with something and print it On a t-shirt so I think to turn this Into a real you know that's brat and Susie you need to come up with something A lot stronger yeah Yeah you've got a good eye you've got a Good turnover you've got ourselves into Good into some good shops that just keep Going at it just keep going at it but it Isn't a yet A strong brand hone that down so it's Got a look but I'm afraid for that Reason I won't be investing all right Thank you First blow to the Duo's investment hoax But four dragons still remain will Retail expert Theo perfitus take a Different View I love seeing new designers I love People who bring out new ranges it's Like the lifeblood of the industry but I've got to agree with Deborah I'm Looking really I think they're with Investment and with going with going Forward with more time to expand on the Range look your margins are rubbish You need to be able to work a lot Sharper than that you're not going to do That until you do quite substantially Bigger volumes so for a long time unless You are actually able to get big orders

From the multiples you're not going to Be able to work those margins down that Necessarily is not the end of the world Problem is the name's great but there's No overriding Brand yet I think we're close I think with the Magazine coverage as well that we've had Because it's really hard to Um like reflect the brand on just on a Rail here now no it's not I'm sorry Remember that's what you've got yeah That is you and that rail has to Represent you and your brand yeah So I'm out but real good luck from me Thank you You know the fact it's here was in this Industry I'm not so there's not really anything I Can add to your company They can't really Bring you an expertise to help you to Sell your products so I'm out Polly Charlotte I invested in in the den in a business With Victoria mcgrange called neurotica We're writing talks at the moment about Actually having to go in and invest more Money today purely on the basis of the Fact that as she scaled her business She can't fulfill the orders without a Fair amount of cash so it's a capital Intensive business yeah but it's not Something that I could invest in so I'm

Going to say I'm out Three Dragons walk away from the deal And the crestfall and twins have just One opportunity left Can Hillary duvet find a reason to Invest So it just leaves me I've had experience In the rug trade I know how difficult a market it is but It's so much fun and I know so many Companies that have gone under come back Go under come back so many Brands Not very cautious but we are sensible We're not going to do anything we know Something I can't think of any other Sector that's more high risk in every Possible facet down from production to The logistics of it to the manufacturing To the sourcing of the Garment to the Actual retailing of the Garment to Getting it there on time and that's all Part of the fun well it's part of the Fun if you're doing it with my money but It's not part of the fun if it is mine Agreed but I mean what is your vision We want to get into doing denim Accessories and outerwear maybe have a Shop and then open also open your ones I Don't think I don't think we do want to Have a shot that's her idea don't listen To her don't listen to me I don't think We should have a shop my heart is saying I'd really love to work with you it'd be Fantastic fun I'm really into fashion I

Love it but my head commercially is Saying well already no no no but you're Both clearly very very talented girls [Music] Holly and Charlotte Charmed the dragons But couldn't convince them there was a Big enough financial future for their Business They leave with nothing amazing all five Of us really like them but they didn't Get investment because they're not going To be a success doing this at this time Round I think we'll recognize that they Only need one bad order elephant and They're finished correct

Your First Funnel Challenge
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