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Speaker 1: Welcome to the mentor. I'm Mark Boris. Kelly Hush, welcome

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Speaker 1: to the mentor.

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Speaker 2: Thanks for having me.

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Speaker 3: Did you notice my voice went down into a very

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Speaker 3: quiet hush then when I said Kelly hush, welcome to

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Speaker 3: the mentor.

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Speaker 2: That's very clever. I'm going to take mine down to.

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Speaker 3: You're the head brand and Global Strategy at the Vault

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Speaker 3: vo LTE.

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Speaker 1: What is the Vault.

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Speaker 2: It's a peer to peer fashion rental platform. So we

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Speaker 2: have lenders all over Australia that have incredible wardrobes and.

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Speaker 1: They lend lenders.

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Speaker 2: Yeah, so lenders, so they've got the product, so it's

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Speaker 2: Peter peer. So they have a wardrobe full of clothing

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Speaker 2: that they lend to other Australian women.

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Speaker 3: Okay, so when you say lenders, I thought to myself,

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Speaker 3: I'm lender, Yellow grows lender. No, you know you're not

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Speaker 3: talking about people to lend money. You're talking about people

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Speaker 3: who lend clothes or an asset, an asset called clothes.

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Speaker 1: Yeah yeah, okay, that's very interesting.

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Speaker 3: So you're the head brand and strategy or global strategy.

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Speaker 3: So is vaulted like doing a global play?

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Speaker 2: So we're launching this year into the UK. So we're

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Speaker 2: underway with that at the moment. We got investment last

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Speaker 2: year from eBay Ventures, so they're Geneva based, so they

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Speaker 2: invested last year and a part of that strategy was

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Speaker 2: to take the brand internationally as well.

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Speaker 1: So how'd you get this, geek? So where were you

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Speaker 1: before this?

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Speaker 2: So I was in the media for twenty five years.

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Speaker 2: Most of that time I spent in fashion. My last

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Speaker 2: job before I left the media was I was editor

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Speaker 2: in chief of Harpers Bizarre. Before that, I was editor

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Speaker 2: of Gratzia and then before that the fashion editor for

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Speaker 2: the Citny Morning Herald. So a long time in the media,

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Speaker 2: but very much immersed in that fashion industry. I set

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Speaker 2: up the Australian Fashion Council with Edwin McCann, who was

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Speaker 2: the editor of Vogue at the time, So that's pretty

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Speaker 2: much my background. I decided to leave the media in

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Speaker 2: twenty eighteen. As you can imagine, it had changed quite

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Speaker 2: a lot since I started, and I really wanted to

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Speaker 2: do something different and explore my entrepreneurial side and look

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Speaker 2: at probably the other side of the fashion industry, which

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Speaker 2: is that business side. Less saw that media pr.

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Speaker 3: Side helped me out here. So I just remember you

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Speaker 3: just mentioned some publications.

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Speaker 1: Harb was bizarre.

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Speaker 3: And we're just going to work it out quickly. Twenty

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Speaker 3: eight years ago, maybe twenty six years ago, was there

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Speaker 3: a magazine around called.

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Speaker 2: Mode Mod Yeah, yeah, yeah, very much a groundbreaking fashion

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Speaker 2: magazine independently published. But yes, and some of I suppose

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Speaker 2: the icons of the industry came out of that era.

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Speaker 2: So Lee Tullick, deb Thomas worked on that magazine. I

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Speaker 2: think Kirsty Clements worked on that magazine. So it was

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Speaker 2: a real kind of breeding ground for really amazing female

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Speaker 2: journalist that who became Australia's leading editors. I mean Deb

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Speaker 2: Thomas in particular, who was the editor in chief of

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Speaker 2: this Range Woman's weekly, who's a great friend of mentor

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Speaker 2: to me through my career, but had some incredible breeding ground.

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Speaker 3: An old made of mine, like a long time we've

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Speaker 3: been mates. So she was on my show for a

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Speaker 3: number of years. She was my advisor on The Celebrity Apprentice,

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Speaker 3: maybe for half the episodes I think, or maybe at

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Speaker 3: least four. A great mind, a good speaker, very confident.

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Speaker 3: Obviously new fashion that's outside of my world, but she

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Speaker 3: knew fashion really sort of sort of pretty much iconic

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Speaker 3: in that period in terms of running magazines and just

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Speaker 3: being sort of one of those people who whose opinion

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Speaker 3: was sought after relatives in a relative sense when it

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Speaker 3: comes to things like fashion. I had a lot of

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Speaker 3: time for debt. I don't know what happened to I

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Speaker 3: remember a husband passed away, but they've moved.

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Speaker 2: To barrel I know he was sick. Yeah, v takes fine.

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Speaker 1: He's very sick.

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Speaker 2: Yeah, yeah, but he's good. They live in barrels.

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Speaker 3: So because she wasn't living point piperal done in point

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Speaker 3: of that for a long time. So she's still good,

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Speaker 3: is yeah, she's great.

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Speaker 2: Yeah.

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Speaker 3: Yeah, if you're speaking to it, please give my regards.

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Speaker 3: So and and if you don't mind just indulging one second.

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Speaker 1: This sounds a bit odd, but.

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Speaker 3: Many during that period I was about so I'm talking

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Speaker 3: about twenty six years ago when Mode was around. Was

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Speaker 3: there a system magazine to it too as well? Like

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Speaker 3: it was mobile harp As Bizarre where they just sort

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Speaker 3: of together or something like that.

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Speaker 1: Do they do joint ventures.

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Speaker 2: Yeah, it kind of merged into Harpers Bizarre, right, Yeah,

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Speaker 2: So the license was bought and then launch and it

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Speaker 2: kind of moved around a little bit until it ended

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Speaker 2: up back in there. I suppose the Kerry Packer ACP.

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Speaker 1: Stable, so all in it gets old to Bauer.

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Speaker 2: Yes, yeah, yeah, yeah, So I worked for ACP and

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Speaker 2: then to Bauer. You know, through a couple of a

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Speaker 2: couple of mergers, SHEP had private equity in between. Matt

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Speaker 2: Tindle Yes, yeah, yeah, David Ginjel, Yeah, I've worked with

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Speaker 2: some of this, as.

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Speaker 1: You've seen Matt next week.

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Speaker 2: Yeah, yeah, we'll give him my regards.

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Speaker 1: Well, yeah, we're.

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Speaker 3: Going to.

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Speaker 1: I haven't seen it for a long time. But I

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Speaker 1: don't tell you.

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Speaker 3: This is very self indulgent at this moment for a second,

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Speaker 3: but I'll tell you why. I ask about Mode magazine

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Speaker 3: because I was in my forties and I get contacted

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Speaker 3: by a Mode magazine. But somehow I was had something

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Speaker 3: to do with Hubbs bizarre at the same time, I

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Speaker 3: don't know whatever, And because I knew nothing about these magazines,

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Speaker 3: and I got contacted by them, and they asked me,

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Speaker 3: would I mind entering into a competition Bachelor.

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Speaker 2: Of the Year.

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Speaker 1: No, no, no, no, no, best.

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Speaker 3: Stress yes yeah yeah yeah yeah and white me anyway,

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Speaker 3: so they asked me him do some photos blah, blah blah.

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Speaker 3: And I remember they held this judging competition thing and

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Speaker 3: it was in the middle of Hyde Park. There was

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Speaker 3: a restaurant in the middle of Hyde Park at the

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Speaker 3: time for still there and I felt really uncomfortable, so

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Speaker 3: I decided not to go in on the judging day.

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Speaker 3: And Debora Hutton was the judge along with two others.

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Speaker 3: And I can't believe I want it?

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Speaker 2: Did you? So you actually ended up going in a photo.

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Speaker 3: I sent photos in they come and they sent me

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Speaker 3: somewhere to get photographs. And I just turned with a two

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Speaker 3: shippair of jeans and a jacket.

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Speaker 1: And pair of boots. That's all.

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Speaker 3: That's why I just I just said, this is what

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Speaker 3: I wear. Whatever I didn't And but it was a

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Speaker 3: nice jacket. It was a I remember it was a Xenya,

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Speaker 3: a Zenya woolen sort of male hair jacket. It was

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Speaker 3: not it was a good jack, good qualit. It's the

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Speaker 3: best thing I had in my whole life in those days,

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Speaker 3: the best thing in my wardrobe and the only thing

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Speaker 3: I can only have afforded one of back in those days.

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Speaker 3: And I remember I got and I often thought of myself,

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Speaker 3: I should have kept a copy of that magazine, because

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Speaker 3: because my kids bag the shit out of.

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Speaker 1: Me the way I dressed.

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Speaker 3: These days, they say, just wear black two shirts all

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Speaker 3: the time. And I've said, well, I've been through periods

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Speaker 3: in my life where I've actually frocked up, you know,

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Speaker 3: and I've never I've never had a copy of a magazine,

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Speaker 3: and I could never remember the name of the magazine,

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Speaker 3: and you just reminded it was called I'm pretty sure

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Speaker 3: it was called Mode. So there wasn't a magazine called Mode,

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Speaker 3: because I because I went back through the archives and

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Speaker 3: I tried to get I went I actually went in

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Speaker 3: one stage, went to the State Library and I was

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Speaker 3: going through the microfilm microfish there which has now been

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Speaker 3: put onto this is years ago, which now been put

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Speaker 3: onto digital. But I was looking there to see if

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Speaker 3: there's any old footage whereas they used to take photographs

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Speaker 3: of everything in those days and put it up a

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Speaker 3: microfilm and you could actually get a photograph of the image.

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Speaker 3: I just wanted to get a copy of the image

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Speaker 3: of me just approved of my boys that I actually

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Speaker 3: did frock up at one stage in my life, but

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Speaker 3: I've never been able to get.

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Speaker 1: Hold of it.

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Speaker 3: And now you've told me the story what happened to Mode.

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Speaker 3: Mode went into harp As a Bizarre, Half As Bizarre,

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Speaker 3: went into the ACP, which is a kerry packer's mob,

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Speaker 3: and then and then they ended up selling at the

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Speaker 3: Bow and now and all of us closed down.

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Speaker 1: Pretty much as well.

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Speaker 2: Bizar still exists. When it became our media, they lost

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Speaker 2: the world. They closed the magazine and it's now being

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Speaker 2: published by Switzer Media, which are an independent publisher.

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Speaker 1: So do you want they're actually physical magazines anymore? That's

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Speaker 1: all online.

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Speaker 2: Though, no physical magazines. Is very challenging now to get

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Speaker 2: what we used to call in the day, what which

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Speaker 2: we call is ranging. So you know, back in the

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Speaker 2: day you had ranging in obviously news agencies, which are

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Speaker 2: hard to find these days, and then also ranging in supermarkets.

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Speaker 2: But as you would know, it's very competitive supermarket shelves.

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Speaker 2: And as the decline of circulation started to happen, then

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Speaker 2: we lost ranging, especially for something like harp As Bizarre,

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Speaker 2: which is a niche magazine. It's not a mass market.

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Speaker 2: I mean, the Woman's Weekly has always got ranging because

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Speaker 2: it still sells copies or really nothing like it did

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Speaker 2: back in the day. In the heyday, Will deb Thomas's

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Speaker 2: and Helen mc CABE's era. But these days very hard.

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Speaker 2: You know, you can find magazines at airports, that's probably

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Speaker 2: the easiest place, but yeah, they're hard to find.

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Speaker 3: People don't want to touch things anymore, and they don't

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Speaker 3: they want to, They don't want the experience of that.

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Speaker 2: I was a generational you know, I was you know,

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Speaker 2: I was at the Citny Morning Herald when Instagram launched,

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Speaker 2: right and you know, there was transition happening then to online.

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Speaker 2: You know, I was making a lot of video content

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Speaker 2: as well as still you know, writing for the daily newspaper.

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Speaker 2: I think Instagram and social media kind of really impacted

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Speaker 2: advertising revenues and then also people stopped buying magazines. There

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Speaker 2: was a shift, but I think it's also again that

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Speaker 2: generational thing, and we are seeing a shift back to

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Speaker 2: that tactile on nostalgia of magazines. It will never recover

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Speaker 2: to what it was, just even the cost of paper

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Speaker 2: today is you know, it's all those things have changed.

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Speaker 2: It ranging you can't get you know, you can't sell

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Speaker 2: a magazine like you used to. So it's definitely shift.

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Speaker 2: But there is a nostalgia for printed product, but that

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Speaker 2: I think is more in those categories like fashion and

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Speaker 2: probably sport and motoring, where it's a bit more of

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Speaker 2: a luxurious purchase less. So you're not going to buy

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Speaker 2: a gossip magazine unless you're kind of an older generation.

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Speaker 2: You can look at it online instantly.

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Speaker 3: You're not going to feel like one of those are

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Speaker 3: we suited columns?

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Speaker 2: Well that's why I love the best dress List, So

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Speaker 2: you know I used to be in charge of that.

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Speaker 2: I wasn't weekly for a long time. So you know

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Speaker 2: all those best stress lists. You know it was brutal right,

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Speaker 2: you could just make or break someone.

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Speaker 1: Yeah, well I've got I have to declare. I will declare.

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Speaker 3: Deb Hutton was a made of mine, a friend of

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Speaker 3: mine before changed. Now that's how I want it. But

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Speaker 3: I don't know, Actually I want to better. But but

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Speaker 3: I was a friend of hers prior to there, because

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Speaker 3: I was a friend of Deb's when she was Deb Huttons,

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Speaker 3: when she was working at as A as A I

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Speaker 3: met her. She she wasn't working, she was a young

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Speaker 3: model and she went to a hair dressing someone to

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Speaker 3: get a hair none she was she was modeling hair

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Speaker 3: for them, so to speak, hair model.

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Speaker 1: She was a student.

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Speaker 3: I was only a few years older than her, and

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Speaker 3: she was getting paid to go and do these things

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Speaker 3: and make making money. I remember she went to school

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Speaker 3: somewhere around the city. I'm not around near Ashfield or

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Speaker 3: camper Down, one of those areas there and Fort Street

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Speaker 3: Fort Street Girls I think she went to and and

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Speaker 3: it was pretty unusual those days for someone to be

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Speaker 3: getting paid to get their head done and appear in

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Speaker 3: a fashion magazine. And which is what the sort of

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Speaker 3: things she did. Of course, she went on to do

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Speaker 3: great things both as a TV presenter and everything else.

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Speaker 3: And she's she killed again. I haven't seen her for

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Speaker 3: a long time either. But out of this fashion world

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Speaker 3: in which you know, you were a big part of

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Speaker 3: in terms of your career, you've decided to go and

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Speaker 3: you decided to go onto something completely different. Well, I

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Speaker 3: think it's completely different. And let's go head to head

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Speaker 3: with retailers generally. I mean, I'm not saying you have competitors.

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Speaker 1: You may well have competitors, but.

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Speaker 3: I mean you're you're instead of buying an item, you're

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Speaker 3: renting an item to an individual. And you're also you

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Speaker 3: have a tech platform, so you're a technology What are you?

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Speaker 2: Are you a retailer? Or a tech platform tech platform. Absolutely,

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Speaker 2: we don't sell it. Well, obviously we're selling the service,

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Speaker 2: but we don't own any of the stock. It is,

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Speaker 2: you know, and it's the reason why eBay Ventures was

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Speaker 2: interested in the business. It's the same model as eBay,

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Speaker 2: being peer to peer. The only difference is that the

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Speaker 2: stock comes back to us. We're not on selling it.

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Speaker 2: You can buy garments on the vault, but it's not

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Speaker 2: our USP. We're not really focused on that. Rental is

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Speaker 2: our USP. So and again the USP is that we

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Speaker 2: have kind of luxury fashion. We're not in that lower category.

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Speaker 2: There's lots of competitors in that. I suppose cheaper end

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Speaker 2: of rental, but the average retail price of one of

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Speaker 2: our dresses on our platform is eight hundred and fifty dollars. So,

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Speaker 2: you know, zimmerman Age, you know, ser the label Rebecca,

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Speaker 2: Valance are really popular brands on our platform.

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Speaker 3: You would get to see from your platform.

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Speaker 1: I don't want to use the word trending.

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Speaker 2: But we see the trends. You see trends, yeah, yeah,

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Speaker 2: and really interesting. The thing too is we'll see in

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Speaker 2: our top ten. You know, there's the usual suspects that

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Speaker 2: are always in our weekly top ten of the highest

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Speaker 2: rented brands. But then we'll see brands that we've never

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Speaker 2: heard of creep into the top ten, which is really interesting, right,

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Speaker 2: It's actually really important data too for you know, for

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Speaker 2: department stores. You know this is they probably brands that

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Speaker 2: they're not even on their radar yet, but they're on

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Speaker 2: our consumer, well, our customers radar, and are renting really

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Speaker 2: strongly in some of them that have snuck in a

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Speaker 2: small brand. So it's really interesting. So part of our

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Speaker 2: platform two is that discovery piece. So our customers, yes,

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Speaker 2: we'll come and looking for those marquee names, but they'll

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Speaker 2: also come on and they might just like a dress, right,

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Speaker 2: and they've rented it. It might be a brand that

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Speaker 2: they've never worn before, which is you know that what

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Speaker 2: you talk about with competitor to retailers. There's two sides

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Speaker 2: of it. You know a lot of our customers were

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Speaker 2: never going to buy that eight hundred and fifty dress

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Speaker 2: because they can't afford it, so they rent it for

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Speaker 2: one hundred and fifty one hundred and eighty dollars, and

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Speaker 2: then they've discovered the brand. They also realize that they've

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Speaker 2: rented it, so why can't they buy it and then

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Speaker 2: rent it. So we see that too through our data

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Speaker 2: that girls who become rent soon become lenders as well

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Speaker 2: on our platform, and then they start building out their

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Speaker 2: rental wardrobe. I mean, we've got what we call young

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Speaker 2: fashion entrepreneurs on our platform earning up to one hundred

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Speaker 2: thousand dollars a year from renting out their wardrobe. We

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Speaker 2: call them out super lenders again like the eBay model

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Speaker 2: who call them their super sellers. They're making a lot

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Speaker 2: of money out of our platform, and they take good

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Speaker 2: care of their wardrobes. And I think what we love

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Speaker 2: about it too, it's plays into that sustainability piece too.

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Speaker 2: It's a high utilization of a garment. And because again

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Speaker 2: our USPS is occasion where quite often women will buy

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Speaker 2: a dress to wear to a wedding or to fiftieth

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Speaker 2: or or fortieth or thirtieth are hens, they're only wear

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Speaker 2: it once or twice and then it hangs in their wardrobe.

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Speaker 2: Whereas what we're seeing is address you know, some really

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Speaker 2: good quality dresses and popular dresses we'll rent thirty, forty

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Speaker 2: fifty times. We've got one dress that's been worn seventy times,

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Speaker 2: which one of the founders of the Vault actually owns it.

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Speaker 3: Just helped me out it, certainly, I've never I love that.

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Speaker 3: I don't really understand the psyche or the psychology of woman.

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Speaker 3: I guess I have to say, man too could buy

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Speaker 3: dress where's it? To an event, function, party, whatever the

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Speaker 3: case may be, and then can only wear it once?

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Speaker 1: Now what is that?

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Speaker 2: You know? I blame social media a lot for this

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Speaker 2: as well. Right, you know this crazy idea that you

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Speaker 2: can't be seen in something twice. I think that is

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Speaker 2: shifted or shifting. But it's this stupid, stupid thing that

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Speaker 2: people don't think they can be seen in something twice.

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Speaker 2: I mean, you've probably got a really beautiful navy suit

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Speaker 2: that you've worn a hundred times. You don't care, right,

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Speaker 2: you'll wear it with a white shirt on a hundred times.

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Speaker 2: But for women, it's this thing at this newness having

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Speaker 2: to be seen to be wearing something new?

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Speaker 3: Is it a new phenomen because I remember my mum

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Speaker 3: had her best outfit, right, there was a like the

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Speaker 3: best outfit, and she wore the best outfit to whatever

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Speaker 3: we had to go to. Weddings, funerals, changed, the hat parties,

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Speaker 3: Christmas christenings, whatever, it's always the same one.

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Speaker 1: She didn't have like a wardrobe full addresses.

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Speaker 2: No, Yeah, And I think there's a couple of forces

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Speaker 2: that are coming into that. You know, the force of

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Speaker 2: social media where people posting what they're wearing. Then there

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Speaker 2: is this force that came into Australia, you know, over

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Speaker 2: a decade ago of fast fashion, right we saw the

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Speaker 2: Czaras and the H and M's land on Australian shores

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Speaker 2: where clothes were disposable, disposable, so then all of a sudden,

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Speaker 2: people buying things to wear once we're dispose of. And

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Speaker 2: I think that they were two factors that really have

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Speaker 2: created this wear and waste consumer habit, which is terrible, right,

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Speaker 2: we know it's really toxic and bad for the planet.

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Speaker 2: So I think we had a couple of forces.

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Speaker 3: And just not even bad for the planet from my

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Speaker 3: point of view, but also just wasteful, wasteful. Someone had

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Speaker 3: to make it, you had had the money to pay

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Speaker 3: for it, and then whether you throw it away, which

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Speaker 3: is bad plan, I get it, but just waste, just wastage,

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Speaker 3: just even if you don't eve wearrid and you just

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Speaker 3: leave it in your wardrobe, it doesn't make sense to me.

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Speaker 2: Yeah, no, I mean to me, give me a headache.

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Speaker 2: I'd feel guilty about it. And I think that's where

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Speaker 2: we are seeing a shift. I think, you know, I've

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Speaker 2: got an eighteen and fifteen year old daughter, and my

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Speaker 2: eighteen year old, especially as an op shopper, you know,

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Speaker 2: she has no worry. It's buying secondhand things. It's actually

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Speaker 2: great to see. And I think there is a shift

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Speaker 2: happening and I think we'll see that continue. But the

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Speaker 2: problem too. You know, up in China we've got the

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Speaker 2: two biggest fashion retailers in the world, with Sheen and

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Speaker 2: Timu just pumping and pumping more fashion into the global fashion.

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Speaker 1: You call me fus. I don't know what were the

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Speaker 1: names of the businesses.

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Speaker 2: Timu and Sheen. She Yeah, yeah, Sheen is a multi

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Speaker 2: billion dollar company. I think they're about their trying to list.

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Speaker 2: I think they've got lots of complications around the system,

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Speaker 2: you know, their business model. But it is really they're

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Speaker 2: pumping so much fashion. They're pumping they're pretty much buying

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Speaker 2: all Facebook ads you wherever you look. Consumers are being

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Speaker 2: targeted by them. And it's cheap, cheap, it's dirt cheap.

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Speaker 2: It's what we now call in the fashion industry ultra

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Speaker 2: fast fashion. So in France just recently they've banned any advertising.

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Speaker 2: I think they've also geo blocked those two brands from

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Speaker 2: advertising and being able to ship to France.

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Speaker 1: Wow.

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Speaker 3: And so the question of why women don't want to

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Speaker 3: wear the same thing twice is maybe shifting a bit,

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Speaker 3: but it was initially driven by social mediums sort of

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Speaker 3: having this sort of dominant effect on people that they

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Speaker 3: should not be seen in a photograph of themselves in

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Speaker 3: that particular outfit more than once. Then if I look

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Speaker 3: at the photograph, the photographing side of things, in other words,

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Speaker 3: let's call it the selfie and the posting. What damage

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Speaker 3: is selfie and posting when someone's in a nice dress?

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Speaker 3: What damage is that done? Generally speaking in relation to fashion?

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Speaker 1: I mean, like.

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Speaker 3: Our retailers, generally speaking, happy with that, because all retailers

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Speaker 3: are online now. And when I see my son, I've

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Speaker 3: seen him do it in the past. I don't have

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Speaker 3: a daughter, but he'd order I don't know, four pairs

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Speaker 3: of shoes. He didn't know where they're going to fit.

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Speaker 1: What that looked like.

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Speaker 3: I said, order them, he'd keep one and send three back,

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Speaker 3: and he used to go down to the post boxing

400
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Speaker 3: down on the corner and just put them in the

401
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Speaker 3: return bag. And I said, I actually, for me, I

402
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Speaker 3: thought it was just a pain in the arse. I

403
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Speaker 3: wouldn't be bothered doing it, but I'd rather go to

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Speaker 3: the store and try stuff on.

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Speaker 1: But what has evolved out of that so.

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Speaker 2: This desire, right, that's what social media has been great at, right,

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Speaker 2: creating that desire and that want and influencers promoting everything that.

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Speaker 2: It became incredibly competitive online retailing, so you know, to

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Speaker 2: get ahead of your competition all these different offices. So

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Speaker 2: free returns. That was the biggest mistake, right, So you've

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Speaker 2: got really big retailers offering free returns. So what that

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Speaker 2: meant is you could go and buy five dressers, get

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Speaker 2: them all shipped to you, and try them all on.

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Speaker 2: I mean you couldn't wear them. I mean you probably couldn't. Yes,

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Speaker 2: girls do, right, because you can't take the tags off.

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Speaker 2: And there are actually retailers that have had to go

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Speaker 2: to the next step to stop that happening. But quite

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Speaker 2: often they'd try them all on and send them all back.

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Speaker 2: The problem with that is retails are then sent back

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Speaker 2: stock and depending on where it is in I suppose

421
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Speaker 2: in the seasonality of that stock. Sometimes that stock can't

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Speaker 2: be then put back on the shelf right for resale.

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Speaker 2: It comes back slightly damaged. It then goes into kind

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Speaker 2: of a rack, hundreds of racks of product they can't

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Speaker 2: they'll have to clear and in other ways it really

426
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Speaker 2: bad and bad for business. I think it says to

427
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Speaker 2: consumers too, that you can it's I mean, it was

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Speaker 2: just a competitive business model that has actually blown up

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Speaker 2: in a lot of business's face.

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Speaker 1: It doesn't exist. Does it still exist?

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Speaker 2: There are a number of businesses that still do yeah,

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Speaker 2: free returns. Other businesses you've got to pay to send

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Speaker 2: that package back, but it might be just minimal. It

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Speaker 2: might be twenty thirty dollars to send that package back.

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Speaker 2: But there are businesses that still offer free returns.

436
00:21:05,600 --> 00:21:07,639
Speaker 3: Do people used to I mean, I don't know about this,

437
00:21:07,680 --> 00:21:10,119
Speaker 3: but I've just thought about it. Did people used to say,

438
00:21:10,280 --> 00:21:12,879
Speaker 3: order five dresses, five different colors, and take five photographs

439
00:21:12,880 --> 00:21:14,880
Speaker 3: and post five so they got five things to post

440
00:21:14,960 --> 00:21:16,399
Speaker 3: up and then put everything back in the box and

441
00:21:16,440 --> 00:21:17,680
Speaker 3: send them all back to the retailer.

442
00:21:17,840 --> 00:21:20,879
Speaker 2: Absolutely, yeah, yeah, yeah, And that's why it was just

443
00:21:21,160 --> 00:21:23,760
Speaker 2: out of control. And I think there were repeat offenders.

444
00:21:23,880 --> 00:21:27,440
Speaker 2: You know, obviously through algorithms and whatever you can, people

445
00:21:27,480 --> 00:21:31,520
Speaker 2: got banned from shopping on platforms for that reason. They

446
00:21:31,880 --> 00:21:34,000
Speaker 2: had a red flag next to them because there would

447
00:21:34,040 --> 00:21:37,479
Speaker 2: be you know, people that would do it constantly and

448
00:21:37,520 --> 00:21:40,520
Speaker 2: return everything, so that you were eventually red flagged that

449
00:21:40,560 --> 00:21:42,800
Speaker 2: you wouldn't be able to purchase from a platform because

450
00:21:43,119 --> 00:21:45,240
Speaker 2: the intention was they knew that you were you were

451
00:21:45,280 --> 00:21:47,120
Speaker 2: going to return it all.

452
00:21:47,119 --> 00:21:49,560
Speaker 3: So pretty much they would ask you for somehow they

453
00:21:49,560 --> 00:21:52,159
Speaker 3: would find you on social and follow you, and the

454
00:21:52,200 --> 00:21:54,920
Speaker 3: algorithm would just say this person's that would match the

455
00:21:55,000 --> 00:21:58,359
Speaker 3: dress up that you just bought or that you just

456
00:21:58,480 --> 00:22:01,680
Speaker 3: ordered against theograph on the Instagram and probably work out

457
00:22:01,680 --> 00:22:03,639
Speaker 3: pretty quickly that you're a repeat offender.

458
00:22:03,760 --> 00:22:05,679
Speaker 2: Yeah, they'd be doing that, but also just from shipping,

459
00:22:05,760 --> 00:22:08,840
Speaker 2: right unless you're clever enough. Listen, we know people. We

460
00:22:08,960 --> 00:22:11,800
Speaker 2: know customers that set up have ten different email accounts

461
00:22:11,880 --> 00:22:14,679
Speaker 2: to get that ten percent discount. We know people that

462
00:22:14,720 --> 00:22:16,879
Speaker 2: set up a new email account to go and get

463
00:22:16,920 --> 00:22:19,600
Speaker 2: a discount. So there's lots of It's very difficult, but

464
00:22:19,920 --> 00:22:21,639
Speaker 2: you know, if you're doing it and getting it shipped

465
00:22:21,640 --> 00:22:23,639
Speaker 2: to the same address over and over, there'd be a

466
00:22:23,640 --> 00:22:26,600
Speaker 2: red flag immediately, Like, you know, she's ordered five thousand

467
00:22:26,640 --> 00:22:30,160
Speaker 2: dollars worth of you know product this year and she's

468
00:22:30,200 --> 00:22:31,760
Speaker 2: returned all of it. I think a lot of it

469
00:22:31,800 --> 00:22:33,119
Speaker 2: would be red flagged today.

470
00:22:33,560 --> 00:22:36,800
Speaker 3: So you mentioned you said earlier that your busines is

471
00:22:36,800 --> 00:22:40,679
Speaker 3: more like a technology business in the fashion industry, but

472
00:22:40,760 --> 00:22:43,640
Speaker 3: the technology business, so you don't come out of tech

473
00:22:43,720 --> 00:22:45,840
Speaker 3: so much. So how does someone like you go about

474
00:22:45,840 --> 00:22:48,800
Speaker 3: building the tech stack or arranging for it to be built,

475
00:22:48,880 --> 00:22:51,919
Speaker 3: or maybe just building the architecture around it.

476
00:22:51,920 --> 00:22:52,800
Speaker 1: How'd you go about that?

477
00:22:53,040 --> 00:22:55,760
Speaker 2: Have a really good CTO and I'm learning a lot.

478
00:22:55,880 --> 00:22:58,480
Speaker 2: I think that's what I love about it. It's I

479
00:22:58,520 --> 00:23:00,520
Speaker 2: always knew I wanted to get out and do something different.

480
00:23:00,560 --> 00:23:02,720
Speaker 2: I like being challenged, and this is challenging for me.

481
00:23:03,800 --> 00:23:08,280
Speaker 2: CTO often sees my eyes glaze over when when I'm

482
00:23:08,320 --> 00:23:11,600
Speaker 2: looking at you know, the journey, the customer journey, and

483
00:23:11,600 --> 00:23:15,000
Speaker 2: he puts up all these great Figma designs. But learning

484
00:23:15,040 --> 00:23:16,880
Speaker 2: a lot. But yeah, you have to have great tech

485
00:23:16,920 --> 00:23:19,959
Speaker 2: people in your business. And even with data. You know,

486
00:23:20,440 --> 00:23:22,320
Speaker 2: I know what I want from the data, but you

487
00:23:22,400 --> 00:23:24,320
Speaker 2: have to have people that can go into into that

488
00:23:24,440 --> 00:23:25,960
Speaker 2: data and retrieve what you need.

489
00:23:26,160 --> 00:23:27,320
Speaker 1: Okay, I'm going to go the break. We want to

490
00:23:27,359 --> 00:23:27,720
Speaker 1: come back.

491
00:23:27,920 --> 00:23:32,280
Speaker 3: We're going to talk about the Vault. The I want

492
00:23:32,280 --> 00:23:34,840
Speaker 3: to talk about the business model. How you how you

493
00:23:34,880 --> 00:23:37,960
Speaker 3: went about building the business model? I mean, in other words,

494
00:23:37,960 --> 00:23:39,600
Speaker 3: and you just mentioned your CTO. I want to find

495
00:23:39,600 --> 00:23:41,840
Speaker 3: out how you found your CTO. What's the process you

496
00:23:41,840 --> 00:23:44,560
Speaker 3: have to even equityal? What's the deal? How do you

497
00:23:44,600 --> 00:23:47,680
Speaker 3: fund these things? So we go straight to the straight

498
00:23:47,720 --> 00:23:49,159
Speaker 3: at the vault. We go straight to the break and

499
00:23:49,200 --> 00:23:58,800
Speaker 3: come back to the vault. I'm back here with Kelly

500
00:23:58,840 --> 00:24:01,960
Speaker 3: harsh where and we and we've just been talking about

501
00:24:02,800 --> 00:24:06,360
Speaker 3: the how does a business like Vault get built, which

502
00:24:06,400 --> 00:24:12,240
Speaker 3: is basically a tech platform, technology based platform that is

503
00:24:12,280 --> 00:24:16,320
Speaker 3: a marketplace between lenders and borrowers of fashion.

504
00:24:16,400 --> 00:24:18,320
Speaker 1: That's probably good way to describe it. Be fair.

505
00:24:18,800 --> 00:24:22,040
Speaker 3: And then in the building of this like you know,

506
00:24:22,160 --> 00:24:24,639
Speaker 3: I know you've more you've joined the business, so you're

507
00:24:24,680 --> 00:24:26,880
Speaker 3: not the founder, it doesn't matter. You can observe if

508
00:24:26,880 --> 00:24:30,359
Speaker 3: you don't mind sharing the observations. How do you go

509
00:24:30,400 --> 00:24:33,040
Speaker 3: about finding a good CTO? And what are the characteristics

510
00:24:33,119 --> 00:24:34,919
Speaker 3: of a good CTO? Do they have to be do

511
00:24:34,960 --> 00:24:37,560
Speaker 3: they have to understand the fashion industry or do they

512
00:24:37,640 --> 00:24:39,840
Speaker 3: just not have to worry about that. You can do

513
00:24:39,880 --> 00:24:41,640
Speaker 3: all that work. They just have to be really good

514
00:24:41,640 --> 00:24:42,440
Speaker 3: at building.

515
00:24:42,200 --> 00:24:44,920
Speaker 1: The tech stack. What are the sort of requirements.

516
00:24:45,600 --> 00:24:47,959
Speaker 2: I think having an understanding of what we're trying to do.

517
00:24:48,040 --> 00:24:52,280
Speaker 2: So our CTO comes from that pit to peer marketplace,

518
00:24:52,560 --> 00:24:54,720
Speaker 2: so he's set up, you know, a couple of businesses

519
00:24:54,720 --> 00:24:58,399
Speaker 2: in that space, so I really understood it. Luckily for us,

520
00:24:58,400 --> 00:25:00,960
Speaker 2: he's a great bloke that also loves and understands it

521
00:25:01,000 --> 00:25:03,680
Speaker 2: and wants to learn more, so he's interested in it.

522
00:25:04,320 --> 00:25:08,840
Speaker 2: But it's it's yeah, it's having a knowledge of what

523
00:25:08,840 --> 00:25:11,439
Speaker 2: we're trying to achieve and make that customer journey better,

524
00:25:11,640 --> 00:25:14,399
Speaker 2: so and continuously improving that. You know, we've got seventy

525
00:25:14,440 --> 00:25:17,280
Speaker 2: thousand items on our platform, right, so that's a lot

526
00:25:17,280 --> 00:25:19,719
Speaker 2: of products. So just making sure that that is just

527
00:25:19,800 --> 00:25:22,120
Speaker 2: on fire every single day that our customers.

528
00:25:21,800 --> 00:25:23,560
Speaker 1: Can system is really important.

529
00:25:23,640 --> 00:25:27,840
Speaker 3: Leave the inventory and search really turn returned and who's

530
00:25:27,840 --> 00:25:31,679
Speaker 3: searching what and what are they looking for? It's but

531
00:25:32,040 --> 00:25:34,399
Speaker 3: are we talking about let's talk about the environment in

532
00:25:34,440 --> 00:25:37,080
Speaker 3: the office. I don't know if you're distributed or whether

533
00:25:37,119 --> 00:25:37,640
Speaker 3: everyone's in.

534
00:25:37,560 --> 00:25:38,160
Speaker 1: One place, but.

535
00:25:39,920 --> 00:25:42,879
Speaker 3: Is the CTO and all the individuals work in the

536
00:25:42,920 --> 00:25:46,280
Speaker 3: technology part of the business put the fashion bit part

537
00:25:46,320 --> 00:25:48,720
Speaker 3: out and they have you got like two types of cultures.

538
00:25:48,720 --> 00:25:52,480
Speaker 3: Have you got all your nerdy sort of tech people

539
00:25:52,560 --> 00:25:55,400
Speaker 3: sitting in there and you know, writing up code and

540
00:25:56,400 --> 00:25:58,400
Speaker 3: reviewing the code and all that sort of stuff, and

541
00:25:58,520 --> 00:25:59,800
Speaker 3: or doing data analytics.

542
00:26:00,000 --> 00:26:02,040
Speaker 1: I have a data signers and they're doing the analytics.

543
00:26:02,200 --> 00:26:05,120
Speaker 3: And then you've got your creatives over here, who out

544
00:26:05,119 --> 00:26:08,640
Speaker 3: there searching for what's the latest and greatest in terms

545
00:26:08,680 --> 00:26:12,679
Speaker 3: of what people want to wear to functions and events,

546
00:26:12,720 --> 00:26:14,879
Speaker 3: and you know, putting and putting stuff up on your

547
00:26:14,880 --> 00:26:16,800
Speaker 3: own Instagram, you know, not your person one, but the

548
00:26:16,840 --> 00:26:17,639
Speaker 3: vault Instagram.

549
00:26:17,680 --> 00:26:19,480
Speaker 1: You know, if you're on Facebook.

550
00:26:19,480 --> 00:26:22,160
Speaker 3: I don't know, but is it much of a culture

551
00:26:22,200 --> 00:26:24,080
Speaker 3: gap between these individuals and how do you bridge that

552
00:26:24,160 --> 00:26:25,320
Speaker 3: gap if there is a gap?

553
00:26:25,520 --> 00:26:26,760
Speaker 2: Yeah? Very much so.

554
00:26:26,840 --> 00:26:27,000
Speaker 3: Yeah.

555
00:26:27,040 --> 00:26:28,879
Speaker 2: Yeah, You've got the tech side of our business. And

556
00:26:28,920 --> 00:26:32,639
Speaker 2: then you know, I got the brand and strategy strategy side,

557
00:26:32,760 --> 00:26:35,960
Speaker 2: and you know, and our CEO and founder Bernadette Olivia

558
00:26:36,000 --> 00:26:39,560
Speaker 2: in the middle of kind of how do I listen?

559
00:26:40,640 --> 00:26:44,080
Speaker 2: I'm cheeky, so when I don't understand something, and you know,

560
00:26:44,359 --> 00:26:46,800
Speaker 2: James who's out our steer is very understanding, and you know,

561
00:26:46,840 --> 00:26:49,240
Speaker 2: I don't ever think there's a dumb question. So I

562
00:26:49,400 --> 00:26:53,879
Speaker 2: ask him a lot, but I think it's we're in

563
00:26:53,880 --> 00:26:57,000
Speaker 2: it together to make this kind of on fire. And

564
00:26:57,040 --> 00:26:59,640
Speaker 2: then you know, I just asked questions, can I do this?

565
00:26:59,760 --> 00:27:01,840
Speaker 2: You know, when I first came to the business, there's

566
00:27:01,880 --> 00:27:03,880
Speaker 2: a whole lot of stuff I wanted to clean up

567
00:27:04,359 --> 00:27:06,399
Speaker 2: on the site and I would have just gone in

568
00:27:06,400 --> 00:27:08,760
Speaker 2: and deleted Yeah. Yeah, I would have just gone in

569
00:27:08,800 --> 00:27:10,800
Speaker 2: and deleted it all. And He's just like, immediately, you

570
00:27:10,800 --> 00:27:14,199
Speaker 2: can't delete it, you know, obviously for search and functionality.

571
00:27:14,320 --> 00:27:17,240
Speaker 2: Yeah yeah, yeah, yeah. So it's you know, he's great.

572
00:27:17,359 --> 00:27:20,400
Speaker 2: I think he appreciates my skill set. I'm very very

573
00:27:20,440 --> 00:27:25,320
Speaker 2: respectful of his skill set. I think with me, he's

574
00:27:25,359 --> 00:27:27,600
Speaker 2: often his first thing is no, we can't do that,

575
00:27:27,640 --> 00:27:29,000
Speaker 2: and we can't do it quickly, and then he'll go

576
00:27:29,000 --> 00:27:30,560
Speaker 2: away and have a think about it, because he's an

577
00:27:30,560 --> 00:27:33,280
Speaker 2: analytical guy, and then he'll come back and say this

578
00:27:33,320 --> 00:27:34,760
Speaker 2: and I can do it, but this is this is

579
00:27:34,800 --> 00:27:38,560
Speaker 2: how long it will take and the resources required. The

580
00:27:38,600 --> 00:27:42,280
Speaker 2: business has a team up in the Philippines, so James,

581
00:27:42,440 --> 00:27:45,600
Speaker 2: we're a remote office he's in Sydney with me, but

582
00:27:45,720 --> 00:27:48,560
Speaker 2: he manages a tech team up in the Philippines. And

583
00:27:48,600 --> 00:27:51,120
Speaker 2: then we have a really high touch customer service team

584
00:27:51,119 --> 00:27:53,119
Speaker 2: as well, which is based in the Philippines as well.

585
00:27:53,560 --> 00:27:56,000
Speaker 2: So we are remote first global company.

586
00:27:55,920 --> 00:27:57,840
Speaker 1: Right, So just yeah, that's right.

587
00:27:57,880 --> 00:28:02,240
Speaker 3: So your your programmers and everyone doing the analytics, et cetera,

588
00:28:02,320 --> 00:28:03,440
Speaker 3: were all up in the Philippines.

589
00:28:03,440 --> 00:28:06,120
Speaker 1: So you've got a Philippines office which.

590
00:28:07,560 --> 00:28:12,119
Speaker 3: Takes its instructions from Australia, but you also got a

591
00:28:12,640 --> 00:28:15,160
Speaker 3: team of the Philippines also who are on the telephones

592
00:28:15,200 --> 00:28:17,919
Speaker 3: perhaps talking to your customers, your customers, I presume our

593
00:28:18,040 --> 00:28:22,080
Speaker 3: lenders and borrowers both, yes, yes, because there's no distinction

594
00:28:22,160 --> 00:28:23,840
Speaker 3: between the two. I mean, there is a distinction between

595
00:28:23,840 --> 00:28:26,119
Speaker 3: the types, but there's no distinction between the two that

596
00:28:26,400 --> 00:28:31,000
Speaker 3: just both as important as each other. Can I ask you?

597
00:28:31,320 --> 00:28:36,560
Speaker 3: So let's say you said you've got seventy thousand items.

598
00:28:38,000 --> 00:28:40,240
Speaker 3: I don't know, but let's say is that we talk

599
00:28:40,280 --> 00:28:44,400
Speaker 3: about do some people have a thousand items on there?

600
00:28:44,840 --> 00:28:47,200
Speaker 3: Or we're talking about like nearly seventy thousand customers on

601
00:28:47,240 --> 00:28:48,760
Speaker 3: the lender side.

602
00:28:49,040 --> 00:28:51,000
Speaker 2: So some of our super lenders would have one hundred

603
00:28:51,040 --> 00:28:55,520
Speaker 2: one hundred items. You know, the business has been going

604
00:28:55,560 --> 00:28:58,760
Speaker 2: for five years, so that inventory has built up. So

605
00:28:59,720 --> 00:29:02,400
Speaker 2: but what we find is the stock that rents the

606
00:29:02,480 --> 00:29:05,560
Speaker 2: most of the new stock. But we do you know,

607
00:29:05,840 --> 00:29:08,600
Speaker 2: we probably have up three hundred super lenders which we

608
00:29:08,920 --> 00:29:12,600
Speaker 2: categorize and those lenders can at some stage have one

609
00:29:12,640 --> 00:29:16,560
Speaker 2: hundred dresses on rotation. But we have you know, lots

610
00:29:16,560 --> 00:29:19,880
Speaker 2: of users that list one dress or two dress, so two.

611
00:29:19,800 --> 00:29:24,040
Speaker 3: Dresses just does a superlender say maybe I don't know

612
00:29:24,040 --> 00:29:26,440
Speaker 3: if this is the case, but wuld would there be

613
00:29:26,480 --> 00:29:30,040
Speaker 3: a super lender that you may have identified or says,

614
00:29:30,240 --> 00:29:33,880
Speaker 3: you know what if I invest fifty grand I don't

615
00:29:33,880 --> 00:29:35,840
Speaker 3: know much a dress, Well, let's say a thousand bucks.

616
00:29:36,080 --> 00:29:39,200
Speaker 3: I'm going to buy fifty outfits for one thousand dollars each.

617
00:29:39,760 --> 00:29:42,560
Speaker 3: And I'm pretty smart. I'm smart in terms of my fashion,

618
00:29:42,640 --> 00:29:47,360
Speaker 3: so I know what individuals want. And you say they

619
00:29:47,400 --> 00:29:50,680
Speaker 3: can rent over one hundred times per per item or

620
00:29:50,720 --> 00:29:53,000
Speaker 3: any one item, sometimes you can do one hundred times.

621
00:29:53,600 --> 00:29:55,520
Speaker 1: Are there super lenders to make your business out of this?

622
00:29:56,000 --> 00:29:56,200
Speaker 3: Yep?

623
00:29:56,600 --> 00:30:00,440
Speaker 2: So popular brand on our platform is Alime and Australia brand.

624
00:30:01,160 --> 00:30:04,600
Speaker 2: So super lenders they know what's renting they're very savvy.

625
00:30:04,960 --> 00:30:06,840
Speaker 1: You do you do you share share stuff with them

626
00:30:06,880 --> 00:30:08,000
Speaker 1: or definitely.

627
00:30:07,720 --> 00:30:12,280
Speaker 2: We share with them data every month on our top rentals,

628
00:30:12,280 --> 00:30:13,760
Speaker 2: what dresses, what brands.

629
00:30:13,480 --> 00:30:16,040
Speaker 1: Do super lenders or all to our to our oh no,

630
00:30:16,080 --> 00:30:16,640
Speaker 1: to our lenders.

631
00:30:16,640 --> 00:30:19,120
Speaker 2: So we have a lender cohort, right, so we let

632
00:30:19,200 --> 00:30:22,640
Speaker 2: them know what's renting, what size sizes are doing best.

633
00:30:23,720 --> 00:30:27,360
Speaker 2: You know, we can deep dive. Our data scientist goes

634
00:30:27,360 --> 00:30:30,120
Speaker 2: into too, whatever we require. But they're very savvy. They

635
00:30:30,120 --> 00:30:33,880
Speaker 2: know what's going to rent and that what brands are

636
00:30:33,920 --> 00:30:37,640
Speaker 2: hot especially and the thing you know, back to your

637
00:30:37,640 --> 00:30:40,640
Speaker 2: point is yes, they might invest say six hundred dollars

638
00:30:40,680 --> 00:30:46,600
Speaker 2: on address, right, if they rent it ten times twenty times,

639
00:30:47,280 --> 00:30:49,800
Speaker 2: they can make that money back tenfold.

640
00:30:50,520 --> 00:30:52,440
Speaker 1: And that's what court like.

641
00:30:52,480 --> 00:30:56,400
Speaker 3: If I'm renting that six hundred dollars dress, just you know,

642
00:30:56,840 --> 00:30:57,600
Speaker 3: off topic head.

643
00:30:57,440 --> 00:31:01,760
Speaker 2: What it's about twenty twenty percent, So it's.

644
00:31:01,640 --> 00:31:04,800
Speaker 3: About one hundred and fifty bucks. So yeah, so I

645
00:31:04,920 --> 00:31:06,640
Speaker 3: rent that and how long do I have before.

646
00:31:06,920 --> 00:31:10,000
Speaker 2: So you'll have it, You'll have it for three days

647
00:31:10,000 --> 00:31:13,680
Speaker 2: so yeah. Yeah, So we've got a great awesome calendar

648
00:31:13,720 --> 00:31:16,960
Speaker 2: that's built into into our platform that you'll go to

649
00:31:17,040 --> 00:31:20,280
Speaker 2: rent that dress and it'll show your availability. We also,

650
00:31:20,560 --> 00:31:23,800
Speaker 2: you know, tend to try to it's not Goo block.

651
00:31:23,840 --> 00:31:25,800
Speaker 2: You can rent from anywhere in Australia, but we will

652
00:31:25,920 --> 00:31:27,680
Speaker 2: offer you the dresses that are closest to your home

653
00:31:27,720 --> 00:31:30,680
Speaker 2: as well. So if you're in Sydney and you've chosen

654
00:31:30,680 --> 00:31:32,240
Speaker 2: an LMA dress, we might have three or four on

655
00:31:32,280 --> 00:31:34,760
Speaker 2: the platform. We will say well, this one's closest to

656
00:31:34,800 --> 00:31:40,640
Speaker 2: you and facilitate that. But yeah, that's that's pretty much

657
00:31:40,640 --> 00:31:41,200
Speaker 2: how it works.

658
00:31:41,280 --> 00:31:44,240
Speaker 3: So yeah, so if you rented five times on that's

659
00:31:44,880 --> 00:31:47,560
Speaker 3: just a quick example, I've made a profit and I

660
00:31:47,640 --> 00:31:50,400
Speaker 3: still got the dress. It's your asset and do the

661
00:31:50,480 --> 00:31:52,800
Speaker 3: do the lenders ensure the dresses against damage?

662
00:31:52,840 --> 00:31:56,760
Speaker 2: Yeah, we have our own insurance so they can insure

663
00:31:56,800 --> 00:31:59,080
Speaker 2: those dresses and we definitely see that with high price

664
00:31:59,120 --> 00:32:02,360
Speaker 2: point dresses, so you know, dresses that are one thousand

665
00:32:02,360 --> 00:32:05,960
Speaker 2: and two thousand dollars, most of them are ensured. We're

666
00:32:06,080 --> 00:32:09,080
Speaker 2: very lucky, you know. We're not naive to how it

667
00:32:09,320 --> 00:32:11,200
Speaker 2: might be in the UK when we launched there, but

668
00:32:11,600 --> 00:32:14,560
Speaker 2: Australians are fantastic to be honest as customers, so we

669
00:32:14,600 --> 00:32:16,480
Speaker 2: don't see a lot of theft and damage that's not

670
00:32:16,520 --> 00:32:18,920
Speaker 2: to say that we don't see any but we have,

671
00:32:19,080 --> 00:32:22,440
Speaker 2: you know, hats off to Australians, you know, you know, great,

672
00:32:23,760 --> 00:32:27,440
Speaker 2: great society responsible. Yeah. Yeah, so most things don't come back.

673
00:32:27,560 --> 00:32:30,000
Speaker 2: But you know, the other thing too is our dresses

674
00:32:30,000 --> 00:32:32,480
Speaker 2: are being worn to events mainly because they're you know,

675
00:32:32,600 --> 00:32:35,960
Speaker 2: high stakes events, you know, going to a wedding. So realistically,

676
00:32:35,960 --> 00:32:38,720
Speaker 2: that dress on max is maybe worn for six or

677
00:32:38,760 --> 00:32:41,960
Speaker 2: seven hours. It's not like being worn to work for

678
00:32:42,000 --> 00:32:44,280
Speaker 2: a week if you're renting a jacket from a different platform,

679
00:32:44,440 --> 00:32:46,440
Speaker 2: So you know, it's kind of worn as a one

680
00:32:46,440 --> 00:32:48,840
Speaker 2: off thing and then sent back to the lender.

681
00:32:49,240 --> 00:32:54,840
Speaker 3: Yeah, and when you see your seventy thousand items in

682
00:32:54,880 --> 00:32:58,120
Speaker 3: your stock and if say something's five years old, does

683
00:32:58,160 --> 00:33:00,320
Speaker 3: it still random? I mean, is there a process whereby

684
00:33:00,400 --> 00:33:03,200
Speaker 3: you go, yeah, you know those dresses down there, we're

685
00:33:03,200 --> 00:33:04,600
Speaker 3: going to have to take them out of the pipeline

686
00:33:04,640 --> 00:33:07,760
Speaker 3: because they're no longer fashionable. No one's ever going to

687
00:33:07,800 --> 00:33:09,760
Speaker 3: rent them. And you have to store this stuff. I

688
00:33:09,760 --> 00:33:14,280
Speaker 3: guess you have to ensure you're ensuring your storage, so

689
00:33:14,360 --> 00:33:17,120
Speaker 3: you have to take that out because there's a cost

690
00:33:17,200 --> 00:33:19,480
Speaker 3: associated with that with the data.

691
00:33:19,680 --> 00:33:21,760
Speaker 1: No, just in terms of storage.

692
00:33:22,560 --> 00:33:24,320
Speaker 2: Don't we don't hold any stock, You don't hold the

693
00:33:24,320 --> 00:33:25,200
Speaker 2: stop none at all.

694
00:33:25,720 --> 00:33:29,520
Speaker 3: Yeah. Yeah, So you then go back to the owner

695
00:33:30,000 --> 00:33:32,440
Speaker 3: and you say, listen, there's well you don't say, don't

696
00:33:32,440 --> 00:33:33,440
Speaker 3: know physically.

697
00:33:33,000 --> 00:33:34,000
Speaker 2: But we prompt them.

698
00:33:34,080 --> 00:33:36,200
Speaker 3: You prompt them, there's someone here's interested in your address.

699
00:33:36,200 --> 00:33:37,440
Speaker 3: Do you put the two in contact with each other

700
00:33:37,560 --> 00:33:37,920
Speaker 3: or do you.

701
00:33:38,680 --> 00:33:41,080
Speaker 2: Yeah, no, it's all seamless. So the way that our

702
00:33:41,120 --> 00:33:43,280
Speaker 2: business is set up, it feels like a B two

703
00:33:43,280 --> 00:33:45,920
Speaker 2: C service even though it's C two C. You know,

704
00:33:46,200 --> 00:33:49,000
Speaker 2: someone that would come first to our platform would probably

705
00:33:49,040 --> 00:33:51,240
Speaker 2: think that we're actually holding the stock because of our

706
00:33:51,320 --> 00:33:54,400
Speaker 2: high touch customer service. So you go in, you rent

707
00:33:54,440 --> 00:33:56,920
Speaker 2: the dress. It's blocked out on the calendar, a message

708
00:33:57,200 --> 00:33:59,840
Speaker 2: is sent by our platform to the lender. They then

709
00:34:00,080 --> 00:34:02,400
Speaker 2: you know, book it, pack it up, send it out

710
00:34:02,440 --> 00:34:06,880
Speaker 2: to the girl that's borrowed it. You know, it's followed

711
00:34:06,880 --> 00:34:09,800
Speaker 2: digitally the whole way along, whether it's through email, text message.

712
00:34:09,840 --> 00:34:12,080
Speaker 2: We follow the whole journey of the dress, even to

713
00:34:12,160 --> 00:34:14,520
Speaker 2: having it returned. You've worn the dress, we then say

714
00:34:14,560 --> 00:34:16,600
Speaker 2: to you, remember you've got to send your dress back tomorrow.

715
00:34:17,320 --> 00:34:19,160
Speaker 2: And most of the time it's you know, within it that.

716
00:34:19,280 --> 00:34:21,879
Speaker 2: You know, we work with Australia Posts as a post pack.

717
00:34:22,080 --> 00:34:24,759
Speaker 2: Literally she just needs to put the dress back in

718
00:34:24,800 --> 00:34:27,520
Speaker 2: to that post pack, drop it off at the post

719
00:34:27,520 --> 00:34:30,160
Speaker 2: office or wherever, and it goes back to the lender

720
00:34:30,480 --> 00:34:33,920
Speaker 2: who then looks after the full maintenance of that dress.

721
00:34:32,840 --> 00:34:36,640
Speaker 2: So we don't touch any stock, which I think if

722
00:34:36,680 --> 00:34:39,200
Speaker 2: you look at the rent the runway model in the US,

723
00:34:39,760 --> 00:34:44,239
Speaker 2: which is a listed company, what their challenge has been

724
00:34:44,320 --> 00:34:46,440
Speaker 2: is they hold stock, so they've got warehousing out in

725
00:34:46,480 --> 00:34:48,759
Speaker 2: New Jersey. It's a very high cost.

726
00:34:48,520 --> 00:34:50,520
Speaker 1: Business because I was thinking to us of the cost

727
00:34:50,600 --> 00:34:50,839
Speaker 1: of that.

728
00:34:51,239 --> 00:34:54,120
Speaker 2: Yeah, and even the inventry, you need newness. You know,

729
00:34:54,160 --> 00:34:56,640
Speaker 2: the customer is coming to us too for you know,

730
00:34:56,680 --> 00:34:58,680
Speaker 2: there are brands that hold the test of time, like

731
00:34:58,719 --> 00:35:01,440
Speaker 2: you know, women love Alex Perry. Those dresses will you know,

732
00:35:02,360 --> 00:35:05,640
Speaker 2: rent forever, some adult change Obanna. But then there are

733
00:35:05,680 --> 00:35:07,919
Speaker 2: that customer that's coming to us for something new, which

734
00:35:07,920 --> 00:35:11,200
Speaker 2: our super lenders are very savvy about. But you know

735
00:35:11,280 --> 00:35:14,440
Speaker 2: those other models are having to obtain that stock and

736
00:35:14,480 --> 00:35:16,120
Speaker 2: hold it and then they've got what we call in

737
00:35:16,120 --> 00:35:19,600
Speaker 2: the fashion industry dead stock, stock that's not being rented,

738
00:35:19,680 --> 00:35:21,920
Speaker 2: and then they've got the thing got that inventory issue,

739
00:35:21,960 --> 00:35:26,000
Speaker 2: whereas we don't have that. Our lenders manage that inventory issue.

740
00:35:26,239 --> 00:35:29,160
Speaker 3: So if you look at you say, someone like Alex Perry,

741
00:35:29,560 --> 00:35:32,520
Speaker 3: what does he think about this type of business? Does

742
00:35:32,560 --> 00:35:37,520
Speaker 3: it affect his ability to sell as much stock as

743
00:35:37,520 --> 00:35:40,560
Speaker 3: he ordinarily would sell if you guys didn't exist, because

744
00:35:40,600 --> 00:35:41,839
Speaker 3: someone might just say, well, I don't need to buy

745
00:35:41,920 --> 00:35:44,080
Speaker 3: the Alex Perry think it's too expensive, or just I

746
00:35:44,120 --> 00:35:47,480
Speaker 3: can go rent one of these from one of your lenders.

747
00:35:48,320 --> 00:35:49,759
Speaker 2: Alex is a friend of mine, so I can tell

748
00:35:49,760 --> 00:35:52,319
Speaker 2: you exactly what he said. Do you know what Alex know?

749
00:35:52,600 --> 00:35:54,600
Speaker 2: You know Alex said to me Kel, you know, honey,

750
00:35:54,680 --> 00:35:56,920
Speaker 2: I know this is happening. It's I know it's happening.

751
00:35:57,680 --> 00:36:01,200
Speaker 2: I love it the way you know. I know a

752
00:36:01,200 --> 00:36:04,359
Speaker 2: lot of the designers and the businesses and had lots

753
00:36:04,400 --> 00:36:08,040
Speaker 2: of conversations with them. What we know from our data

754
00:36:08,520 --> 00:36:11,520
Speaker 2: is the girl that is renting that Alex Perry dress

755
00:36:12,160 --> 00:36:16,120
Speaker 2: was never able to buy that. She doesn't have the

756
00:36:16,120 --> 00:36:19,040
Speaker 2: income or the means to buy that dress. Alex's dresses

757
00:36:19,120 --> 00:36:21,920
Speaker 2: today two and a half three grand. Right, They're expensive,

758
00:36:21,960 --> 00:36:26,080
Speaker 2: They're beautiful, They're unbelievable. They make you look incredible. But

759
00:36:26,600 --> 00:36:29,359
Speaker 2: lots of women can't afford a three and a half

760
00:36:29,400 --> 00:36:32,160
Speaker 2: thousand dollar dress, so they will rent it. But the

761
00:36:32,239 --> 00:36:36,080
Speaker 2: thing is is they've experienced alex Perry. So what do

762
00:36:36,120 --> 00:36:39,040
Speaker 2: you think happens the next time that they have the

763
00:36:39,120 --> 00:36:41,960
Speaker 2: money or the means or the event to buy something

764
00:36:42,080 --> 00:36:46,439
Speaker 2: really really special, They'll go and buy Alex Perry. Right,

765
00:36:46,480 --> 00:36:47,840
Speaker 2: And this is what we're.

766
00:36:47,719 --> 00:36:49,640
Speaker 1: We well, definitely would be on the shopping list.

767
00:36:49,680 --> 00:36:51,839
Speaker 2: Absolutely on the shopping list, or that they've ented our

768
00:36:51,880 --> 00:36:53,959
Speaker 2: economy and can realize that they can go and buy

769
00:36:53,960 --> 00:36:55,799
Speaker 2: that dress, they can wear it three or four times,

770
00:36:55,800 --> 00:36:58,520
Speaker 2: and then they can rent it. And even I've spoken

771
00:36:58,560 --> 00:37:01,200
Speaker 2: to journos in my industry and when I came into

772
00:37:01,239 --> 00:37:03,160
Speaker 2: this business, they were already on the platform. You know

773
00:37:03,560 --> 00:37:06,680
Speaker 2: El Halliwell from New zimmer tod you know, she was

774
00:37:06,719 --> 00:37:09,480
Speaker 2: already doing it. Loves Zimmerman, you know, not at that

775
00:37:09,520 --> 00:37:11,359
Speaker 2: time of her life. She's a young mum, couldn't really

776
00:37:11,400 --> 00:37:13,480
Speaker 2: afford to be spending a lot on Zimmermann. So was

777
00:37:13,640 --> 00:37:16,680
Speaker 2: she was on the platform. She was buying Zimmerman, wearing

778
00:37:16,719 --> 00:37:19,120
Speaker 2: it to what she wanted, and then renting it. And

779
00:37:19,440 --> 00:37:21,360
Speaker 2: for her it didn't have to be cost positive she

780
00:37:21,480 --> 00:37:24,160
Speaker 2: was just hoping to recoup some of that initial outlay.

781
00:37:24,600 --> 00:37:27,680
Speaker 2: So that is the business model. And you know, yes,

782
00:37:28,400 --> 00:37:31,120
Speaker 2: you know Alex is you know, he might say, oh, well,

783
00:37:30,920 --> 00:37:32,920
Speaker 2: they'll never buy it. But you know what, that customer

784
00:37:32,920 --> 00:37:34,560
Speaker 2: that has rented it may never have been in the

785
00:37:34,600 --> 00:37:37,640
Speaker 2: market to invest two and a half three grand, and

786
00:37:37,640 --> 00:37:37,880
Speaker 2: it's not.

787
00:37:37,920 --> 00:37:40,520
Speaker 3: A substitution transaction anyway. A lot of a lot of

788
00:37:40,560 --> 00:37:43,239
Speaker 3: them could never Most of them probably are renting it.

789
00:37:43,239 --> 00:37:44,960
Speaker 3: We also could never afford it, which means it were

790
00:37:45,120 --> 00:37:46,320
Speaker 3: have never bought in the first place.

791
00:37:46,600 --> 00:37:50,360
Speaker 2: Yeah, yeah, exactly. But you know again, there might be

792
00:37:50,360 --> 00:37:53,480
Speaker 2: a day where Alex launches a more accessible collection and

793
00:37:53,520 --> 00:37:56,520
Speaker 2: that customer discovered, you know, Alex Perry on the vault.

794
00:37:56,560 --> 00:37:58,640
Speaker 2: It's like, well, you know what, I've always wanted a

795
00:37:58,680 --> 00:37:59,680
Speaker 2: piece of Alex Perry.

796
00:38:00,080 --> 00:38:02,040
Speaker 3: The data that you must be gathering must be super

797
00:38:02,120 --> 00:38:05,120
Speaker 3: rich for someone like Alex Perry. I mean, you might

798
00:38:05,160 --> 00:38:07,200
Speaker 3: be to go to I say, listen, we're going to

799
00:38:07,200 --> 00:38:09,160
Speaker 3: tell you something that you may not have known.

800
00:38:10,080 --> 00:38:10,719
Speaker 1: The thing that.

801
00:38:12,160 --> 00:38:16,240
Speaker 3: Out of your range that rents the best is blah,

802
00:38:16,400 --> 00:38:20,000
Speaker 3: this color. It's an evening gown. If that's how they

803
00:38:20,080 --> 00:38:25,200
Speaker 3: describe the things these days, and it's velvet and it's

804
00:38:25,440 --> 00:38:26,160
Speaker 3: dark blue.

805
00:38:26,760 --> 00:38:29,520
Speaker 1: That's that's your number one. I mean, do you do

806
00:38:29,560 --> 00:38:29,919
Speaker 1: you then.

807
00:38:29,880 --> 00:38:31,480
Speaker 2: Go and share the data with someone like Alex or

808
00:38:31,520 --> 00:38:33,920
Speaker 2: not because Alex isn't a partner with us, because we've

809
00:38:33,960 --> 00:38:37,200
Speaker 2: launched technology now that you know, we have fashion brands.

810
00:38:37,520 --> 00:38:38,880
Speaker 1: That partners your agreements.

811
00:38:39,160 --> 00:38:43,200
Speaker 2: Yeah, well notes even we've launched an API that sits

812
00:38:43,200 --> 00:38:46,360
Speaker 2: on brands websites. So you know, if Alex Perry was

813
00:38:46,400 --> 00:38:49,920
Speaker 2: a partner, you would go onto Alex's website and then

814
00:38:50,040 --> 00:38:52,359
Speaker 2: under when you're going to check out, there would be

815
00:38:52,440 --> 00:38:54,919
Speaker 2: a box to tick to say, I'd like to add

816
00:38:54,920 --> 00:38:57,359
Speaker 2: this to my Vault account to rent in.

817
00:38:57,280 --> 00:38:58,360
Speaker 1: The future for the buyer.

818
00:38:58,480 --> 00:39:00,919
Speaker 2: Yep, yeah, yeah. So she goes and buys the dress

819
00:39:00,960 --> 00:39:03,680
Speaker 2: to get shipped to her. She's got a Vault account.

820
00:39:03,840 --> 00:39:07,760
Speaker 2: All that data is taken from Alex's site and put

821
00:39:08,080 --> 00:39:10,920
Speaker 2: onto the Vault site, so he shares the imagery and

822
00:39:11,040 --> 00:39:13,160
Speaker 2: or the product data, which I don't know if you've

823
00:39:13,160 --> 00:39:16,000
Speaker 2: ever listed anything, you know, on a platform to sell

824
00:39:16,120 --> 00:39:17,799
Speaker 2: or it's you know, it's a kind of a pain rate.

825
00:39:17,800 --> 00:39:20,279
Speaker 2: You got to upload pictures and we drag all of

826
00:39:20,320 --> 00:39:23,160
Speaker 2: that data, so there's none of that and then you

827
00:39:23,200 --> 00:39:25,920
Speaker 2: can wear the dress a couple of times and then publish.

828
00:39:26,000 --> 00:39:28,200
Speaker 2: It goes onto the Vault and you immediately can start ranging.

829
00:39:28,320 --> 00:39:31,640
Speaker 3: Do do you scrape let's say the buyer in that

830
00:39:31,760 --> 00:39:36,440
Speaker 3: example through your API? You then find out who the

831
00:39:36,480 --> 00:39:40,840
Speaker 3: buyer is through Alex using your API, you find it

832
00:39:40,880 --> 00:39:44,160
Speaker 3: who the buyer is. And then do you then follow

833
00:39:44,160 --> 00:39:47,160
Speaker 3: that individual on their Instagram and scrape that photo and

834
00:39:47,600 --> 00:39:52,520
Speaker 3: somehow upload the photo onto your website as an example

835
00:39:52,560 --> 00:39:53,840
Speaker 3: of what looks like to wear this dress.

836
00:39:53,920 --> 00:39:56,560
Speaker 2: Yeah, we've got lots of views as generated content, yeah,

837
00:39:56,560 --> 00:39:59,160
Speaker 2: on the Vault, so yeah, and you know we've you know,

838
00:39:59,200 --> 00:40:01,719
Speaker 2: we get sent. You know, people love sharing their images too,

839
00:40:01,880 --> 00:40:04,279
Speaker 2: you know, when they've had a great experience with the Vault,

840
00:40:04,360 --> 00:40:06,520
Speaker 2: they will often share images of them in the dresses

841
00:40:06,520 --> 00:40:08,600
Speaker 2: as well. But yeah, we use a lot of you know,

842
00:40:08,719 --> 00:40:11,040
Speaker 2: user generated content on our on our social media.

843
00:40:11,080 --> 00:40:12,560
Speaker 1: Wouldn't they be tagging Alex Perry.

844
00:40:13,440 --> 00:40:14,640
Speaker 2: Yeah, they do do that as well.

845
00:40:14,760 --> 00:40:17,040
Speaker 1: Yeah, I thought Alex would love that.

846
00:40:17,760 --> 00:40:21,920
Speaker 2: Ali. Let's have it. Let's have a coffee with Alex afterwards.

847
00:40:23,320 --> 00:40:24,880
Speaker 1: I know where you'll be. I know where you'll be at.

848
00:40:24,880 --> 00:40:26,040
Speaker 2: About gym.

849
00:40:27,640 --> 00:40:30,319
Speaker 3: In Australia, we have I presume we have some great

850
00:40:30,320 --> 00:40:33,719
Speaker 3: designers and I know only know two ole experiences the

851
00:40:33,920 --> 00:40:36,759
Speaker 3: ancient brands. But that doesn't mean because I'm not really

852
00:40:36,800 --> 00:40:41,240
Speaker 3: into women's fashion. But do you get to see who's

853
00:40:41,280 --> 00:40:45,160
Speaker 3: really doing well, like which new labels or new fashion

854
00:40:45,239 --> 00:40:47,200
Speaker 3: designers are doing well? And how important are the new

855
00:40:47,200 --> 00:40:51,560
Speaker 3: fashion designers the classical ones just do they just keep

856
00:40:51,600 --> 00:40:54,160
Speaker 3: simmering along and they've never it's never really changed or

857
00:40:55,400 --> 00:40:57,520
Speaker 3: is it a fact that new designers are starting to

858
00:40:57,520 --> 00:40:58,080
Speaker 3: take the lead.

859
00:40:58,600 --> 00:41:00,960
Speaker 2: Definitely, We've see new brands come in and you know,

860
00:41:01,080 --> 00:41:03,879
Speaker 2: even brands from the UK that are you know House

861
00:41:03,920 --> 00:41:06,560
Speaker 2: of CB and Rattenboa are two brands from the UK

862
00:41:06,680 --> 00:41:10,680
Speaker 2: that do incredibly well. They make really accessible formal wear,

863
00:41:10,920 --> 00:41:13,279
Speaker 2: so especially in formal season that that really push us

864
00:41:13,360 --> 00:41:14,399
Speaker 2: up into our top ten.

865
00:41:14,560 --> 00:41:15,920
Speaker 1: But is it like a wedding tress? What are you

866
00:41:15,920 --> 00:41:16,440
Speaker 1: talk about that?

867
00:41:16,600 --> 00:41:20,600
Speaker 2: So school formals and forts? Yeah, yeah, yeah, yeah yeah.

868
00:41:20,600 --> 00:41:23,080
Speaker 2: So we do see new brands come into our top ten,

869
00:41:23,200 --> 00:41:26,160
Speaker 2: so very much alert. You know, A lurts us to

870
00:41:26,600 --> 00:41:30,960
Speaker 2: hot new brands and you know the founders, and you know,

871
00:41:31,000 --> 00:41:33,000
Speaker 2: we rent our own things onto the website. We might

872
00:41:33,000 --> 00:41:35,040
Speaker 2: buy a few things to test those brands as well.

873
00:41:36,040 --> 00:41:38,560
Speaker 2: But yeah, it's it's really you know, I think a

874
00:41:38,560 --> 00:41:40,600
Speaker 2: lot of brands, especially the Palmer Stills, would love to

875
00:41:40,600 --> 00:41:43,680
Speaker 2: get a hold of our data because we can absolutely

876
00:41:43,680 --> 00:41:47,120
Speaker 2: see what rents, what colors rent, you know. You know,

877
00:41:47,400 --> 00:41:49,960
Speaker 2: Scan and Theater does really well with us, and so

878
00:41:50,120 --> 00:41:52,279
Speaker 2: as Camila remark, but you know, and then we'll have

879
00:41:52,360 --> 00:41:55,360
Speaker 2: some really unknown brands kind of sneak in for a

880
00:41:55,400 --> 00:41:55,799
Speaker 2: little bit.

881
00:41:56,400 --> 00:41:59,360
Speaker 1: And it's interesting. I was just thinking that to myself.

882
00:42:00,000 --> 00:42:03,439
Speaker 3: I know too, the formal used to hire your dinner suit,

883
00:42:04,280 --> 00:42:07,200
Speaker 3: and when you only went to one formal unless you

884
00:42:07,200 --> 00:42:09,000
Speaker 3: had to repeat. So I went to a formal and

885
00:42:09,040 --> 00:42:11,120
Speaker 3: I remember hired my dinner and I hired it from

886
00:42:11,160 --> 00:42:14,400
Speaker 3: a mob card. I remember their their little logo slogan,

887
00:42:14,960 --> 00:42:16,960
Speaker 3: get your raft darker from Brett Parker.

888
00:42:18,400 --> 00:42:21,000
Speaker 2: And what was a good one, right, you remember.

889
00:42:21,600 --> 00:42:22,520
Speaker 1: It was called Brett Parker.

890
00:42:22,560 --> 00:42:25,040
Speaker 3: And everyone at school hired their dinner suit from that place.

891
00:42:25,080 --> 00:42:26,399
Speaker 3: And by the way, if you didn't get there wrong time,

892
00:42:26,440 --> 00:42:29,240
Speaker 3: you might not get your dinner suit because your size

893
00:42:29,320 --> 00:42:31,359
Speaker 3: might not be available. And we all pretty much were

894
00:42:31,600 --> 00:42:35,920
Speaker 3: within a range of size, same same range. And to

895
00:42:35,960 --> 00:42:38,719
Speaker 3: some extent, what you do is a digital version of that,

896
00:42:39,000 --> 00:42:41,440
Speaker 3: but in a much broader sense. You know, you're not

897
00:42:41,560 --> 00:42:43,520
Speaker 3: manufacturing your own stuff like Brett Parker used to do.

898
00:42:43,520 --> 00:42:45,200
Speaker 3: I presume you didn't anyway, probably just bought in his

899
00:42:45,239 --> 00:42:48,120
Speaker 3: Bret bran On. But and I don't know if Brett

900
00:42:48,120 --> 00:42:49,000
Speaker 3: Parker actually existed.

901
00:42:49,000 --> 00:42:49,440
Speaker 1: It could be.

902
00:42:49,400 --> 00:42:51,600
Speaker 3: Somebody else made the name up, but not Roger David

903
00:42:52,800 --> 00:42:56,080
Speaker 3: David and you just because you just manage mentioned some

904
00:42:56,120 --> 00:42:59,239
Speaker 3: brands then to me and those names I'm familiar with.

905
00:43:00,560 --> 00:43:03,120
Speaker 3: But really what you're doing is you're a marketplace, a

906
00:43:03,200 --> 00:43:11,080
Speaker 3: take back marketplace for what consumers want, because if the

907
00:43:11,120 --> 00:43:13,200
Speaker 3: consumers don't wanted, then the lenders will just drop off

908
00:43:13,200 --> 00:43:16,200
Speaker 3: if whatever they're trying to lend, but have addressed trying land.

909
00:43:16,600 --> 00:43:19,680
Speaker 2: And our platform is growing. You're on you Like the

910
00:43:19,719 --> 00:43:21,879
Speaker 2: retail numbers at the moment in Australia are tough, right,

911
00:43:21,960 --> 00:43:24,400
Speaker 2: they're tough globally, you know, the luxury brands that have

912
00:43:24,520 --> 00:43:28,680
Speaker 2: never seen flat or down are flattened down globally. And

913
00:43:28,719 --> 00:43:30,800
Speaker 2: we've just had your on your growth. It just continues

914
00:43:30,840 --> 00:43:31,120
Speaker 2: to grow.

915
00:43:31,239 --> 00:43:33,520
Speaker 3: Yeah, because you actually you should be in some respects

916
00:43:33,640 --> 00:43:39,040
Speaker 3: recession recession proofed well, not as effective by a recessions

917
00:43:39,080 --> 00:43:41,680
Speaker 3: everybody else because what you are, because people still hold.

918
00:43:41,560 --> 00:43:45,279
Speaker 1: Events during recessions, but people don't.

919
00:43:45,440 --> 00:43:47,439
Speaker 3: The difference is people don't spend as much, and you're

920
00:43:47,960 --> 00:43:50,120
Speaker 3: you're inviting people not to spend as much but have

921
00:43:50,239 --> 00:43:51,920
Speaker 3: the same outfit or same.

922
00:43:51,800 --> 00:43:54,040
Speaker 2: Outcome and you know, and to feel good. You know,

923
00:43:54,320 --> 00:43:56,080
Speaker 2: we talk about it, and I've been in the industry

924
00:43:56,239 --> 00:43:58,440
Speaker 2: for a long time. Fashion is about joy, right, It's

925
00:43:58,480 --> 00:44:01,160
Speaker 2: about feeling good and that's what does So back to

926
00:44:01,200 --> 00:44:03,240
Speaker 2: that point of why women want to wear something different

927
00:44:03,239 --> 00:44:06,280
Speaker 2: every time you feel fantastic when you're wearing an awesome

928
00:44:06,360 --> 00:44:09,000
Speaker 2: dress or an awesome outfit and people saying how amazing

929
00:44:09,040 --> 00:44:11,319
Speaker 2: you look, and that's what we promote. You come into

930
00:44:11,360 --> 00:44:15,359
Speaker 2: our environment, there's just all this like all this beautiful stuff, right,

931
00:44:15,400 --> 00:44:18,400
Speaker 2: and it's you know, it's like being in the best

932
00:44:18,760 --> 00:44:20,960
Speaker 2: boutique in the world and you've got access to all

933
00:44:21,000 --> 00:44:24,960
Speaker 2: of it. You know, we've made fashion accessible to Australian consumers,

934
00:44:24,960 --> 00:44:27,800
Speaker 2: which is really important, right, And and that's also what

935
00:44:28,719 --> 00:44:32,919
Speaker 2: social media did. It democratized fashion. So the fashion world,

936
00:44:33,000 --> 00:44:36,640
Speaker 2: especially the Harper's Bizarre world. I moved in with very

937
00:44:36,640 --> 00:44:39,799
Speaker 2: elite and very closed, right, but what social media did

938
00:44:39,840 --> 00:44:42,399
Speaker 2: it opened it all up to everyday person. You could

939
00:44:42,440 --> 00:44:45,120
Speaker 2: watch a runway show in Paris, whereas back in the

940
00:44:45,160 --> 00:44:47,160
Speaker 2: mode days you didn't see the pictures until a couple

941
00:44:47,160 --> 00:44:49,239
Speaker 2: of months after when you know they published it. We

942
00:44:49,360 --> 00:44:52,480
Speaker 2: we're seeing it live now, so we're a part of

943
00:44:52,480 --> 00:44:56,319
Speaker 2: that movement as well that you know, we're making the

944
00:44:56,360 --> 00:45:02,280
Speaker 2: best and the most beautiful Australian designs accessible to Australian

945
00:45:02,320 --> 00:45:05,320
Speaker 2: women and men. What we're also doing, which is different

946
00:45:05,360 --> 00:45:08,200
Speaker 2: to a lot of the business models, is we pay

947
00:45:08,480 --> 00:45:12,359
Speaker 2: our brand partners that have the API technology. We pay

948
00:45:12,400 --> 00:45:15,200
Speaker 2: them a royalty. So every every garment that comes through

949
00:45:15,239 --> 00:45:18,120
Speaker 2: the API and is listed on the vault when it's rented,

950
00:45:18,120 --> 00:45:19,160
Speaker 2: we pay them a royalty.

951
00:45:19,320 --> 00:45:21,600
Speaker 1: So get a fee, Yes, it's called.

952
00:45:21,440 --> 00:45:27,480
Speaker 2: It a fee. Yeah. So our founder, she had the

953
00:45:27,480 --> 00:45:32,000
Speaker 2: background family, the musicians, her uncle lead singer of the

954
00:45:32,040 --> 00:45:35,120
Speaker 2: Hoodah Gurus, went through that era of basically you made

955
00:45:35,120 --> 00:45:36,719
Speaker 2: a song, people ripped it off and you never got

956
00:45:36,840 --> 00:45:39,360
Speaker 2: you never got pride paid for that. So she was

957
00:45:39,520 --> 00:45:42,520
Speaker 2: very clear that as the and that's really when I

958
00:45:43,200 --> 00:45:45,200
Speaker 2: joined the business because she really wanted to speak to

959
00:45:45,280 --> 00:45:49,680
Speaker 2: the industry about being a partner with us. This is

960
00:45:49,760 --> 00:45:54,120
Speaker 2: happening without you. Right, this industry is exploding globally. It's

961
00:45:54,239 --> 00:45:57,080
Speaker 2: estimated that the secondhand rental market will be worth three

962
00:45:57,200 --> 00:46:00,480
Speaker 2: hundred and fifty billion dollars by twenty twenty eight. Clothing

963
00:46:00,600 --> 00:46:03,600
Speaker 2: in terms of clothing, right, the fashion industry, it's exploding globally.

964
00:46:04,400 --> 00:46:06,960
Speaker 2: It'll be twenty percent of fashion retail globally will be

965
00:46:07,000 --> 00:46:10,200
Speaker 2: reseal and rental. So she was very clear that she

966
00:46:10,280 --> 00:46:13,200
Speaker 2: wanted to give back to the industry. They've created these garments, right,

967
00:46:13,239 --> 00:46:17,440
Speaker 2: they're creative, they're artists, and garments going to the secondary

968
00:46:17,440 --> 00:46:19,920
Speaker 2: market and then they never see a dollar again from that.

969
00:46:20,120 --> 00:46:23,800
Speaker 2: So we're working with EBA globally and with our business

970
00:46:23,800 --> 00:46:25,680
Speaker 2: to ensure that that doesn't happen into the future.

971
00:46:26,040 --> 00:46:27,080
Speaker 1: I actually quite like.

972
00:46:28,520 --> 00:46:30,239
Speaker 3: I think the thing that stands out to me the most.

973
00:46:30,280 --> 00:46:33,239
Speaker 3: I mean, obviously this is a thing goes on, I

974
00:46:33,280 --> 00:46:35,880
Speaker 3: get it. But the thing I really like about it

975
00:46:35,920 --> 00:46:38,040
Speaker 3: is that you've changed the price. You've actually changed the

976
00:46:38,040 --> 00:46:40,320
Speaker 3: pricing dynamics when I think about it anyway, the pricing

977
00:46:40,400 --> 00:46:44,520
Speaker 3: dynamics of buying one of these dresses by virtue of

978
00:46:44,680 --> 00:46:49,040
Speaker 3: giving an individual, whether they've signed up through the brand

979
00:46:49,120 --> 00:46:52,520
Speaker 3: or not whether the brands as using eu API or not.

980
00:46:53,400 --> 00:46:59,320
Speaker 3: You're giving the individuals the opportunity to re lease or

981
00:46:59,440 --> 00:47:04,600
Speaker 3: license or rent the product and effectively give that get

982
00:47:04,640 --> 00:47:08,240
Speaker 3: their money back and you know, if they're successful, reduce

983
00:47:08,280 --> 00:47:11,200
Speaker 3: their cost down toneel and they still have the dress.

984
00:47:11,800 --> 00:47:17,280
Speaker 3: So you're actually making the purchase of address more accessible

985
00:47:17,880 --> 00:47:21,520
Speaker 3: as well as the use of the dress more accessible

986
00:47:21,520 --> 00:47:22,960
Speaker 3: for those people who don't want to buy, they just

987
00:47:22,960 --> 00:47:25,000
Speaker 3: want to rent it, which is what sort of your

988
00:47:25,000 --> 00:47:27,839
Speaker 3: marketplace is a little bit of a circular economy in

989
00:47:27,880 --> 00:47:31,960
Speaker 3: some cases, in some regards it's it's definitely part of

990
00:47:32,160 --> 00:47:34,239
Speaker 3: the circular economy. I get that part. But it's very

991
00:47:34,239 --> 00:47:37,600
Speaker 3: circular in terms of pricing because it changes the pricing

992
00:47:37,640 --> 00:47:43,319
Speaker 3: dynamics quite quickly. If you're successful at sizing, if your

993
00:47:43,360 --> 00:47:45,920
Speaker 3: size is relative to a market, if the color you

994
00:47:46,000 --> 00:47:49,560
Speaker 3: chose relative to market, if the brand you bought relates

995
00:47:49,600 --> 00:47:53,160
Speaker 3: to the market, and if the design you chose from

996
00:47:53,200 --> 00:47:57,320
Speaker 3: that particular brand relates to the market, then you should

997
00:47:57,400 --> 00:47:59,960
Speaker 3: have some success in repricing your acquisition.

998
00:48:00,440 --> 00:48:02,280
Speaker 2: Yeah, it's a no brainer.

999
00:48:02,440 --> 00:48:07,920
Speaker 3: Yeah, yeah, yeah, I mean, like you know, it's do

1000
00:48:08,000 --> 00:48:11,839
Speaker 3: people do this with say luggage, You thought about going

1001
00:48:11,840 --> 00:48:14,959
Speaker 3: into other areas. You know, because luggage is a really

1002
00:48:15,000 --> 00:48:19,600
Speaker 3: interesting thing. You buy it as good luggage is expensive.

1003
00:48:20,480 --> 00:48:24,759
Speaker 3: You might use it once a year. It could get

1004
00:48:24,760 --> 00:48:26,600
Speaker 3: a little bit of damage to it, perhaps when it

1005
00:48:26,640 --> 00:48:29,600
Speaker 3: gets thrown around by those luggage handlers. But let's assume

1006
00:48:29,600 --> 00:48:31,880
Speaker 3: that you keep your luggage pretty well, which some people do.

1007
00:48:32,480 --> 00:48:33,960
Speaker 3: Then for the rest of us to sit in there,

1008
00:48:34,239 --> 00:48:38,880
Speaker 3: and most people can't afford high quality luggage. And I

1009
00:48:38,920 --> 00:48:40,600
Speaker 3: just kept thinking to myself, what other things could you

1010
00:48:40,640 --> 00:48:43,359
Speaker 3: apploase to have? You guys thought about going into any

1011
00:48:43,440 --> 00:48:45,040
Speaker 3: because luggage is fashioned today.

1012
00:48:45,200 --> 00:48:49,759
Speaker 2: Yeah, yeah, yeah, we we have some accessories. I'm not

1013
00:48:49,760 --> 00:48:52,600
Speaker 2: saying luggage, but we have some accessories on the platform,

1014
00:48:52,920 --> 00:48:58,440
Speaker 2: like cost many jewelry, jewelry, handbags, handbags. But you know,

1015
00:48:58,640 --> 00:49:01,200
Speaker 2: even though I said, you know, are really great and honest,

1016
00:49:01,480 --> 00:49:03,640
Speaker 2: they're the things that get stolen and damage the most.

1017
00:49:04,280 --> 00:49:07,520
Speaker 2: So we still have handbags because if.

1018
00:49:07,400 --> 00:49:09,520
Speaker 3: You're at the function, some could steal the bag if

1019
00:49:09,520 --> 00:49:11,239
Speaker 3: it's a good handbag, whereas they're not going to steal

1020
00:49:11,280 --> 00:49:11,640
Speaker 3: the dress.

1021
00:49:11,719 --> 00:49:14,280
Speaker 2: Yeah no, you know, ersenal handbag, you know the retails

1022
00:49:14,360 --> 00:49:18,640
Speaker 2: ten twelve, fifteen, twenty grand right and insurance. We're not

1023
00:49:18,680 --> 00:49:22,320
Speaker 2: going to ensure something of that value. So we've actually

1024
00:49:22,440 --> 00:49:25,480
Speaker 2: we now only work with a certain number of lenders

1025
00:49:25,520 --> 00:49:28,520
Speaker 2: that have accessories. But I think luggage is absolutely you know,

1026
00:49:28,560 --> 00:49:32,640
Speaker 2: there are lots of opportunities within this category. Men's were

1027
00:49:32,640 --> 00:49:36,200
Speaker 2: being the other, but we are just really hyper focused

1028
00:49:36,560 --> 00:49:40,560
Speaker 2: on sticul Yeah. Yeah. And the thing with luggage too

1029
00:49:40,680 --> 00:49:42,560
Speaker 2: is it takes up a lot of space, right, I mean,

1030
00:49:42,600 --> 00:49:44,360
Speaker 2: I don't know how many bags suitcases you have, but

1031
00:49:44,640 --> 00:49:46,000
Speaker 2: you know mine are all up in the roof, right,

1032
00:49:46,040 --> 00:49:48,840
Speaker 2: that's still that cubic meter, you know, and then sending

1033
00:49:48,840 --> 00:49:51,440
Speaker 2: that out. The cost of sending luggage out as expensive.

1034
00:49:51,960 --> 00:49:54,359
Speaker 2: Sending a dress out is relatively cheap. You just put

1035
00:49:54,400 --> 00:49:58,319
Speaker 2: it in a post pack. Sending luggage to someone, you know,

1036
00:49:58,560 --> 00:50:01,239
Speaker 2: the cost of that, I don't know if you would

1037
00:50:01,280 --> 00:50:03,719
Speaker 2: get the return on that, because it might cost one

1038
00:50:03,760 --> 00:50:06,120
Speaker 2: hundred bucks for you to send it to Canberra or

1039
00:50:06,160 --> 00:50:08,040
Speaker 2: wherever you've got to send it. So as looking at

1040
00:50:08,080 --> 00:50:10,480
Speaker 2: all those unit economics of where the value is and

1041
00:50:10,560 --> 00:50:12,920
Speaker 2: the weight and the size of because even you know,

1042
00:50:13,120 --> 00:50:15,759
Speaker 2: we have some zimmer and make these incredible dresses with

1043
00:50:15,800 --> 00:50:17,800
Speaker 2: a lot of fabric, to send some of those dresses

1044
00:50:17,800 --> 00:50:21,000
Speaker 2: out is more expensive than other dresses. So then our

1045
00:50:21,120 --> 00:50:24,279
Speaker 2: lenders will have to factor that into the cost of

1046
00:50:24,360 --> 00:50:26,480
Speaker 2: so it might be twenty five percent of the retail

1047
00:50:26,520 --> 00:50:28,799
Speaker 2: price because they know to post that is going to

1048
00:50:28,800 --> 00:50:30,719
Speaker 2: cost more than a small little dress that they can

1049
00:50:30,800 --> 00:50:31,759
Speaker 2: just easily pop in.

1050
00:50:31,880 --> 00:50:36,640
Speaker 3: Do you give them your lenders all those metrics? Yes, yeah, yeah,

1051
00:50:36,880 --> 00:50:39,759
Speaker 3: you say, these are the sort of cost metrics that

1052
00:50:39,800 --> 00:50:42,279
Speaker 3: you might be confronted with because it's as let's call

1053
00:50:42,320 --> 00:50:44,080
Speaker 3: it a zim and dress. Maybe it's got ten twenty

1054
00:50:44,160 --> 00:50:46,200
Speaker 3: layers and there are ways a lot more and you've

1055
00:50:46,200 --> 00:50:47,960
Speaker 3: got to be probably go to get to be your package,

1056
00:50:47,960 --> 00:50:48,319
Speaker 3: et cetera.

1057
00:50:48,560 --> 00:50:50,160
Speaker 2: And they will let us know, don't you worry. Yeah,

1058
00:50:50,360 --> 00:50:53,080
Speaker 2: they want a better postage deal. You know, I've got

1059
00:50:53,080 --> 00:50:55,520
Speaker 2: these dresses which you know rent a lot, you know,

1060
00:50:55,920 --> 00:50:59,000
Speaker 2: really popular on our platform, but they cost more to post.

1061
00:50:59,080 --> 00:51:02,040
Speaker 2: You know, you know, we work. You know, shipping is

1062
00:51:02,040 --> 00:51:03,400
Speaker 2: a big thing. You know, if you look at some

1063
00:51:03,440 --> 00:51:05,600
Speaker 2: of the big overseas players, they've set up their own

1064
00:51:05,600 --> 00:51:08,640
Speaker 2: shipping companies for that reason. You know, we're not that

1065
00:51:08,680 --> 00:51:12,239
Speaker 2: size yet. Never say never, but watch out astraya post.

1066
00:51:12,000 --> 00:51:15,960
Speaker 3: But vertical integration there, yeah yeah, yeah, yeah, Well that's

1067
00:51:16,280 --> 00:51:19,640
Speaker 3: your business model is quite fascinating. I really like the

1068
00:51:19,840 --> 00:51:23,480
Speaker 3: circularity of it. Actually, the thing I like the most,

1069
00:51:23,520 --> 00:51:26,239
Speaker 3: as I said earlier, is I like the way you

1070
00:51:26,680 --> 00:51:30,319
Speaker 3: change the pricing dynamics for the purchaser who does get

1071
00:51:30,320 --> 00:51:33,080
Speaker 3: to work, but then it gets to discount their price

1072
00:51:33,160 --> 00:51:35,960
Speaker 3: by virtue of rental, making a whole lot of assumptions

1073
00:51:36,000 --> 00:51:39,439
Speaker 3: in it. That of course, that is rentable. But yeah,

1074
00:51:39,640 --> 00:51:42,759
Speaker 3: I quite like the intellect around that is very very clever.

1075
00:51:42,840 --> 00:51:45,400
Speaker 3: It's a good way around things. And I guess it

1076
00:51:45,440 --> 00:51:48,479
Speaker 3: plays runner the social media hand to some extent. You know, people,

1077
00:51:48,640 --> 00:51:50,640
Speaker 3: whether we like it, we don't like it, that's what happens.

1078
00:51:50,680 --> 00:51:53,279
Speaker 3: That's the way people are not going any photographs. And

1079
00:51:53,320 --> 00:51:56,000
Speaker 3: I want to look nice in address, but I can't

1080
00:51:56,000 --> 00:51:59,239
Speaker 3: afford to buy that dress. So on the concust on

1081
00:51:59,320 --> 00:52:03,360
Speaker 3: the borrower side, I want to borrow address or I

1082
00:52:03,400 --> 00:52:05,920
Speaker 3: want to rent address. And by the way, you know,

1083
00:52:06,040 --> 00:52:10,399
Speaker 3: it's funny I have this view and it might sound

1084
00:52:10,440 --> 00:52:14,040
Speaker 3: a bit heretical, but and I'm not a heretic either.

1085
00:52:14,040 --> 00:52:17,320
Speaker 3: I mean, there's no such thing as ownership. Ownership is

1086
00:52:17,320 --> 00:52:20,680
Speaker 3: of legal fiction. The concept of ownership just means that

1087
00:52:20,760 --> 00:52:23,760
Speaker 3: I have better rights to this particular item than anyone

1088
00:52:23,800 --> 00:52:27,080
Speaker 3: else in the world. It's like landownership. People carrying about

1089
00:52:27,120 --> 00:52:30,759
Speaker 3: land ownership, but no one owns the land. You can't

1090
00:52:30,760 --> 00:52:34,160
Speaker 3: own the dirt. You don't mean we can create these

1091
00:52:34,239 --> 00:52:36,600
Speaker 3: legal fictions where while we say, look, you're the registered

1092
00:52:36,640 --> 00:52:38,879
Speaker 3: person of that particular land of the land Title's office,

1093
00:52:38,960 --> 00:52:41,640
Speaker 3: or you're the buyer of that product, and therefore you

1094
00:52:41,719 --> 00:52:43,640
Speaker 3: bought that dressman, you've got to receive the MIDI are

1095
00:52:43,680 --> 00:52:47,399
Speaker 3: the best. You have the most rights relative that think.

1096
00:52:47,400 --> 00:52:49,880
Speaker 3: But there's no such thing as ownership. It's not about ownership.

1097
00:52:50,080 --> 00:52:54,160
Speaker 3: It's actually about use of and or possession. So on

1098
00:52:54,200 --> 00:52:56,640
Speaker 3: the day you rent it, if you're on the renter

1099
00:52:56,800 --> 00:53:00,759
Speaker 3: side on the not on the owner side, you're on

1100
00:53:00,800 --> 00:53:03,920
Speaker 3: the rental side or on the borrower side, on that

1101
00:53:04,080 --> 00:53:08,600
Speaker 3: day you've paid certain amount of money for that day,

1102
00:53:08,640 --> 00:53:11,040
Speaker 3: you have the best rights to use that particular product,

1103
00:53:12,000 --> 00:53:14,839
Speaker 3: the use rights. And when if we buy something, we're

1104
00:53:14,880 --> 00:53:18,880
Speaker 3: just basically buying the rights to use something or occupy something.

1105
00:53:19,120 --> 00:53:23,440
Speaker 3: I'm occupying this dress, I'm occupying this house, I'm occupying

1106
00:53:23,480 --> 00:53:27,280
Speaker 3: this car. And all you've done is sort of split

1107
00:53:27,360 --> 00:53:29,520
Speaker 3: out and not all you've done, but what your model is,

1108
00:53:29,560 --> 00:53:33,680
Speaker 3: you've split out rights into sub rights, which sort of

1109
00:53:33,680 --> 00:53:36,680
Speaker 3: makes sense to me. And you're sort of really stomping

1110
00:53:36,680 --> 00:53:40,160
Speaker 3: over the concept of ownership because ownership doesn't exist. There's

1111
00:53:40,200 --> 00:53:43,120
Speaker 3: no such thing. I can't own anything. I have the

1112
00:53:43,200 --> 00:53:47,520
Speaker 3: right to use or occupy sharing economy and that makes

1113
00:53:47,560 --> 00:53:48,400
Speaker 3: a whole lot of sense to me.

1114
00:53:49,520 --> 00:53:52,600
Speaker 2: Again, it's that high utilization too. It's like, that's where

1115
00:53:52,640 --> 00:53:54,080
Speaker 2: we've got to get to in this world. We can't

1116
00:53:54,120 --> 00:53:57,399
Speaker 2: just keep consuming and consuming and consuming, right And that's

1117
00:53:57,440 --> 00:53:59,359
Speaker 2: what I love about this model too. It is about

1118
00:53:59,440 --> 00:54:02,720
Speaker 2: high utlize. And I was just in Copenhagen for the

1119
00:54:02,760 --> 00:54:06,680
Speaker 2: Global Fashion Summit and you know, elvimh Caring. They're all

1120
00:54:06,719 --> 00:54:10,960
Speaker 2: looking at this circular model and resale. They have to

1121
00:54:11,000 --> 00:54:14,000
Speaker 2: as a business. I mean, legislation will make them eventually

1122
00:54:14,320 --> 00:54:16,719
Speaker 2: because they will have to have a circular element to

1123
00:54:16,760 --> 00:54:19,399
Speaker 2: their business. But you know what we're doing is we're

1124
00:54:19,400 --> 00:54:21,600
Speaker 2: actually showing them that you can make money from the

1125
00:54:21,640 --> 00:54:24,880
Speaker 2: circular economy. You know, it's this thing where you know,

1126
00:54:25,080 --> 00:54:26,719
Speaker 2: they sell a product, it goes off into the world,

1127
00:54:26,760 --> 00:54:29,000
Speaker 2: they never see it again. But what we're saying to them,

1128
00:54:29,040 --> 00:54:31,480
Speaker 2: we've had a meeting with carrying it. It's like what we're

1129
00:54:31,480 --> 00:54:34,920
Speaker 2: saying to them, is you sell that handbag, but you

1130
00:54:34,960 --> 00:54:36,840
Speaker 2: put it into the you know, in the rental market

1131
00:54:36,880 --> 00:54:40,240
Speaker 2: and then onto resale. As a business, you can actually

1132
00:54:40,239 --> 00:54:42,240
Speaker 2: be clipping that ticket if you have the right partner

1133
00:54:42,360 --> 00:54:45,280
Speaker 2: to do it with. And they shouldn't be just selling

1134
00:54:45,320 --> 00:54:49,280
Speaker 2: things and set and forget, you know, it's the fashion

1135
00:54:49,320 --> 00:54:52,280
Speaker 2: business model at the moment is about producing and producing.

1136
00:54:52,320 --> 00:54:54,839
Speaker 2: You know, hopefully the cell through will be eighty percent,

1137
00:54:54,920 --> 00:54:57,920
Speaker 2: then you've got twenty percent leftover, right, what happens to

1138
00:54:57,960 --> 00:54:59,040
Speaker 2: that goes to landfill?

1139
00:54:59,160 --> 00:55:00,719
Speaker 1: Is that what happens? Because yeah?

1140
00:55:00,760 --> 00:55:04,200
Speaker 2: Literally, yeah, so you know, and that's concern right, So

1141
00:55:04,320 --> 00:55:07,720
Speaker 2: that that was the big conversation. This has to stop.

1142
00:55:07,800 --> 00:55:10,719
Speaker 2: It's not sustainable, right, it's a it's a it's a

1143
00:55:10,920 --> 00:55:14,560
Speaker 2: there's massive issues with a business model, especially with the

1144
00:55:14,600 --> 00:55:17,840
Speaker 2: cost to produce products. Now, you can't be overproducing in

1145
00:55:17,880 --> 00:55:20,239
Speaker 2: the hope that you'll sell sixty percent eighty percent of it.

1146
00:55:20,280 --> 00:55:22,319
Speaker 2: You just can't. You know, the cost of goods, the

1147
00:55:22,360 --> 00:55:25,520
Speaker 2: cost of shipping, everything's gone up. So the whole business

1148
00:55:25,560 --> 00:55:27,759
Speaker 2: model has to be looked at. And we're going to

1149
00:55:27,840 --> 00:55:31,440
Speaker 2: see that. And that's what you know, we're not dogged

1150
00:55:31,440 --> 00:55:34,080
Speaker 2: about and We don't lecture the industry, but this is happening.

1151
00:55:34,400 --> 00:55:39,400
Speaker 2: The circular economy is happening. Consumers are shifting. When I

1152
00:55:39,480 --> 00:55:43,560
Speaker 2: you know, when I was young, you didn't RANTI opshop,

1153
00:55:43,640 --> 00:55:46,799
Speaker 2: but you didn't rant. But consumers are okay with it. Yes,

1154
00:55:46,840 --> 00:55:49,960
Speaker 2: we saw the younger generation as the early adopters. Your

1155
00:55:49,960 --> 00:55:52,759
Speaker 2: millennials were straight onto it. We're now seeing gen x

1156
00:55:52,880 --> 00:55:56,319
Speaker 2: is on board. My daughters they've got no problem with it.

1157
00:55:56,360 --> 00:55:58,799
Speaker 2: They might buy address for their special school formal, but

1158
00:55:59,000 --> 00:56:01,160
Speaker 2: these days they're going to tour three especially in Sydney.

1159
00:56:01,239 --> 00:56:03,719
Speaker 2: My girls are going to a couple right they rent

1160
00:56:03,800 --> 00:56:06,879
Speaker 2: or borrow, will swap those go to their friends. Yeah,

1161
00:56:06,880 --> 00:56:08,440
Speaker 2: they don't care. Do they just want something to gre

1162
00:56:08,560 --> 00:56:11,000
Speaker 2: to it? They don't care. There's no expectation on me

1163
00:56:11,080 --> 00:56:13,359
Speaker 2: to go out and buy them five dresses. It's you know,

1164
00:56:13,520 --> 00:56:16,719
Speaker 2: maybe the special one, but otherwise they're renting. You know,

1165
00:56:16,760 --> 00:56:19,080
Speaker 2: I've got friends whose daughters are in year twelve now

1166
00:56:19,120 --> 00:56:21,160
Speaker 2: and they're going to rent their year twelve dress. You know,

1167
00:56:21,440 --> 00:56:23,560
Speaker 2: they don't want to spend a lot of money on

1168
00:56:23,560 --> 00:56:25,239
Speaker 2: address that's going to hang in their wardrobe and never

1169
00:56:25,280 --> 00:56:28,160
Speaker 2: be worn again. There is a shift happening, and I think,

1170
00:56:29,080 --> 00:56:32,080
Speaker 2: you know, it's that early adoption, right, And that's why

1171
00:56:32,080 --> 00:56:34,400
Speaker 2: it interested me to get into this this industry. I

1172
00:56:34,400 --> 00:56:38,000
Speaker 2: could see it. It's happening, it's exploding. And just like

1173
00:56:38,080 --> 00:56:40,040
Speaker 2: social media. And when I was at the Herald and

1174
00:56:40,080 --> 00:56:42,800
Speaker 2: I had a bunch of old, crusty journals who I adore,

1175
00:56:42,880 --> 00:56:45,160
Speaker 2: high respect for, but they're like social media is a

1176
00:56:45,160 --> 00:56:49,040
Speaker 2: flash in the pan, right, those influences or influenzas will

1177
00:56:49,040 --> 00:56:52,279
Speaker 2: be gone. Guess what's still here, right, And that's where

1178
00:56:52,320 --> 00:56:54,319
Speaker 2: we are better and bigger and better. And this is

1179
00:56:54,400 --> 00:56:57,960
Speaker 2: this is the this is a major retail shift that

1180
00:56:58,080 --> 00:57:02,080
Speaker 2: is happening. And you've got leaders who are at the

1181
00:57:02,200 --> 00:57:06,120
Speaker 2: Global Fashion Summit who are on board and will be

1182
00:57:06,360 --> 00:57:08,480
Speaker 2: early leaders in this. And then there are businesses that

1183
00:57:08,520 --> 00:57:11,719
Speaker 2: will be left behind. And it's already exploding. So it's

1184
00:57:11,719 --> 00:57:13,000
Speaker 2: a very exciting space to be.

1185
00:57:13,239 --> 00:57:18,280
Speaker 3: So you're effectively, Kelly, you have put your into your

1186
00:57:18,280 --> 00:57:23,240
Speaker 3: own circular economy for journalists fashion journalists. You're taking yourself

1187
00:57:23,280 --> 00:57:29,120
Speaker 3: out of the old school fashion journals, magazines and stuff

1188
00:57:29,160 --> 00:57:31,160
Speaker 3: of that, and you've put your bil there's a circular

1189
00:57:31,160 --> 00:57:34,320
Speaker 3: economy for people like you too, and you're now you know,

1190
00:57:35,040 --> 00:57:40,880
Speaker 3: they've recycled making, You've recycled yourself into a new industry,

1191
00:57:41,320 --> 00:57:45,440
Speaker 3: and you left behind all those naysays, et cetera. And

1192
00:57:46,640 --> 00:57:50,160
Speaker 3: hopefully they don't get sort of throwing out and put

1193
00:57:50,280 --> 00:57:52,720
Speaker 3: into the tip like, which is what happening with those

1194
00:57:52,840 --> 00:57:55,920
Speaker 3: fashion businesses who don't get into the circular economy.

1195
00:57:56,000 --> 00:57:57,960
Speaker 2: Exactly, you don't. And I know when I left the media, right,

1196
00:57:58,000 --> 00:58:00,240
Speaker 2: it was like, why in the hell would you eve

1197
00:58:00,360 --> 00:58:03,440
Speaker 2: one of the best jobs in Australian media, if not

1198
00:58:03,480 --> 00:58:05,720
Speaker 2: international media. Right, I traveled the world at all the

1199
00:58:05,720 --> 00:58:08,360
Speaker 2: fashion shows, Why in the hell would you leave? And

1200
00:58:08,400 --> 00:58:10,520
Speaker 2: I was like, I wanted something new. I've had a

1201
00:58:10,560 --> 00:58:14,560
Speaker 2: great career, but I could see what was happening with

1202
00:58:14,640 --> 00:58:19,480
Speaker 2: the media, right. Investment was shrinking, advertising dollars were shrinking.

1203
00:58:19,600 --> 00:58:23,720
Speaker 2: So do you hang on to something that is is changing?

1204
00:58:24,520 --> 00:58:26,280
Speaker 2: It's not what it used to be, It's not what

1205
00:58:26,320 --> 00:58:28,960
Speaker 2: I was passionate about. I spent more time fighting to

1206
00:58:28,960 --> 00:58:31,800
Speaker 2: get money to put my magazine together than actually doing

1207
00:58:31,840 --> 00:58:35,840
Speaker 2: the magazine. So and that's why I left. And yeah,

1208
00:58:35,960 --> 00:58:38,280
Speaker 2: I haven't regretted getting out, And I just think even

1209
00:58:38,680 --> 00:58:40,320
Speaker 2: I mean, the great thing for the businesses I work

1210
00:58:40,360 --> 00:58:43,400
Speaker 2: with right, I can you know I've become a crisis

1211
00:58:43,440 --> 00:58:46,680
Speaker 2: media manager. Well, everything hits my desk. I would thinking

1212
00:58:46,720 --> 00:58:48,240
Speaker 2: of doing this. It's like, don't you dare do that?

1213
00:58:49,600 --> 00:58:51,400
Speaker 2: So yeah, you get, you get the you get my

1214
00:58:51,480 --> 00:58:54,040
Speaker 2: media brain as well as fashion as well as you

1215
00:58:54,080 --> 00:58:55,760
Speaker 2: know this exciting new space.

1216
00:58:56,400 --> 00:58:59,919
Speaker 3: Well, Kelly Hush, head of Brand and Global Strategy from

1217
00:59:00,120 --> 00:59:02,360
Speaker 3: the Vault of v O l T, thanks for much

1218
00:59:02,360 --> 00:59:02,600
Speaker 3: for coming.

1219
00:59:02,720 --> 00:59:03,800
Speaker 1: That was awesome, That was really cool.

1220
00:59:04,200 --> 00:59:05,440
Speaker 2: Thank you, thanks for having me.

1221
00:59:08,680 --> 00:59:08,960
Speaker 3: M h

1222
00:59:11,200 --> 00:59:11,840
Speaker 2: M hmmm