Shep Murray is co-founder of Vineyard Vines, discussing the company's financial scale entering the 2008 recession.
Assertion Not checkable as stated
Shep Murray: Shift to Casual Workplaces Opened Opportunity for Colorful Ties
“And at the time that we started, it was all about the casual workplace. Steve Jobs is wearing the black mock turtleneck. And a lot of the other companies were making drab colors as a result. And we saw an opportunity in the marketplace to make a tie with color…”
Opinion
Shep Murray: Off-price inventory liquidation saved Vineyard Vines in 2008
“And so we liquidated a lot of our
Inventory to, like, the TJ Maxx's and Filene's. And that actually was, I think, the thing that saved us during that time.”
Assertion Supported
Shep Murray: Gifting ties to news anchors earned segments across major networks
“And we would get handwritten notes back by people, and then those anchor people would call their producers and say, hey, listen, this is an American dream story. And so we ended up getting segments about our story at all the major networks.”
Assertion Not checkable as stated
Shep Murray: Vineyard Vines lost $1M on early retail store operations
“And so we were doing, like, I don't know, a couple million bucks, and we were losing a million bucks in the process.”
Assertion Not checkable as stated
Shep Murray: 70% of early Vineyard Vines shoppers were women buying men's clothing
“So, 70% of the people that were walking through our door was a woman 35 to 55 years old. And 70% of the product was for men.”
Assertion Not checkable as stated
Shep Murray: Vineyard Vines won Boston consignment placement via backgammon bet
“Said, I'll tell you what, we play a game. If I win, you take some ties on consignment. If I lose, you'll never have to hear from me again. And so we played and I beat him. And that was the beginning of a very, very nice relationship.”