PressBox Avoided Winner-Take-All Mentality, Targeting 3% High-Rise Market Share
Vijen Patel · Pressbox and Tide Cleaners: Vijen Patel. The $1.99 Gamble That Built a National Brand · Oct 6, 2025 · at 49:44
Vijen Patel, co-founder of dry-cleaning locker startup PressBox (acquired by Procter & Gamble), explains why the company did not try to compete across all consumer demographics like venture-backed on-demand delivery apps.
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“Our view was that if we just capture three percent market share, we're gonna be millionaires. And so we didn't view this as a winner-take-all market.”
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More from Vijen Patel
Patel: Automated dry cleaning depots achieve 40% operating margins
“But what we realized is that if we could get some 24 seven access or depot, you can get rid of rent and labor on site. And that all of a sudden allows you to operate at 40% margins.”
P&G Pursued Laundry Services Because Tide Reached 52% Market Share Cap
“They're at 52% market share of Tide, and they can't push that much further. And so they've always organically had this journey where if they can't provide the goods for laundry, can they just do your laundry?”
All But One Property Partner Refused P&G's Bounties to Drop PressBox
“And ultimately, all of our partners except for one said no thanks.”
81 Collection Backed a Pet Cremation Business With 80% EBITDA Margins
“We just recently did an investment in pet cremation, and we were blown away. 80% EBITDA margins.”
Patel: Traditional dry cleaners operate at zero percent margins after owner salaries
“Because dry cleaners operate at 15% margin businesses. And by the way, when you take out the salary of the owner operator, it's like zero percent.”
PressBox Achieved 26 Locker Transactions Per Hour Versus On-Demand's 4 to 6
“And we did the math, and the max transactions you could do with a pickup and drop-off service, which had been the true Uber model, was four to six transactions per hour, and then we realized with our model, we could do 26.”