821 Lauren Stephens: Co-Founder of Dudley Stephens

0:00Kara Goldin:I am unwilling to give up, but I will start over from scratch as many times as it takes to get where I want to be. You just want to make sure you will get knocked down, but just make sure you don't get knocked out. So your only choice should be, go focus on what you can control. Hi everyone and welcome to the Kara Goldin Show. Join me each week for inspiring conversations with some of the world's greatest leaders. We'll talk with founders, entrepreneurs, CEOs, and really some of the most interesting people of our time. Can't wait to get started. Let's go. Hi, everyone, and welcome back to the Kara Golden Show.

0:45Kara Goldin:Have you ever had that one piece in your closet that you reach for over and over again because it just works? Comfortable, polished, effortless. What if a single silhouette, the turtleneck could become the foundation of an entire cult favorite brand. So today, I'm excited to be joined by Lauren Stevens, who is the co-founder of an incredible brand called Dudley Stevens. And if you are not familiar with Dudley Stevens, you've been living under a rock. No, just kidding. You need to get familiar with this. It is such a terrific brand. Great, Great Products started with her sister and her mom as co-founders, elevating everyday essentials.

1:31Kara Goldin:So what started as a reimagined fleece turtleneck has grown into an incredible brand based out of Connecticut. I cannot wait to dig in more to Lauren and the co-founding of this brand, but also how in the world did they get the cult following that they have gotten around this core product, but also continuing to build on the brand overall. So Lauren, welcome to the Kara Golden Show. So nice to meet you. Thank you. Thank you so much. Thank you for having me. I have so much respect for what you have built also. And it's so much fun to just chat and fellow entrepreneurs and chat about Dudley Stevens.

2:20Kara Goldin:I love it. Well, for listeners who are just discovering Dudley Stevens, how do you describe the brand? We make stylish fleece clothing for women and men and children, and we use all recycled materials in our production. So we have a sustainability component also, but our main, you know, I would say stylish fleece, like if you're going to walk way from here, that would be really how to summarize what we do. So can you share the founding story? How did this all come about? Yes. So we, uh, we launched in 2015. Um, I had spent, um, the bulk of my career at that point, um, working in fashion. I worked, um, for Gucci and Calvin Klein doing celebrity PR.

3:08And I was in a high-paced fashion PR environment. And my sister was in marketing at Starwood Hotel Group. And my mom was our fashion icon, biggest supporter. She also has some fashion background and experience as well. And so the three of us always wanted to start a family business. I mean, I remember family dinners and together. We were just like brainstorming things that we could do together. Nothing really was sticking over time. And then finally, I came to a point where I just said, I was at, I had just gotten married. We were thinking about starting a family. And this fast paced PR world that I was grinding in was not going to be conducive to that.

3:52Well, what's ironic about that is that I then decided to become an entrepreneur, which like also was intense, but you know, we, yeah, yeah. it's not like that was going to free up time, but, but we did really, you know, crave this like flexibility. And I also just was looking for something to feel passionate about and excited about. And as we were starting families and we both, Kaki and I grew up in Connecticut, we were raised in Darien by my mom and dad. And we just, I really want to diffuse like my fashion background and more luxury PR luxury fashion with this new mom world we were setting out on.

4:30And we My sister and I both kind of went back to the suburbs. We moved back with our families ultimately. And so we really wanted to create something that could answer all these questions, like things that we had, fill all the gaps in our wardrobe of something that was versatile and very durable, but looked good at the same time so that we could literally throw it on in the morning with our newborns, toddlers, and wear it through the day and have it be machine washable, easy to take care of, and just like mindless. You know, like you wake up in the morning and you throw something on and it lasts throughout the day.

5:03So we got together and we, you know, fleece fabric was really what drove this idea. And like my mom kind of sparked all the interest in it. She was also kind of shifting her life. They had sold our childhood home. They moved to a smaller house on the water and bought a boat. And my mom was like, why can't there be something that's like cute that can also take me out to dinner? And so all of these things like mom life, our mom and dad's new boating life, Like we kind of thought of like this fabric that could apply to all these things and all generations to like between our mom and our age at the time.

5:38So, yeah, so we kind of like took the risk and decided to do it. I really led the charge by quitting my job, which was really scary leading up to our launch in 2015. And we were very scrappy in the beginning and we just decided to just to do it. But it was really that idea of like taking the fabric and making it stylish.

5:59Kara Goldin:So how long did it take you from the idea that we're going to go do this to actually having your first product and getting, I guess, your first sale? That's a great question. Yeah. So we really started in about the end of 2014, I would say. It probably took 10 months from really initial concepting to launch. And the first few months were sampling. Like we just, I would just ordered fleece fabric on fabric.com and found it. We found a local pattern maker in Connecticut to start making samples. And it was just very, very, you know, there was no business. There was no like idea yet. But then once my mom and sister and I tried these samples on that, we had this local pattern maker put together.

6:48We were obsessed. Like I, and literally the first product that we designed was our bestseller now, which which you were discussing in the opening, which is our funnel neck turtleneck, which I'm wearing a version of right now. But I put on that funnel neck turtleneck in like early 2015. And I just looked at my mom and we were like, we have to have this, like, how do we make these? We even asked the pattern maker, like, could you just make like 30? And she looked at us like we were like cross eyes. She was like, no, I don't produce garments. Like I can make you one. Like that's what I do. And so then I had to just like figure it out from there.

7:23And it really was just asking questions, you know, researching online, trying to find factories, fabric, ordering fabric. And I feel like as an entrepreneur, when your mind is set out, and you probably know this from your experience too, like the minute you can solve a problem and like have an answer to that problem in your head, like nothing will stop you to make it, to like make the product. So it really took like just under a year, I would say. And then we launched in October of 2015. And how did you launch then?

7:54Kara Goldin:Did you go into stores? Did you go online? How, what was your go-to-market strategy? So we, at this time, Instagram and social, well, really Instagram was kind of becoming real. I mean, over, like, I feel like it launched in 2011. And by 2014, 15, I, we were all seeing this trend of everyone going on Instagram. you were seeing fashion bloggers that had just a blog start also posting on Instagram. And like mommy bloggers, like it was kind of just the start of all of that. And really the rise of all of these, the influencer world. And so I did celebrity PR at my previous job. So I really worked closely with VIPs, celebrities, publicists, like the Hollywood world.

8:38And, and I really knew, like, understood how to generate press and brand awareness, you know, via the PR world and celebrities and gifting and dressing and all that and like really curating those relationships. And so I took those skills and really started and understood that I could do this on Instagram too. Like we could also create a brand Instagram page, but we could reach out to all these bloggers and influencers who were really just getting started. I mean, you know, back then I don't think people had hundreds, millions of followers. Like it was like 5 ,000 followers maybe was the most that we were seeing.

9:12And so we would just, you know, kind of cold message these, these ladies, and most of them were moms living in the suburbs that were just starting out with their blogs and they're, you know, posting about their lives and all that. And, and we would reach out to them. And so we really used the power of Instagram at that time. In that moment, um, we used email marketing too. We used loyalty marketing, which my sister had a background in. Um, and then we, and we also did, it was also the, really the start of like Facebook, Instagram advertising as well. So we used all of these things and Facebook too.

9:46So Instagram, Facebook, advertising on both, and then email marketing. And we just started really small with these vehicles to reach new people and new women. And what we found was that our product was so addicting that like if one blogger posted about it, people would, we'd have a few sales, but then she just naturally would keep wearing it, tagging us and selling more. So it really was this like organic word of mouth. And because the product was so great, I think people really just, you know, clicked with them. And in the beginning, I mean, we were so scrappy, we had no marketing budget, and was really just like this natural growth from all these, like tags and posts and like word of mouth, really, that really propelled the growth in the beginning.

10:29Kara Goldin:So how many SKUs did you launch with initially? I mean, I know you built your brand around this, you know, one core product, but did you just launch with one skew or maybe different variations on that skew? Yes. So we launched with six skews to begin with. So we had, um, we had six different styles and we, we try, you know, we had the turtleneck, we had a poncho, we had like a little fleece skirt was one of our first, I mean, like a fleece kind of pullover three quarter length, um, top. So we had, we just kind of like pieced together different, uh, moments that we thought would be good in a woman's wardrobe in the fleece fabric.

11:09Um, and what we found was that the turtleneck really just was, was it, you know, and I think to anybody listening that's starting a retail company, especially, um, or any, you know, retail accessories, anything where you're like buying and selling inventory, like having that hero product that has a low margin is. the way it is like crucial. Like that's really just, it's almost as it's like the cash cow of your business is what like fuels the growth, I would say. And, um, and I can think of many brands where like, yes, they're a retail brand and they sell footwear and bags now, but like, they really started off with like one thing that really was what kind of put them on the map with so many consumers.

11:50So, um, you know, looking back at that time, we didn't know that at all. Like we just thought we had this great fabric. Let's just make these beautiful styles and any pants, sweatpants, whatever. But then what we found was we had this addictive product. So we had to really iterate on that moving forward and like offer different colors and different lengths of the turtleneck and different fits. And then we started doing three quarter zips. Um, so, but having that like hero product at the offset, at the outset was, um, was something that looking back on it was just like very lucky. I don't think it was like planned or anything.

12:24Kara Goldin:Just trying it. How much harder is launching a business? You worked for incredible brands as did your sister. And how much harder is it to launch your own than maybe you thought it was going to be? Yeah, I think, you know, that was what was so crazy about that time. Like I felt, I feel ignorance was bliss at that time. I really didn't know a lot of what I was getting into. I think I, you know, I really, you know, I, I look back on it and I, I'm glad we did what we obviously very thankful, but at the time we just, we didn't know what was ahead of us. And I think, um, and as you know, we were so passionate about it that we would have figured, we would figure out anything, like any challenge that came up, we were, you know, we, we approached us with head on and we made decisions that we thought were the best at the time.

13:17But it's very challenging. And it's, you know, you're basically creating something out of nothing, you know, when you think about it, like this brand, this concept, like whatever we're doing here didn't exist beforehand. So it's like, how do you put systems in place and the supply chain and really, and operations, you know, like the behind the scenes that not everybody sees, like there's an entire organization behind us that, that fully supports what we're doing, you know, on the customer facing side. So, you know, do it, getting all that up and running was very challenging. Many sleepless nights, long hours too.

13:57I mean, I can only imagine, you know, in your experience too, like, you know, you don't, you, you leave your nine to five, what's the saying? Like leave your nine to five to like work 5 p.m. to 9 a.m. Like you, you know, we're all, we're working around the clock constantly. But, you know, once if when it's come when it's yours, and it's personal, and you feel really passionate about it, like any challenge, like you really can overcome, but but that's it's it's very hard, I would say to answer the question in a long winded way, like I, you know, I, I really have so much respect and admiration for other entrepreneurs, because I've just seen everything that we've gone through and experienced.

14:37And, you know, it's definitely challenging.

14:41Kara Goldin:For sure. Where did the brand name Dudley Stevens come from? So it's actually my maiden name and then my married name. And we, you know, we went through many different ideas, names. And I think what it came down to was that we are, you know, we're a family founded company. And so, and, you know, obviously my sister's maiden name is also Dudley. My mom's name is still Dudley. Um, so we all felt strongly that we wanted to have our name represented in some way. And then my last name Stevens and we liked the way it sounded. Um, we, you know, I think it, it's kind of, it's funny because it's really the name in itself has very much guided us along the way.

15:29And it's really allowed us to remain a family-owned and operated company. And I think it goes back to those first few months of coming up with the concept and the name and the logo. And it's really allowed us to remain true to that and really be a family-grounded business.

15:47Kara Goldin:So I see you and your sister and your mom in a lot of the storytelling around the brand? What role did storytelling play in building kind of the early brand awareness and what it is today? Yeah, I think that's really what people gravitate towards. And especially now, really the behind the scenes and showing that we're real people has been intricate to our marketing and so, so important. We, you know, looking back and it's hard, it's hard to put yourself in a forward facing position and really be out there and public facing, you know, like I, you have to have a thick skin, you have to know, you know, you're not going to, not everyone's going to love you and you're not going to be, please everybody all the time.

16:37But, but, you know, for us, we just so believe in the product and we, we really, especially in the retail world, Like we, we are our own customer. Like I, if I'm not wearing Dudley Stevens and like, you know, how can I sell it? Like I, we believe in it so much. And I, you know, there really isn't a day or a moment where I'm not wearing a product of ours. You know, even if it's like a really fancy dinner, I try to like incorporate something in some way. Cause I, you know, I just really believe in it. And like, I, so, you know, there it's, it all goes back to the storytelling and like how well all of our styles fit into our days and like what we're doing and our journey of motherhood of running a business, you know, um, being a member of our community.

17:27Like it just, it really fits into all of these different areas. And so we try really hard to show that on our Instagram. And I think it really builds trust with our community. You know, I think it's like those return customers and like the people that are obsessed with our product and also wear us every day, like there's that trust of like that we're wearing it and like we're selling and putting product out there that like we believe in. When you think about the, you know, you're moving from, you mentioned 30 items

17:58Kara Goldin:was your first production. So when did you get to a point where you were moving outside of having somebody locally make it. Yes. So it was actually during COVID. So we were making everything locally in Brooklyn, New York, and we had a wonderful factory there that we were working with. But, you know, we knew we'd have to move on from them at some point because they could only scale so much. Like local production is amazing, but it's hard to find someone at the right price and the right production level. And also like with the global supply chain and the retail industry, like we're limited here in the United States, as unfortunate as it is, like with global production now, like, you know, it's hard to find the right fabrics also.

18:49And so we knew that we'd have to move outside of the U.S. We just didn't know how and when and then enter COVID. And I actually listened to your interview with Gary Vee and you mentioned too, during COVID, you guys had set up like a supply chain that was, I think, ready for COVID and unintentionally, I think it sounded like. Um, so you, so you had a real, yeah, you had a real advantage there and we did not. So we had, we really, um, we had totally put all of our eggs in one basket with our Brooklyn production facility and, um, COVID happened and the world shut down and we were reliant on this one factory.

19:30And, and, you know, there were many days where we thought we'd be out of business. We didn't know where we were going to get a supply. And it was such an unfortunate time because it was really on a growth. We were on this growth trajectory that we saw, but we just, you know, all of a sudden the world shuts down and what are you going to do? And we had to scramble and we found a woman who came in. She had worked at Victoria's Secret for many years and I owe a lot to her. She's still working with us and she basically overhauled our entire supply chain. and we went from a single factory production runs to now we have three or four factories around the globe that we work with and you know I think COVID was a good learning in that to like not just rely on one production facility for us as a company I mean I know many companies are vertically integrated and they own their factory and that's great but we needed to be like in multiple.

20:27So, um, so she really, um, was transformative in figuring out our supply chain and, and, you know, COVID was terrible, but there were many silver linings in it and we still continued to grow and we were able to figure out the production. And I, you know, looking back on it, it forced our hand to like really figure out the production. And there were times where I feel like it almost put us out of business, but we somehow made it work.

20:53Kara Goldin:I love it. When you think about, because you've really got core consumers, but you're always looking for new consumers to bring in anytime you're launching a consumer product in any category. What do you think is maybe how has this consumer changed as you go and bring new consumers in than maybe it was when you were first launching? That's I think about that this question every day. I it's you know, when we were it's funny because I think a lot about it in the trajectory of my like motherhood journey. Also, like when I had when I was home with newborns and toddlers and getting spit up on and a mat, you know, you just are in that like disheveled phase of motherhood.

21:44Our product was so perfect for that. And then I naturally spoke to that. Now my kids are eight, nine years old and I'm on the sidelines at flag football, freezing, wearing Dudley Stevens. And so I speak to that. Like so it you know, it's we were I keep thinking like, oh, my God, we need to still talk to the young moms, too. Like, like they're out there and they might be new customers, you know, like they might not know about us and they might have just had a baby and their life's their life is changing and they're home now more. And so, you know, I think there's always that like younger customer that's kind of right up coming behind us that I'm we're constantly thinking on how to try to reach.

22:28And then on the flip side of that, you know, we have my mom who's just turned 70. Sorry to call her out her age. But, you know, she's now in this retirement world, granted, still working with us. But and she's constantly selling to her friends. And so then you think about, oh, my gosh, there's this whole other market of women that love our stuff and like can't get enough of it as well. Um, so, you know, there's, there's so, there's so much opportunity with our brand and reaching new customers. Um, and we are day in and day out. I feel like it's my job running the company. Like if I'm not out trying to find new customers, like I'm not doing my job.

23:07So, um, it's all about like marketing, speaking to wonderful women like yourself. Um, and we, my sister and I started a podcast also a year and a half ago. and I've just found it to be a great way to like create content and discuss business and reach new women and and so you know we're constantly thinking of ways to reach new women and and and especially in this new world like the algorithm that's like I can't figure out like we have this wonderful social media girl who's much younger than I am who you know it's all about figuring out these new ways to reach new customers and we know that like once we get in their hands and they buy one, they come back for another.

23:48So they're more than likely to come back. So, um, so we're, you know, always trying to figure out new ways to reach new women. And we just see so much opportunity. Like there's so much, um, scalability with our brand. We just have to figure out the right ways to do it. Um, and the scrappy ways, like we're always scrappy with our marketing. So I'm, you know, I'm always thinking of trying to figure out new ways of how to get people, get to people.

24:14Kara Goldin:How many SKUs do you have, I guess, today or generally? I know that it's seasonal, but how many SKUs do you have at one time? We probably have about 40 to 50 at one time now. So we're, you know, we still are, we remain small and in our production. And that's been something that we're trying to, always trying to figure out over time. And we're never going to figure it out perfectly. Like buying inventory is always, you know, a guess and, and, and using previous seasons and all that to, to estimate, but, but we really try to buy inventory and drop it and, and sell out quickly. And it's like figuring out that magic number.

24:56And sometimes on some styles it's less, cause we're like, well, it might not be super popular, but we know some ladies will like this. So, um, and then sometimes we'll design a style and we are like, oh my God, we all love this, make more. So, so we're really trying to, you know, measure the inventory and, and, you know, buy stuff very intelligently and not try to overbuy. And, and that's, that's, that's, it's a whole formula that is a work in progress and always will be. But, but it's very much it, we're not trying to like, make a ton and grow so quickly. Like we're really trying to be have like measured growth with everything.

25:39That's awesome.