Founder, Gilt Groupe
If you’re an in-the-know, budget-conscious fashionista and it’s almost noon, chances are you’re awaiting the daily email from Gilt Groupe announcing the day’s private online offerings – up to 70% off retail prices. Knowing there was a better way to shop designer sample sales than braving snow and rain, standing in long lines and fighting over limited items, Featured Lady Alexandra Wilkis Wilson and co-founder Alexis Maybank took the experience online in 2007. With women’s and men’s luxury brands like Christian Louboutin, Dolce & Gabbana and Valentino on board, Gilt Group’s 2010 revenue is projected to be $400 – $500 million.
Harvard classmates and best friends, Alexandra and Alexis always knew they’d create something innovative together. Alexandra earned her bachelors degree from Harvard College and her MBA from Harvard Business School. “I have twelve years of international experience in the luxury goods, retail and finance sectors. Most recently I oversaw retail operations at BVLGARI overseeing 15 North American stores,” Alexandra says. “Prior to that I managed Leather Goods Sales Planning for Louis Vuitton North America, though I started my retail career as a consultant for retail guru Marvin Traub at Financo, Inc. Earlier in my career, I worked for three years in investment banking at Merrill Lynch in New York and in London.” Alexis, on the west coast, gained her business savvy as a founding member of eBay.
But way before college and Fifth Avenue, Alexandra was a young entrepreneur with a lemonade stand. “I discovered the beauty of pure profit since my parents would usually buy the lemonade and cups for me and not expect me to pay them back,” she says. Alexandra also learned about expanding category offerings while selling lemonade.
“I used to wear rope bracelets that I wove from embroidery threads and my lemonade clients used to compliment me on them,” says Alexandra. “I saw a market opportunity, started making as many rope bracelets as my tiny fingers could weave and sold them alongside my lemonade.”
Those fun times taught Alexandra how to sell herself and her product line, communicate with customers and team up with classmates who lived on the busiest intersections of NYC. “We had to sell in front of buildings with a doorman watching because we were too young to set up shop just anywhere in the Big Apple,” she remembers.
Years later, the concept for Gilt Groupe evolved from Alexandra and Alexis’ experiences seeking great deals on luxury labels. “After years of avidly shopping sample sales for designer goods at a discount, we realized there could be a new way to execute a sample sale while keeping the excitement high – and this new way was bringing it all online,” Alexandra explains. “We wanted to offer highly coveted premium brands at great prices to a nationwide audience.”
Using their personal contact networks to launch Gilt Groupe, Alexandra focused on bringing in the most desirable brands as partners while Alexis helped build an exciting website that streamlined the purchasing of products online. “It allowed our clients to make purchases rapidly, in mere minutes,” Alexandra says.
Alexandra knew she had a winning idea when Gilt Groupe’s first ever sale sold out in 45 minutes. “It was Zac Posen, and offered just to our family and friends,” she recalls. “It was pretty obvious to us all that we had tapped into something special.”
At that moment, ecommerce successfully met high fashion on the information superhighway. Today, the Manhattan company has close to three million members and continues to incite sample sale exhilaration.
“Every day we announce a curated collection of sales by top designers at a specified time. We’ve turned shopping into an event. By only having sales last 36 hours and shopping carts that expire after ten minutes, we put together a competitive, thrilling shopping experience for our members,” says Alexandra. “And if you think about the way men shop, this model has turned shopping for them into a sport – it’s efficient and competitive.”
In addition to taking great care to select the most sought-after premium brands to offer, Gilt Groupe makes an investment in the presentation of each piece of merchandise on the site. “We photograph and style every piece of merchandise that we sell,” says Alexandra.
But why the name Gilt? “Gilt means ‘covered in gold leaf—timeless and beautiful,’ like a lot of the items we sell on our site. But it’s also a fun word play with ‘guilty pleasure,’” Alexandra reveals. “We wanted it to be short, easy to spell and appealing to men while also attracting women. We added the French spelling for a little ‘je ne sais quoi.’”
Alexandra, who describes her company as innovative, creative and diverse, loves being a business owner. “I always knew that being an entrepreneur would be exciting and I was right!” she says. “I love that no two days at Gilt are alike and it seems impossible to become bored.”
The venture-funded, 450-employee company recently expanded its offerings to include deals on travel destinations and services such as spa treatments, restaurant reservations and exercise classes.
What we learned from Alexandra: “Always be flexible and resilient, and always listen to your gut instinct. And smile!”
Enjoy the Ride
“Being part of a start-up is exhilarating! Those beginning stages are unforgettable, and scary at times, but rewarding nonetheless.”
Test Taker
“I am also a huge advocate for testing out ideas. Not every idea works and that’s ok!”
Get Out There
“Pursue an idea about which you are passionate, iterate quickly on ideas you have, and be fast to enter the market, you can always tweak your ideas along the way.”
This Featured Lady was profiled by Megan L. Reese, WORDrobe® Stylist for Her Write Image in West Grove, PA.
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