WEBVTT - Every Body Is a Summersalt Body 0:00:00.160 --> 0:00:04.160 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:00:04.240 --> 0:00:08.360 Quick Takes Tim Stinovic on Bloomberg Radio. Recently gotten the 0:00:08.400 --> 0:00:11.959 mail a Summersault catalog. They are a company that's definitely 0:00:11.960 --> 0:00:15.319 doing swimsuits differently for women. Not just about swimsuits. They 0:00:15.320 --> 0:00:18.560 are building a lifestyle brand, So let's find out how 0:00:18.600 --> 0:00:21.160 they're doing it, because they've just been a few years 0:00:21.239 --> 0:00:24.880 in the making. Lori Coulter and Rishma Chamberlain. They are 0:00:24.880 --> 0:00:27.960 the co founders of the director consumer sustainable swimwear brand 0:00:28.000 --> 0:00:31.760 called Summersault. Reshma is also a chief brand and Digital 0:00:31.800 --> 0:00:34.680 officer and Lori is CEO and president. Both joining us 0:00:34.760 --> 0:00:37.680 on the phone in St. Louis Raishma and Laurie. So 0:00:37.800 --> 0:00:41.559 nice to have you here with us. First of all, Um, welcome, 0:00:41.640 --> 0:00:43.920 Welcome to Bloomberg Business Week. How are you and what's 0:00:43.920 --> 0:00:46.239 this past year been like? Well, first of all, thanks 0:00:46.280 --> 0:00:48.360 so much for having us. We're really excited to be 0:00:48.400 --> 0:00:52.199 here in the salt and to tell and share Summersault story. Um, 0:00:52.479 --> 0:00:54.880 like everyone else, the past year has been a you know, 0:00:55.040 --> 0:00:58.280 absolute wild ride. But we're really fortunate to be in 0:00:58.320 --> 0:01:01.760 a space where the consumer where has responded we are, 0:01:01.800 --> 0:01:03.320 you know, let her when weere and how she wants 0:01:03.360 --> 0:01:07.120 to be spoken to with with truly an exceptional product. 0:01:07.200 --> 0:01:09.400 And it's it's you know, in the end, it's been 0:01:09.440 --> 0:01:12.520 a fantastic year for some results, but not without its 0:01:12.560 --> 0:01:15.120 challenges for well. Absolutely and and you know, I was 0:01:15.160 --> 0:01:18.240 looking at some some stats the global swim wear market. 0:01:18.319 --> 0:01:20.440 I mean that's probably thin. Taking everybody into account, is 0:01:20.480 --> 0:01:23.720 something like eighteen nineteen billion dollars. It's a lot. RACI 0:01:23.800 --> 0:01:26.600 mccomon in on this. You guys are doing it differently. 0:01:26.680 --> 0:01:30.199 Tell us about your approach. Yeah, absolutely, Thank you again 0:01:30.240 --> 0:01:32.600 for having us. It's all about the customer. For us, 0:01:32.640 --> 0:01:34.640 we always put her first swim where had been done 0:01:34.640 --> 0:01:37.880 in the most antiquated way for generations and decades. Right, 0:01:38.240 --> 0:01:40.960 no one was thinking about what women really wanted. We 0:01:41.000 --> 0:01:43.960 wanted swim where that was functional, comfortable, sexy on our 0:01:44.000 --> 0:01:46.360 own terms that some resault. We used ten thousand women's 0:01:46.400 --> 0:01:49.880 body scans at one point million measurements to really define 0:01:49.920 --> 0:01:51.600 our fit. And then we want to speak to her 0:01:51.600 --> 0:01:53.120 in a way that she wants to be spoken to. 0:01:53.840 --> 0:01:56.800 We want to see ourselves reflected in the marketing that 0:01:56.920 --> 0:01:59.240 tells us what we should wear or give us ideas, 0:01:59.280 --> 0:02:02.360 and so we've recently launched at Everybody's a Summer Salt 0:02:02.360 --> 0:02:05.600 Body campaign that really showcases the incredible diversity that our 0:02:05.640 --> 0:02:08.200 customer represents, and in the end, we do it all 0:02:08.280 --> 0:02:11.400 for her and are inspired by her. Well. And it's interesting, Laura, 0:02:11.440 --> 0:02:14.400 I mean, you've been in the swimsuit business. You know 0:02:14.960 --> 0:02:18.200 before you understand it, you've seen different cycles. Both of 0:02:18.200 --> 0:02:20.800 you understand it. I mean I I was thinking about 0:02:20.800 --> 0:02:24.360 preparing for this. It's all about fit fabric. Uh, everybody's 0:02:24.400 --> 0:02:27.840 ever gone bathing suit shopping, At swimsuit shopping, it can 0:02:27.880 --> 0:02:32.800 be an incredibly frustrating event because not you know, typically 0:02:33.000 --> 0:02:36.760 it's not always for all kinds of body sizes, your approaches, 0:02:36.800 --> 0:02:38.359 and having looked at your catalog, I was kind of 0:02:38.360 --> 0:02:43.079 blown away. You really embrace everyone who's out there. So 0:02:43.080 --> 0:02:46.120 so really, our goal along has been to inspire joy 0:02:46.240 --> 0:02:48.280 in the lives of our consumer and if you think 0:02:48.280 --> 0:02:50.960 about how to how we all felt at the beach 0:02:51.040 --> 0:02:54.760 as children, it was really about engaging with life fully 0:02:54.880 --> 0:02:57.520 having fun, and a swimsuit should be fun and it 0:02:57.520 --> 0:03:01.000 it really had been been done and this antiquated way 0:03:01.080 --> 0:03:04.959 that Russima reference over sexualized and dated by the way 0:03:04.960 --> 0:03:08.480 that doesn't look very modern on social media in the 0:03:08.520 --> 0:03:11.959 way that many women are finding brands today. And so 0:03:12.240 --> 0:03:14.400 there was just such a huge white space for us 0:03:14.400 --> 0:03:18.440 to go out and present our product in a modern 0:03:18.480 --> 0:03:21.480 way that really resonated with consumers. And we're really grateful 0:03:21.560 --> 0:03:24.160 to see, you know, just how much the brand has 0:03:24.200 --> 0:03:26.120 taken off, and by the way we're doing it in 0:03:26.160 --> 0:03:29.400 the right way, you know, across the board, from an 0:03:29.480 --> 0:03:33.240 environmentally friendly approach to the way we're presenting a diverse 0:03:33.240 --> 0:03:36.160 set of women, you know, in every way. Well, and 0:03:36.200 --> 0:03:38.640 it's interesting that you talk about I mean, you're using 0:03:38.720 --> 0:03:42.840 recycled or recyclable materials. I mean, I've been talking to 0:03:43.400 --> 0:03:46.680 chief sustainability officers at Walmart, at Cisco, a lot of 0:03:46.680 --> 0:03:49.680 different places. I mean, this is increasingly a part of 0:03:49.720 --> 0:03:54.880 the DNA of companies. UM. You are the chief brand officer, 0:03:55.000 --> 0:03:58.240 I mean, how much does your consumer care about not 0:03:58.280 --> 0:04:02.760 only great fit and function UM and looking good, but 0:04:03.040 --> 0:04:05.360 how much in terms of what the company stands for 0:04:05.400 --> 0:04:07.520 and how they make the product. How important is that 0:04:08.240 --> 0:04:11.680 well eco friendliness and sustainability. We believe our table stakes, 0:04:11.680 --> 0:04:14.920 but we also believe in UM working towards a not 0:04:15.200 --> 0:04:18.440 perfectionist approach, if that makes sense. A lot of people have, 0:04:18.600 --> 0:04:21.040 you know, big bars that they cannot reach, and then 0:04:21.040 --> 0:04:23.800 the consumers can kind of sniff out in authenticity. As 0:04:23.800 --> 0:04:27.440 Summer soult, it's all about being incredibly honest with our consumers, saying, hey, 0:04:27.760 --> 0:04:30.880 give us suggestions to do better here. We're asking the 0:04:30.960 --> 0:04:34.200 right questions to all our vendors. We're focusing on sustainability 0:04:34.200 --> 0:04:37.080 and eco friendliness and sharing kind of the true nature 0:04:37.080 --> 0:04:39.000 of where we are in our journey with our consumer. 0:04:39.080 --> 0:04:41.720 It's really not about perfectionism. And this is truly a 0:04:41.800 --> 0:04:45.360 unique approach that Summer solved. Whether that's about inclusivity, whether 0:04:45.400 --> 0:04:48.640 that's about sustainability, it's a truly human approach because any 0:04:48.640 --> 0:04:51.040 company that says that they're perfect and this is not 0:04:51.120 --> 0:04:54.320 really being authentic. And we really believe and being honest 0:04:54.320 --> 0:04:56.839 and truthful with our consumer as we kind of navigate 0:04:56.920 --> 0:04:59.280 this journey together. But it truly is table stakes. This 0:04:59.400 --> 0:05:01.520 company is big in to kind of become the next 0:05:01.520 --> 0:05:05.479 generation defining businesses. Lorie, it's Bloomberg. We like to know 0:05:05.760 --> 0:05:09.080 about a company's velocity. Give me an idea. You started 0:05:09.640 --> 0:05:13.920 back in May seventeen. So here you are. What four 0:05:14.080 --> 0:05:16.480 years in tell me about the growth in the business 0:05:16.480 --> 0:05:19.800 that you've been seeing. Well, it's been an an absolute 0:05:19.880 --> 0:05:22.240 rocket ship and a pleasure just to be a part 0:05:22.240 --> 0:05:24.240 of something that's so much bigger than any of us 0:05:24.279 --> 0:05:27.400 are individually. But we've seen that rapid growth. It pusses 0:05:27.440 --> 0:05:31.279 in the top one of venture capital, that consumer facing 0:05:31.440 --> 0:05:35.800 startups you know, worldwide, which is just phenomenal. And we 0:05:36.279 --> 0:05:41.680 continue to experience your growth through the COVID year. It 0:05:41.760 --> 0:05:45.240 was just unbelievable and and are seen that kind of 0:05:45.400 --> 0:05:51.240 same accelerated pace throughout. So Richmond, does it stay digital 0:05:52.240 --> 0:05:56.000 our stores likely at some point. Well, it's all about 0:05:56.000 --> 0:05:59.200 giving our customers unique experiences. So when we think about 0:05:59.240 --> 0:06:02.000 retia versus digital, it's all about new and unique ways 0:06:02.000 --> 0:06:04.760 in which our customer can interact with our brands. So 0:06:04.800 --> 0:06:07.200 when we think about retail, we really think about truly 0:06:07.279 --> 0:06:11.400 experiential retail where we can provide something more than just commerce, 0:06:11.400 --> 0:06:14.919 where we can provide placemaking, community building and creating a 0:06:15.000 --> 0:06:17.400 true experience for our community to connect with each other 0:06:17.480 --> 0:06:20.080 and with our brands. So when we think about retail, 0:06:20.120 --> 0:06:24.320 we're really thinking about creating something extremely extremely new, fun 0:06:24.720 --> 0:06:27.800 and a concept where we can blend hospitality and retail. 0:06:28.160 --> 0:06:30.920 What does that mean and does that mean stores eventually 0:06:30.920 --> 0:06:34.400 down the road? Yes, it absolutely means stores down the road. 0:06:34.480 --> 0:06:36.800 It's really interesting to think about DTC one point and 0:06:36.880 --> 0:06:38.839 two point or brands that had to build stores to 0:06:38.839 --> 0:06:42.000 acquire customers. For us, we really had an incredible, thoughtful 0:06:42.040 --> 0:06:45.600 customer acquisition, incredible organic growth. So when we think about 0:06:45.640 --> 0:06:48.040 retailer is going to be about placemaking and we're really 0:06:48.040 --> 0:06:50.320 excited to take that next step. What's the best way 0:06:50.360 --> 0:06:52.240 to do that? And Laurie maybe come on in on this. 0:06:52.400 --> 0:06:54.440 Is it to do it a standalone your own own 0:06:54.560 --> 0:06:57.440 stores or is it to do it as shops within 0:06:57.800 --> 0:07:02.120 major retailers or department stores or little bit of both. Um. 0:07:02.320 --> 0:07:05.800 I think we're committed to the vertical retail UM path, 0:07:05.920 --> 0:07:09.760 so that would be standalone stores for the most partner. Again, 0:07:09.800 --> 0:07:12.200 it's about that one to one relationship with our consumer 0:07:13.000 --> 0:07:16.120 moving forward and in as Rushma mentioned, creating that place 0:07:16.120 --> 0:07:19.920 where she experienceds Somersault UM as a complete lifestyle and 0:07:19.960 --> 0:07:23.040 so we're really excited to take it to the next level. UM. 0:07:23.080 --> 0:07:26.160 As we think about you know, the next twelve eighteen months, Well, lord, 0:07:26.200 --> 0:07:28.200 what is that next level? Because I mentioned you know, 0:07:28.240 --> 0:07:31.040 Swim's you know, you're a swim um where brand, but 0:07:31.080 --> 0:07:32.960 you really are looking to do it and you did 0:07:33.040 --> 0:07:35.920 during the pandemic. You moved into pajamas like, you know, 0:07:36.040 --> 0:07:38.680 things that people were needed at home at that point, 0:07:38.680 --> 0:07:42.280 and you pivoted pretty quickly. So so what's interesting is 0:07:42.320 --> 0:07:47.080 we had already entered many of the apparel categories UM 0:07:47.120 --> 0:07:50.640 that accelerated through COVID, So we were fortunate to already 0:07:50.640 --> 0:07:54.800 be in pajamas, cozy, comfy, lounge where at leisure as 0:07:54.800 --> 0:07:59.400 well as as everything cozy Kashmir. And what's what's interesting 0:07:59.760 --> 0:08:02.560 is is that sometimes people like to refer to it 0:08:02.600 --> 0:08:04.520 as a pivot, but we were actually already in those 0:08:04.560 --> 0:08:06.960 categories and we're able to build it out UM due 0:08:07.000 --> 0:08:11.560 to our supply chain speed really rapidly and UM certainly 0:08:12.040 --> 0:08:16.960 you know, over thirty of our revenue UM comes already 0:08:17.080 --> 0:08:19.840 from apparel, and so as we continue to build out 0:08:20.240 --> 0:08:23.640 new categories, that that percentage continues to climb, which was 0:08:23.880 --> 0:08:27.400 you know, phenomenal. Where do you see it all going? Um, Raisa, 0:08:27.560 --> 0:08:30.360 is it eventually an I P O or how do 0:08:30.400 --> 0:08:33.520 you guys continue to you know, provide the momentum, provide 0:08:33.520 --> 0:08:35.040 the capital. Can you continue to do it in the 0:08:35.040 --> 0:08:38.280 private markets? Well, for us, it's really about branding the 0:08:38.320 --> 0:08:41.280 next generation defining brand and really kind of marching to 0:08:41.480 --> 0:08:44.360 creating that brand that people have in every corner for 0:08:44.400 --> 0:08:47.320 our wardrobe. Um, for us, it's not about you know, 0:08:47.400 --> 0:08:49.840 Laurie and I built two businesses before, and we never 0:08:49.840 --> 0:08:52.320 set out to do something small. For us, it was 0:08:52.360 --> 0:08:55.680 really creating a brand that people in my home country 0:08:55.720 --> 0:08:59.040 of India can recognize and uh in the smallest towns 0:08:59.040 --> 0:09:01.160 in Missouri know about some results. So for us, it's 0:09:01.160 --> 0:09:04.760 about infiltrating essentially every wardrobe in America and the world. 0:09:04.800 --> 0:09:06.559 And that's what we're here to do, right And this 0:09:06.640 --> 0:09:09.120 is I mean this, everything that you're doing, um, Laurie 0:09:09.360 --> 0:09:13.400 is on a global level. Correct Um. Yes, we are 0:09:13.440 --> 0:09:17.040 selling globally, although on a little secret watch what we 0:09:17.080 --> 0:09:20.800 have coming in the next a few months. So from 0:09:20.800 --> 0:09:23.400 that perspective, sounds like more is coming. Okay. One thing 0:09:23.400 --> 0:09:25.160 I wanted to ask both of you, it's something that 0:09:25.160 --> 0:09:27.360 we talk about a lot on Bloomberg and certainly within 0:09:27.400 --> 0:09:30.000 the venture capital world about you know, the lack of 0:09:30.040 --> 0:09:33.920 women in senior VC positions, the lack of capital often 0:09:34.040 --> 0:09:38.960 for women lead or women created businesses. Um Laurie, what's 0:09:38.960 --> 0:09:43.280 been your experience. Well, I think what's fascinating and most 0:09:43.280 --> 0:09:47.679 people don't realize, is that only three percent venture capital 0:09:47.920 --> 0:09:52.440 dollars goes women founders, and you know, certainly even less 0:09:52.440 --> 0:09:54.559 it's going to founders in the Midwest. So we're really 0:09:54.720 --> 0:09:56.760 proud of the fact that we've been able to break through. 0:09:56.840 --> 0:10:00.160 And I think what investors need to understand is, uh, 0:10:00.520 --> 0:10:02.680 women founders that are breaking through and getting to the 0:10:02.760 --> 0:10:06.520 level that that we're at with Somersault. From attraction perspective, 0:10:06.920 --> 0:10:10.040 these are these are truly breakout companies, not only from 0:10:10.040 --> 0:10:12.840 a revenue perspective, but also from you know, just the 0:10:13.000 --> 0:10:16.280 just the drive to break through and talk to the 0:10:16.440 --> 0:10:19.120 you know, hundreds of investors that takes to really to 0:10:19.280 --> 0:10:23.160 circle that dollars. Now, what's interesting now is that Somersault 0:10:23.760 --> 0:10:26.839 receives you know, almost an endless number of inbounds and 0:10:26.920 --> 0:10:29.840 regards to you investors looking you know, to fund the 0:10:29.880 --> 0:10:32.560 next level of growth for a Somersaults. So from that perspective, 0:10:33.320 --> 0:10:35.760 we've really reached the threshold. But you know, we believe 0:10:35.760 --> 0:10:38.920 it's our job as women founders to really boarded the 0:10:38.920 --> 0:10:41.480 path for those that are coming from from behind us 0:10:41.640 --> 0:10:44.720 and to really help UM draw attention to the fact 0:10:44.720 --> 0:10:48.240 that this three percent number has got to change. Yeah. Absolutely, 0:10:48.240 --> 0:10:51.560 I mean it's just kind of unbelievable. UM the untapped 0:10:51.600 --> 0:10:55.240 network and certainly funds going into women businesses. Hey, Rachel, 0:10:55.440 --> 0:10:57.160 one thing I want to ask you guys, UM, As 0:10:57.240 --> 0:10:59.640 Laurie reminded me, you guys were already in pajamas you 0:10:59.679 --> 0:11:02.560 guys is you know, have sweatshirts, you have hoodies, you 0:11:02.640 --> 0:11:06.080 have a lot of things that UM really appeal to 0:11:06.160 --> 0:11:09.360 the consumer. Currently, just got about thirty seconds left here. 0:11:09.480 --> 0:11:11.840 What's the biggest growth part of your business when it 0:11:11.880 --> 0:11:14.760 comes to the product lines. Well, for us, it's all 0:11:14.760 --> 0:11:18.960 about surprising and delighting our consumer. Or pajamas doing incredibly well, Lounge, 0:11:19.000 --> 0:11:22.520 we're active, We're intimates are incredibly successful for us. For so, 0:11:22.559 --> 0:11:25.120 it's not about just one category. As you mentioned, it's 0:11:25.160 --> 0:11:27.679 about ordering every single corner and every drawer in her 0:11:27.720 --> 0:11:30.560 wardrobe and providing joy to every garment and making it 0:11:30.640 --> 0:11:33.160 eco friendly and stylish while we do it well, UM, 0:11:33.240 --> 0:11:34.720 you're hitting on a lot of things that we know 0:11:34.840 --> 0:11:38.000 are really really important to consumers right now. Um, I 0:11:38.040 --> 0:11:39.760 hope you'll come back and let us know how things 0:11:39.800 --> 0:11:43.040 are going, uh, and how as you continue to expand 0:11:43.640 --> 0:11:45.600 what's going on and just give us an update. Lori 0:11:45.760 --> 0:11:49.400 Culter and Racial Chamberlain there are the co founders of Somersault, 0:11:49.480 --> 0:11:52.640 both joining us on the phone in St. Louis.