WEBVTT - Designers On A Dime's Cole on Global Consignment Company(Audio)

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<v Speaker 1>Yea broadcasting live to New York, Bloomberg even to Washington,

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<v Speaker 1>d C, Bloomberg to Boston, Bluemberg, well Under to San Francisco,

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<v Speaker 1>Bloomberg to the country, Jo General, and around the globe

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<v Speaker 1>the Bloomberg Radio plus DAP and Bloomberg got gone. This

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<v Speaker 1>is taking Stock, coming up on taking stock. Well, Kathleen,

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<v Speaker 1>where do you shop? Do you shop online? You know me, Pam,

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<v Speaker 1>I'm kind of old fashioned. I slept around, I look

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<v Speaker 1>for the deals. I'd like to touch things, et cetera.

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<v Speaker 1>My daughter does actually a little bit more than I do.

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<v Speaker 1>All right, well, maybe this will convince you. We're gonna

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<v Speaker 1>be speaking with Victoria Cole, the chief executive of Designers

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<v Speaker 1>on a Dime. They're based in Houston, but Victoria will

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<v Speaker 1>join us here in the studio to tell us all

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<v Speaker 1>about curated selections online. Well, if her jewelry and clothing

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<v Speaker 1>or any example, you can find some really cool stuff

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<v Speaker 1>on her website. I can hardly wait to hear all

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<v Speaker 1>about this, and I can hardly wait to hear from

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<v Speaker 1>Charlie Pett. He's in the Bloomberg news room with a

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<v Speaker 1>blue big business last and I thank you very much.

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<v Speaker 1>Kathleen Hayes, thank you, pim Fox. Mixed picture for US

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<v Speaker 1>equities afternoon trading in New York. We've got the SMP

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<v Speaker 1>up a point now little change. Their stocks have been fluctuating,

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<v Speaker 1>with the SMP now at eighty four, up there by

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<v Speaker 1>point one percent now, Industrials down four to eighteen thousand,

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<v Speaker 1>five hundred sixty nine nastak op eight a gain there

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<v Speaker 1>of two tents of one percent. The nastak Compositive Index

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<v Speaker 1>at fifty two thirty seven. I'm keeping an eye on

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<v Speaker 1>Oil West Texas Intermediate up two point nine percent, advancing

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<v Speaker 1>a dollar thirty four twelve right now on w t

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<v Speaker 1>I Brent Crew just crossing fifty one dollars of barrel

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<v Speaker 1>fifty one oh one on Brent up by two point

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<v Speaker 1>three percent, the Tenure up five thirty seconds yield there

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<v Speaker 1>one point five three percent, and Gold up nine fifty

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<v Speaker 1>ounce thirteen fifty four a game there of seven tenths

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<v Speaker 1>of one percent. T Mobile US shares there are up

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<v Speaker 1>seven tenths of one percent now to forty six sixty nine.

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<v Speaker 1>Team Mobile introducing a one under sixty a month unlimited

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<v Speaker 1>wireless plan for families of four as part of what

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<v Speaker 1>the carrier calls T Mobile one in an effort to

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<v Speaker 1>capture more data hungry consumers, and T Mobile CEO John

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<v Speaker 1>Ledgers spoke with Bloomberg Television this morning. Are eliminating forever

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<v Speaker 1>data plans. We're going all in on unlimited. It's a

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<v Speaker 1>monthly subscription to the Internet, unlimited calls, unlimited text, unlimited

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<v Speaker 1>high speed data, unlimited video streaming at standard definition. And

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<v Speaker 1>a family of four gets that for forty dollars a line.

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<v Speaker 1>And frankly, you know, we are the only network that

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<v Speaker 1>can truly handle this. So that's what this is about.

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<v Speaker 1>And again, shares up by seven tenths of one percent

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<v Speaker 1>to thirty two on Wall Street. Now the other stories

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<v Speaker 1>making news. Thank you, darily from the Bloomberg newsroom. I'm

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<v Speaker 1>Ramy in Essencio. Hillary Clinton says the nation needs to

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<v Speaker 1>work together to quote repair the bonds of trust and

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<v Speaker 1>respect between police officers and communities and not stoke more divisions.

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<v Speaker 1>Clinton met today in New York with law enforcement leaders.

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<v Speaker 1>Republican presidential nominee Donald Trump has begun reserving television airtime

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<v Speaker 1>for the first time in the general election. Trump's campaign

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<v Speaker 1>will spend roughly four point nine million dollars over the

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<v Speaker 1>next ten days on ads to air in Florida, North Carolina, Ohio,

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<v Speaker 1>and Pennsylvania. The Department of Justice has announced it plans

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<v Speaker 1>to end the use of private prisons. We get the

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<v Speaker 1>details from Bloomberg's Catherine Cowndry. The d o J concluded

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<v Speaker 1>that the facilities are both less safe and less effective

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<v Speaker 1>than prisons operated by the government, and they don't save

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<v Speaker 1>on costs the Attorney General's Office as officials are instructed

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<v Speaker 1>to either not renew private prison contracts or substantially reduce

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<v Speaker 1>their scope, with the goal of ultimately ending the use

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<v Speaker 1>of privately operated prisons altogether. All contracts will be up

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<v Speaker 1>for renewal over the next five years. I'm Catherine Cowdery

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<v Speaker 1>Bloomberg Radio. Twitter says it has suspended three hundred sixty

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<v Speaker 1>thousand accounts since mid fifteen for violating its policies benning

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<v Speaker 1>the promotion of terrorism and violent extremism. Twitter says its

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<v Speaker 1>rate of daily suspensions is up eight percent since last year,

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<v Speaker 1>and a former Isolip Parks commissioner and his executive secretary

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<v Speaker 1>have pleaded guilty to dumping forty thousand tons of contaminated

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<v Speaker 1>debris on long Island. Joseph J. Montoy Jr. And Brett

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<v Speaker 1>Robinson were charged following the discovery of asbestos, pesticides and

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<v Speaker 1>other material at a Brentwood Park. Global News twenty four

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<v Speaker 1>hours a day, powered by more than twenty undred journalists

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<v Speaker 1>and analysts in more than one twenty countries. I'm Rami

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<v Speaker 1>and Essensio. This is Bloomberg, Charlie, and we thank you

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<v Speaker 1>and again recapping the SMP five hundred index, advancing a

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<v Speaker 1>point now to three, a gain there of less than

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<v Speaker 1>one tenth of one percent. I'm Charlie Pellett and that's

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<v Speaker 1>a Bloomberg Business flash. Now on Bloomberg Radio, we take

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<v Speaker 1>stock of small business. Small businesses want more streamlining and

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<v Speaker 1>less red page small businesses and they can even accept

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<v Speaker 1>the no. But maybe there's so many people that have

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<v Speaker 1>ideas and it has to be more than that. It

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<v Speaker 1>had us to be making it real. Bloomberg taking stock

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<v Speaker 1>small business in focus on Bloomberg Radio, Small Business all

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<v Speaker 1>small business and fashion. For example, if you're looking for

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<v Speaker 1>products from brands such as Donna, Karen Ascotta as well

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<v Speaker 1>as Uh well a variety of other famous brands including

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<v Speaker 1>Mark by Mark, Jacob's Well where can you go. I

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<v Speaker 1>guess you can go to the stores, but you can

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<v Speaker 1>also go online, but in a particular way. And here

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<v Speaker 1>to tell us more as Victoria Cole, the chief executive

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<v Speaker 1>of Designers on a Dime. They are based in Houston,

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<v Speaker 1>and Victoria joins us in the studio today. Thank you

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<v Speaker 1>very much for being here. How do you describe your

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<v Speaker 1>website as being different than other online e commerce retail sites.

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<v Speaker 1>Designers on a Dime is different because there are a

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<v Speaker 1>lot of fashion e commerce companies, that's for sure. But

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<v Speaker 1>we're different in that we have fifty three platforms around

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<v Speaker 1>the globe where we are putting the merchandise and we

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<v Speaker 1>rotate it approximately every thirty days to a different platform.

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<v Speaker 1>So people actually are shopping online in various parts of

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<v Speaker 1>the world looking at different items, and fashionist does always

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<v Speaker 1>want to see new items. So how do you get

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<v Speaker 1>your items? And look at the website? Oh my goodness,

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<v Speaker 1>I just looked at shop and I just got brand names.

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<v Speaker 1>I haven't even gotten to Designer Vintage yet. And there's

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<v Speaker 1>a very very long list of designer type brands, you know,

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<v Speaker 1>from load, you know load designer to very lux designer.

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<v Speaker 1>How do you get all this stuff. Well, we have

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<v Speaker 1>seven buyers in major metropolitan cities in the US, and

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<v Speaker 1>we look ahead, Kathleen, at about a year and a

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<v Speaker 1>half to two years, to know what trends are coming,

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<v Speaker 1>and then we formulate a plan and we get our

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<v Speaker 1>buyers to actually go out and curate all of those

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<v Speaker 1>types of items, so we have collections available for what's

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<v Speaker 1>coming up. You've got the accessories obviously, beauty brand names,

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<v Speaker 1>clothing of vintage designers, shoes. How do you make sure

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<v Speaker 1>that the condition and the quality is at a level

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<v Speaker 1>that the customer will find acceptable. Everything comes in if

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<v Speaker 1>it's clothing, everything gets drag cleaned in advance. Um, everything

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<v Speaker 1>gets checked by the warehouse when it's coming in. Buttons

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<v Speaker 1>are added if need be, and so on, zippers. Everything

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<v Speaker 1>is really scrutinized, and we have an authenticator to authenticate

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<v Speaker 1>designer brands. This is really critical and this is why

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<v Speaker 1>we have such a clamoring of followers around the globe.

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<v Speaker 1>So tell us a little bit about you. I don't

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<v Speaker 1>know where to start. You're an angel investor. You've mentored

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<v Speaker 1>startups and midsize companies and you've taken people the next

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<v Speaker 1>level all of the country. You worked as general manager

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<v Speaker 1>for quite a holding company or philanthropist. How did you

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<v Speaker 1>get here? Man? I love fashion. I've always had a

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<v Speaker 1>passion for fashion, and so I decided to I started

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<v Speaker 1>out with an eed Bays store years ago, in two

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<v Speaker 1>thousand and five, and it grew from there. So did

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<v Speaker 1>you do your what job were you doing then? Were

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<v Speaker 1>you doing something else and saying, oh, just for fun,

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<v Speaker 1>I'm gonna sell stuff on my exactly? That's exactly how

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<v Speaker 1>I start, and I think there's a lot of other

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<v Speaker 1>people that start that way as well. Now eBay is

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<v Speaker 1>still something that we maintain, but we're it's not one

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<v Speaker 1>of our major I mean, we have a lot of

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<v Speaker 1>different platforms across the US as well. How did your

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<v Speaker 1>finance this? I financed it myself, yourself, No outside. That's

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<v Speaker 1>privately held. And as far as the financing goes, have

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<v Speaker 1>you gotten offers to sell the company? Not yet? Not yet?

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<v Speaker 1>The kind of volume are you doing? Can you tell us? Well,

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<v Speaker 1>because it's privately held, of course, we have experienced exponential

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<v Speaker 1>growth recently, and I think it's part of that is

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<v Speaker 1>you know, when Macy's makes their statement we're going to

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<v Speaker 1>close a hundred stores, people pay attention and the reason

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<v Speaker 1>they're closing a hundred stores is because people are going

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<v Speaker 1>to shopping online. So when when you have that kind

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<v Speaker 1>of publicity, it just fuels it even more. And people

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<v Speaker 1>like to be able to shop in five seconds. You

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<v Speaker 1>go on your cell phone and be in our store

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<v Speaker 1>in five seconds literally, and purchase an item in five

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<v Speaker 1>more seconds. So if I want to buy something, it's

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<v Speaker 1>really easy. I can go to designers on a dime.

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<v Speaker 1>I can see all the pictures. What if I want

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<v Speaker 1>to sell you something, Well, it's funny you would mention that.

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<v Speaker 1>Because we are going to start in January of next year,

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<v Speaker 1>we're going to start a fashion road show and we

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<v Speaker 1>are going to be going to ten major metropolitan cities,

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<v Speaker 1>starting in California. We're going to go to l A

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<v Speaker 1>and San Francisco first, and we are going to meet

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<v Speaker 1>up close and personal with our clients, and we're trying

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<v Speaker 1>to discover some holy grails, if you will, of fashion

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<v Speaker 1>treasures that people have in their closets. I also note

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<v Speaker 1>that on your website you put together entire outfits for people.

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<v Speaker 1>So if you're Adultera and Gabana person, you can buy everything, shirts, skirts,

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<v Speaker 1>flip flops. Uh is that a very popular aspect of

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<v Speaker 1>your presentation. It is a popular part and you know

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<v Speaker 1>we have We just did a back a school with

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<v Speaker 1>showing Ralph Lauren fashions all under twenty five dollars and

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<v Speaker 1>so the moms just loved that. To save money, I'm

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<v Speaker 1>back to school fashion with Ralph Lauren. I just got

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<v Speaker 1>ask you really quickly, how do you know what's coming next?

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<v Speaker 1>You said, you guys start a year and app how

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<v Speaker 1>do you know what's coming next? Victoria? We have a

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<v Speaker 1>fashion Snopes and we have our ears on the ground

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<v Speaker 1>in all kinds of areas all across the globe, and

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<v Speaker 1>we know, well, it's a it's a cool site. Uh pm,

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<v Speaker 1>I I think I might have got my appetite a

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<v Speaker 1>little more wedded for a little online shopping. I thought

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<v Speaker 1>you just talked yourself into it already. Victoria call, thank

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<v Speaker 1>you so very much for joining us. Thank you so

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<v Speaker 1>much for having me founder CEO Designers on a Dime.

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<v Speaker 1>She's based in Houston, Texas, joining us today on taking

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<v Speaker 1>stock in our New York studio. Check it out Designers

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<v Speaker 1>on a dime dot com. It's pretty easy. I'm Kathleen

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<v Speaker 1>Hayes along with PM Fox This is taking Stock on

0:10:54.920 --> 0:11:01.240
<v Speaker 1>Bloomberg Radio, and of course this is Bloomberg coming up

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<v Speaker 1>on taking Stock. The Conference Board's leading economic index ticked

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<v Speaker 1>up again in July. Moderate economic growth. What does the

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<v Speaker 1>future hold? We've got more details next