< BACK // COMPANY Q&A APPLICATION FOR SMART LIVING CITY CONFERENCE, DUBAI 2014
COMPANY OVERVIEW
Tie Society is the original and largest menswear rental service that offers an affordable style solution for stylish men all over the world. Think of us a Netflix-style subscription service, but for top-quality menswear accessories.
We are a company founded upon the idea that it should be easier and more convenient for men to dress their best. Tie Society makes this possible by pairing proven rental models to our exclusive collection of high-quality neckties, pocket squares, tie bars, and cuff links. Paying members browse TieSociety.com for the items they would like to wear and add them to their personal queues on the site. Those items are then shipped to the customers in free and returnable packaging. Members are encouraged to wear the items for as long as they please. When members ship the items back, the next items found in their queue are then sent out. People consider our service to be the male equivalent to “Rent the Runway".
Our company is headquartered in Washington DC, with further offices in San Francisco and in Tokyo (as of late 2013). Tie Society is backed by the 500 Startups Venture Fund and participated in their seed accelerator program in 2011.
With recognition from top media publications including USA Today, The Washington Post and NPR, Tie Society's operations seeks to expand to cater to a fast-growing market demand, offering a wider-range of items for both rental and direct sale, and further refining the member experience to provide value offline.
DESCRIBE YOUR PRIMARY PRODUCT OR SERVICE OFFERING
Primarily, Tie Society is a monthly subscription rental service for ties and menswear accessories. In addition, we offer items to consumers and retail partners for direct sale, provide large-scale wholesaling and manufacturing solutions, and give complimentary style advice to our customer base.
DESCRIBE ANY TRACTION (CUSTOMERS, PARTNERSHIPS, PILOTS, PROTOTYPES)
With well over 1,000 active members and a backlog of 8,000+ outstanding requests for specific inventory items, Tie Society continues to scale at an average of 15% growth, month-over-month. We maintain partnerships with a number of major menswear retailers and corporations such as American Airlines and Gilt Group, and work closely with other aspiring brands in the menswear space.
WHAT IS UNIQUE ABOUT YOUR STARTUP AND ITS PRODUCT/SERVICE?
As the original and largest provider of online menswear and accessory rentals, we've spent the last few years showcasing the strength of our concept and have been able to achieve profitability with our efforts. As consistent innovators in the menswear space, Tie Society was the first to pioneer and apply the proven rental model to the previously under-serviced male demographic. Our ability to manufacture and wholesale large volumes of neckwear has additionally afforded us the leverage to formulate lasting relationships with other players in the fashion industry.
WHAT IS UNIQUE ABOUT YOU AND YOUR TEAM THAT WILL MAKE YOU SUCCESSFUL?
Our team is entirely comprised of life-long menswear enthusiasts each with an unparalleled understanding of cultural trends and how best to approach marketing to style-conscious individuals. From our newest offices in Tokyo to our original base of operations in Washington DC, our staff is a highly-motivated and experienced core group of team members with a wide-range of skill sets- including web design, marketing, apparel merchandizing, and growth hacking.
WHY DO YOU THINK DUBAI WILL LOVE YOUR STARTUP AND OFFERINGS?
We believe dressing the part is one of the key ways to ensure a successful and productive populous, and Dubai would undoubtedly benefit from a more style-conscious workforce. Well-dressed men tend to have more confidence in the workplace, instill greater trust amongst those they do business with, and are identified more frequently for promotions when sporting a refined, professional appearance.
WHAT WOULD YOU SHOWCASE IN YOUR EXHIBIT SPACE AT SLC DUBAI 2014?
We would showcase an assortment of our most popular menswear accessories (including several items from our own internal label), examples of our packaging, and additional freebies to distribute and provide greater insight into our branding. Our team will come prepared to guide the public through the complete Tie Society experience- complete with complimentary style advice sessions for the public.
WHO ARE YOUR TOP TWO COMPETITORS (AND WHY WILL YOU BEAT THEM)?
When it comes to direct competition in the menswear accessory rental space, "FreshNeck" out of NYC is our biggest competitor. Fortunately, we're currently in talks to acquire their operation in a push to expand our presence in high-value markets like New York City. We were able to beat them by driving innovation into the menswear space with consistently successful marketing initiatives and partnerships, our efforts to expand internationally, and staying true to the demands of our customer-base. From curating an inventory collection that resonated strongly with a broader range of individuals, to routinely being commended for our excellence in customer service, Tie Society has been able to win over an array of passionate members who remain highly active in utilizing the different facets of our service.
We view our other main competitor as affordable neckwear provider "The Tie Bar". Offering low-cost (and lower-quality) ties and accessories for direct-to-consumer sale, The Tie Bar attempts to target our same demographic of stylish, yet budget-conscious males. We will beat them by allowing our customers to rent higher-quality, name brand items (such as Burberry, Armani, and Brooks Brothers) each month for roughly the same cost as a single item from their collection. Why purchase one low-quality tie outright for $20 when you could have a new designer tie each day of the week?
WHAT ARE YOUR TOP TO RISKS TO SUCCESS TODAY?
The first would be failing to attract the investment necessary to meet our current levels of demand and to scale the business appropriately. We're confident that our strong numbers will provide evidence to the fact that our business has the ability to become a major player in the menswear space. The second risk is a bit more outside of our control- if "Rent the Runway" opts to attempt to move into menswear, we'd be facing off against a very well-funded competitor.
WHERE DO YOU THINK YOUR STARTUP WILL BE IN THREE YEARS?
We confidently believe that in three years, we will have expanded our operation successfully into Europe and further into Asia, while focusing on reaching new international territories. Three years down the road, we expect necktie rentals to account for a considerably smaller portion of our overall business as we expand our inventory offering to include watches, belts, and other accessories. Direct sales of one-off and limited production items are also likely to greatly increase in volume. Tie Society will be a regular fixture in top menswear discussions and media channels as we solidify ourselves as a leading resource for knowledge, inspiration, and literature pertaining to all things fashionable.