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Wharton Magazine: Warby Parker, How Warby Parker Builds an Inclusive Workforce. A group of Wharton MBA students took on Big Eyewear—and made a difference. “The lines have blurred, and continue to blur, around the definition of retail,” said Marketing lecturer and AlixPartners’ Managing Director Bryan Eshelman at the 2019 Wharton Graduate Retail Conference. How Warby Parker Builds an Inclusive Workforce That year they were semi-finalists in the Wharton Business Plan Competition (now the Startup Challenge). He tells Fast Company how a pact over a beer at the company’s inception helped its founders preserve their friendship. They pooled savings they had from working before going to Wharton and raised $120,000 to get Warby Parker off the ground between the 4 founders. 9 notable online retail startups — including the first to set the direct-to-consumer revolution in motion, Warby Parker — were founded by Wharton grads. Warby Parker made sure to create buzz. The event featured panelists from popular companies Away, Sweetgreen, The Wing, Theory, Lola, Aaptiv, and more. Brands must address a dearth in the market, understand their core customers, and cater directly to their needs in order to remain relevant in this overpopulated industry. They did win a couple grants from Wharton. Wharton Professor Adam Grant and Jeff Raider, WG'10, cofounder of Warby Parker and Harry’s, dug deep into leading and living. 215-573-8245 bakerretail@wharton.upenn.edu The Baker Retailing Center provides a platform to debate opportunities and challenges about trending topics impacting today’s retail landscape. Jesse Derris, founder of a PR firm that represents at least a dozen DTC brands, is married to DTC feminine care co-founder Jordana Kier of Lola. The team came together debating “Why does a pair of glasses cost as much as $700?” and discovered an industry they could disrupt. Co-founders: Rooshy Roy WG19 and Justin Silver WG19. Meet Neil Blumenthal, cofounder and co-CEO of Warby Parker. The name "Warby Parker" derives from two characters that appear in a journal by author Jack Kerouac. Warby Parker has vision. The popularity of e-commerce has become a growing threat to traditional brick-and-mortar stores, but Raider believes that “brands need a home” and that physical stores are a great marketing resource. Fast, free shipping both ways. Warby did 3 things to create viral buzz when they launched: The nine-year-old eyeglasses company was a direct-to-consumer pioneer, known … Harry’s also follows up with an email after every sale, and 10 percent of customers respond and engage in an open dialogue with the company. What’s intended here, though, is less about what Warby Parker has done and more about what they’re doing—and how they will continue to change how business gets done in general. Neil Blumenthal, Dave Gilboa, Jeff Raider & Andy Hunt met and created Warby Parker as 1st year MBA students. Here are some takeaways from Blumenthal’s remarks. Fast, free shipping both ways. Few thought the idea would work, but today Warby is valued at $1.75 billion, and its founding story has become a fairy tale at Wharton. Way back when we were getting off the ground, our co-founders/co-CEOs were lucky enough to learn under Wharton professor, Adam Grant.His early tutelage has stayed with us, and his generosity transcends the page. Launched: 2018. In order to inspire customers to change their long-time habits, it’s important to offer … Reported Funding To Date: $1.7 million. Neil Blumenthal is the co-founder and co-CEO of Warby Parker. The founders worked for a year and half without paying themselves. In retail, supply outpaces demand, making customer loyalty the number one driver for success. In order to uphold their motto, the company sought clarity and simplicity. That year they were semi-finalists in the Wharton Business Plan Competition (now the Startup Challenge ). Harry's Co-Founder & Co-CEO. The founders saw a disconnect in buying eyewear – there was a huge gap between what it cost to make glasses and what people were paying. The annual conference, hosted by the Wharton Graduate Retail Club and the Jay H. Baker Retailing Center, covered current trends and developments in the ever-changing retail industry. Huge brands dominate the retail shelves, maintain market share, and may not put customers first,” said Raider. Blumenthal, a Wharton alumnus, discussed the genesis of Warby Parker and why a mission employees can believe in is critical to a … “The goal is to expand to other CPGs (consumer packaged goods) to solve unmet customer needs that create better experiences for people. As Co-Founder of both Harry’s and Warby Parker, Jeff Raider aims to build companies and brands that positively impact people's everyday lives, and the world more broadly. Four guys walk into a bar. Blumenthal, who founded Warby Parker at Wharton with MBA classmates Andrew Hunt, David Gilboa, and Jeffrey Raider, shared his insights on how they built their innovative company from a Venture Initiation Program startup to an industry disrupter with its own manufacturing lab and retail shops. Dave Gilboa - Co-Founder & Co-CEO - Warby Parker | LinkedIn Warby launched in February 2010, but founders, Neil Blumenthal, Jeff Raider, David Gilboa and Andrew Hunt had been incubating their baby for a year at UPenn’s Wharton School. For example, after receiving countless requests to release a body wash product, Harry’s R&D team responded to customer needs by launching one. On Work and Life, Stew Friedman spoke with Neil Blumenthal, co-founder and co-CEO of Warby Parker, an industry-disrupting lifestyle brand that offers designer eyewear at low prices and ties every purchase to the donation of a pair of glasses to someone in need. As co-founder and co-CEO of Harry's Inc., Jeff Raider aims to build companies and brands that solve real consumer pain points. Find a new pair today with our free Home Try-On program. He then went to the Wharton School at the University of Pennsylvania to obtain his MBA and met the three classmates who would become his Warby Parker co-founders. Giving glasses to those without access to eyewear was in their original business plan. The Wharton School of the University of Pennsylvania has announced that Wharton MBA alumni, Neil Blumenthal and Dave Gilboa (both WG'10), co-founders and co-CEOs of Warby Parker, will be the featured speakers at the School’s MBA graduation in Philadelphia. Through partnerships with top retailers and brands, industry leaders, and our alumni across the world, Wharton Graduate Retail Club (WGRC) offers a variety of programming to help develop future retail talent and enhance the status of MBAs in this rapidly evolving industry. Adam Grant, professor at Wharton, wrote in his latest book Originals, “Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. Baker Retailing Center St. Leonard’s Court, Suite 310 3819 Chestnut Street Philadelphia, PA 19104. For every pair sold, a pair is distributed to someone in need. Harry’s value proposition of “a great shave at a fair price” is based on the founders’ frustration about shopping for razors: “We as consumers were not given the experience that we wanted,” Raider said. The company was founded in 2010 in Philadelphia by Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider and is headquartered in New York City. A New Building and New Ideas Come to Life A view into Tangen Hall, currently under construction at 40th and Sansom Streets in Philadelphia, … For every pair … Enter Warby Parker. Jeff Raider. Raider stressed the importance of communication in understanding how to better serve the target market and build a loyal customer base. Prescription eyeglasses starting at $95. ©2019 by Wharton Retail Conference. Find a new pair today with our free Home Try-On program. The Wharton Factor: “One of the elements of Wharton that sometimes doesn’t get recognized is the community,” says Roy. Prescription eyeglasses starting at $95. The idea got its start when they were students at the Wharton School and a friend could not afford to replace his glasses. How the Co-Founder of Harry’s and Warby Parker Navigates Constant Disruption in the Retail Industry Jeff Raider, WG’10, and other leaders in retail shared their insights into keeping ahead of industry trends at the 2019 Wharton Graduate Retail Conference. Five Questions (or so) With Harry’s The team came together debating “Why does a pair of glasses cost as much as $700?” and discovered an industry they could disrupt. With today’s surplus of brands, differentiation is key in capturing market share. The professionals discussed important topics such as disruption caused by DTC (direct-to-consumer) brands, rushed omnichannel attempts by traditional retailers, and rising consumer power. They avoided confusing promotions and guaranteed a fair price consistent across all distribution channels. They exceeded their first year sales goals in a few weeks and quickly shifted their focus to operations and customer service needs. It was at Wharton where the idea for Warby Parker was hatched. Raider predicts that low barriers to entry and evolving consumer preferences will encourage retail innovators to create more brands in the future. Harry's Inc. is a next-generation consumer products company, and its flagship brand, Harry's, strives to create exceptional personal care products that better meet the needs of modern men. 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