Hello friends! This week I decided to tell a short story as part of my brand study. I hope you enjoy it 🖋️. On to Intangible!
If you’re returning from last week, thanks! If you’re new, nice to have you! Share the love and tell your friends to sign up here.
Wandering Bear Coffee ☕
I can thank my old office manager for a̶d̶d̶i̶c̶t̶i̶n̶g̶ introducing me Wandering Bear - a dangerously delicious cold brew coffee that has 2X the caffeine of normal coffee. It also tastes amazing: not too sour or burnt, its chocolatey robustness pairs excellently with a sweet morning pastry.
Wandering Bear was founded in 2013 by Ben Gordon and Matthew Bachmann while in business school at Columbia University. They bonded over the homemade cold brew they drank in class and decided to try selling it to their friends. Five years and $10.5M in funding from AccelFoods later, and they’re on the shelves at Target, Whole Foods, and Amazon.
reMarkable 📝
I’ve always been a paper notebook person. Yes, I understand the convenience of having documents in the cloud, and yes I know typing is faster - but it’s always been a feel thing for me. Paper just feels better.
reMarkable is here to solve that. Their digital writing and reading pad is “the closest thing to paper since paper” according to Mashable, the BBC, and many other product reviewers. It also has written text to digital text conversion capabilities, if that’s your thing too.
The pad comes in black or white and starts at $499. While that might be steep for a paper notepad replacement, I’m interested to see where they’ll take the technology next - they recently raised $15M from Spark Capital.
Hype & Vice 🎓
I first discovered Hype & Vice while perusing Y-Combinator’s summer 2019 class this past fall. Not many apparel companies make the cut at YC, so I was intrigued to learn more about the Gen Z game-day outfitter.
Founded in 2015 by Cecilia Gonzalez and Kimberly Robles, Hype and Vice sells official alma mater licensed apparel that embodies American undergrad fashion. What excites me the most about Hype & Vice is their product-market fit and marketing potential. Their outfits find themselves on social media influencers without even trying.
News I’m Following 👀
🌊 White Claw sales will hit over $1.5 billion this year. Ain’t no laws when you’re drinking claws, except that Mark Anthony Brands is swimming in a tsunami of cash. The overall hard seltzer category is predicted to be $2 to $2.5 billion this year; White Claw conservatively accounted for over 60% of total hard seltzer sales.
Is this an indicator of an overall trend or just a fad? Another crisp data point: White Claw invested for a 300% growth rate this year but ended up at 360%.
☕ Mobile-only coffee chain Bandit launched this week. Founded by ex-Uber Max Crowley, Bandit is just like any other coffee shop - except you can only order with your phone.
This means you can order your triple mocha-frappe-latte ahead, don’t have to wait for people to fumble around with their credit card, and you won’t be called Steve when your name is actually Sean. Crazy, right?
👓 Warby Parker launched Scout contacts. And they aren’t cheap, at $110 for a 3 month supply. So what is Warby Parker doing here? It’s called a brand extension.
Warby Parker is known for producing trendy, affordable glasses. Branded contacts align with their consumer benefit (relevant eye care) and allow them to serve a new customer segment. This grows Warby’s market share, improves brand loyalty, and increases the efficiency of their marketing exposure.
Is it going to work? I’ll be keeping a close eye on them 😉
Brand Study: Allen Edmonds 📝
Before we dive into my favorite dress shoe brand, I want to tell you a story.
The summer of 2013 I received an offer to intern at a large consulting firm. All the whispers about corporate cards and airline miles were about to come true. But first I was shipped off to training week where we eligibly would learn about “executive presence” and “thought leadership”.
When we arrived at the hotel, we were split up into groups and began the espresso-fueled process of learning how to be consultants. Our workshop leader was a partner who was the quintessential consultant - bespoke blue suit, hair suggesting he saw the barber that morning, and a slight mid-atlantic accent that a yacht club member might have. He was smooth, and commanded our attention.
We spent most of the week working on a business challenge competition that concluded with a presentation. It went well - we ended up getting 3rd place. But I was exhausted, and my dress shoes had given me blisters. As I rolled out of bed on the last day, I decided to ditch the dress shoes for a pair of worn-in boat shoes. We only had two informal meetings that morning, then it was time to fly home. My feet rejoiced.
The first meeting went by quickly - there was only an “etiquette meeting” standing between me and my flight home. Should be a piece of cake. The blue-suited partner strolled into the room and told us all to sit around a large table. Another group introduction? Seriously?
Without a word he bent over, untied his shoe, and slapped it on the table. It was a cool shoe - golden brown with intricate detailing. Someone asked him what it was.
“These are Allen Edmonds. One of my favorite pairs”.
Sweet. But why is he showing off his shoes?
“I want everyone to take off their shoes and put them on the table”.
This was when I realized the situation. I looked down at my beloved but haggard boat shoes and saw that my fate was sealed.
“What do we think of everyone’s choice of shoes today?”
A few people were already looking at mine. Should I say something to get ahead of what was to come?
“Everyone looks pretty good,” he said walking around the table. Then he saw my shoe. He leaned over and picked it up.
“Who’s is this?” I raised my hand and blurted out something about blisters.
“This is an example of what not to wear at the client site. Ever”
I didn’t dare make eye contact. With his hand on my shoulder, he said “luckily today we aren’t at the client site. Put your shoes back on”
That was the day I discovered Allen Edmonds.
Allen Edmonds was founded by Elbert Allen in 1922 in Belgium, Wisconsin. He designed his first shoes without nails or shanks, which at the time was a product innovation. His nail-less shoes carried them through the Great Depression, and also scored them contracts with the Army and Navy during WW2. After the war, newly minted businessmen around the country continued to buy his shoes for office work. The company thrived until the late 1990s when its leadership turned over. After a few tumultuous years, it was bought by Brentwood Associates in 2016 for $255 million. Since then Allen Edmonds has opened 78 stores across the United States and is back on track for steady growth.
What makes Allen Edmonds such an iconic brand?
Branding: One of the oldest made-in-the-USA shoe brands. American history is intertwined into their products, from the industrial revolution to world wars. Talk about illustrious.
Positioning: Allen Edmonds aren’t cheap (~$200 - $500), but they’re also not exorbitant. Even a lowly consulting analyst can afford a pair 😉
Performance: Allen Edmonds are solidly built and fit well. I bought a pair in 2014 that I still wear regularly. They also offer refurbishment services like heel replacement and sole recrafting.
Style: They're at home in the club, or at the movies. They work with suits, jeans, or pretty much anything. I’ve received more compliments on my Strand Oxfords than any other piece of clothing I own.
If I haven’t convinced you to buy a pair yet, I have one more thought that may push you over the edge. They’re often on sale for 40% off during Nordstrom’s Anniversary Sale in July.
Think you can wait that long?
Shareables 😏
🎆 2019 is almost over! Here’s a cool page on the year’s fashion trends.
🐟 Ever tried white caviar from an albino sturgeon? It will set you back $100,000.
⌨️ ur weird if u have auto caps on. why does everyone type in lowercase only now?
🎧 Want to increase your anxiety about losing your new Airpods? Look no further.
🍺 99 cans of Pabst on the wall, 99 cans of Pabst. Seriously, you can now buy a 99-rack.
Hey! I’m Sean, a first-year MBA at the University of Michigan. Know of a new brand I should feature? Hollar at me! I’d also love your feedback - feel free to shoot me a note at seansky@umich.edu.