Artwork

Content provided by Olin Business School at Washington University in St. Louis. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olin Business School at Washington University in St. Louis or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Player FM - Podcast App
Go offline with the Player FM app!

The Fateful Cab Ride: Christine Chang

34:32
 
Share
 

Manage episode 379457186 series 2934504
Content provided by Olin Business School at Washington University in St. Louis. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olin Business School at Washington University in St. Louis or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Christine Chang recalls the moment in the back seat of a cab, heading across Manhattan to her next appointment. She and her cofounder, Sarah Lee, finally had to have a tough conversation about the future of their beauty business Glow Recipe.

The pair had originally built a successful business focused on curating Korean beauty products produced by other manufacturers. A business that had generated a significant customer following and an engaged fan base through savvy use of social media. A business that generated the majority of Glow Recipe's revenue, which was reported to be $1 million in their first year of business and growing triple digits year over year.

But the other 10% of their revenue was calling to them. That was the revenue that began to grow in 2017 after Glow Recipe started its own in-house brand of beauty products. And there Chang and Lee sat, in the back of a cab in early 2019.

“As a growing but small team, we were being pulled in multiple directions by having to manage a rapidly growing in-house brand and another business vertical together," Chang, BSBA 2004, recalled. “We talked seriously about whether this was sustainable. Five years from now, what will we wish we'd done? By the end of that cab ride, we had aligned.”

The curation business had to go. Glow Recipe would be all-in with its in-house brand of products. People would have to be let go. Inventory had to be shed. Their online community of fans and customers—invested in one version of Glow Recipe—would have to be invited along for a difficult transition.

Skincare brands are typically known to position their brands as either serious and clinically efficacious or whimsical and fun. Glow Recipe's mission was to combine both worlds into a line of products that delivered results but were also sensorial, joyful and approachable.

“It was a massive pivot to shut down the curated business,” Chang said. “As the brand grew, we realized we couldn't do both.” Two years later, the pivot paid off as Chang and Lee’s company continued an explosive growth trend.

RELATED LINKS

CREDITS

This podcast is a production of Olin Business School at Washington University in St. Louis. Contributors include:

  • Katie Wools, Cathy Myrick, Judy Milanovits and Lesley Liesman, creative assistance
  • Jill Young Miller, fact checking and creative assistance
  • Hayden Molinarolo, original music and sound design
  • Mike Martin Media, editing
  • Sophia Passantino, social media
  • Lexie O'Brien and Erik Buschardt, website support
  • Paula Crews, creative vision and strategic support

Special thanks to Ray Irving and his team at WashU Olin’s Center for Digital Education, including our audio engineer, Austin Alred.

  continue reading

45 episodes

Artwork
iconShare
 
Manage episode 379457186 series 2934504
Content provided by Olin Business School at Washington University in St. Louis. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olin Business School at Washington University in St. Louis or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Christine Chang recalls the moment in the back seat of a cab, heading across Manhattan to her next appointment. She and her cofounder, Sarah Lee, finally had to have a tough conversation about the future of their beauty business Glow Recipe.

The pair had originally built a successful business focused on curating Korean beauty products produced by other manufacturers. A business that had generated a significant customer following and an engaged fan base through savvy use of social media. A business that generated the majority of Glow Recipe's revenue, which was reported to be $1 million in their first year of business and growing triple digits year over year.

But the other 10% of their revenue was calling to them. That was the revenue that began to grow in 2017 after Glow Recipe started its own in-house brand of beauty products. And there Chang and Lee sat, in the back of a cab in early 2019.

“As a growing but small team, we were being pulled in multiple directions by having to manage a rapidly growing in-house brand and another business vertical together," Chang, BSBA 2004, recalled. “We talked seriously about whether this was sustainable. Five years from now, what will we wish we'd done? By the end of that cab ride, we had aligned.”

The curation business had to go. Glow Recipe would be all-in with its in-house brand of products. People would have to be let go. Inventory had to be shed. Their online community of fans and customers—invested in one version of Glow Recipe—would have to be invited along for a difficult transition.

Skincare brands are typically known to position their brands as either serious and clinically efficacious or whimsical and fun. Glow Recipe's mission was to combine both worlds into a line of products that delivered results but were also sensorial, joyful and approachable.

“It was a massive pivot to shut down the curated business,” Chang said. “As the brand grew, we realized we couldn't do both.” Two years later, the pivot paid off as Chang and Lee’s company continued an explosive growth trend.

RELATED LINKS

CREDITS

This podcast is a production of Olin Business School at Washington University in St. Louis. Contributors include:

  • Katie Wools, Cathy Myrick, Judy Milanovits and Lesley Liesman, creative assistance
  • Jill Young Miller, fact checking and creative assistance
  • Hayden Molinarolo, original music and sound design
  • Mike Martin Media, editing
  • Sophia Passantino, social media
  • Lexie O'Brien and Erik Buschardt, website support
  • Paula Crews, creative vision and strategic support

Special thanks to Ray Irving and his team at WashU Olin’s Center for Digital Education, including our audio engineer, Austin Alred.

  continue reading

45 episodes

All episodes

×
 
Loading …

Welcome to Player FM!

Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.

 

Quick Reference Guide