The Ledger
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Advani: Ministry of Supply has doubled its business annually since launch
“The business has doubled year over year since that first year, that was and we, we've doubled the business year over year, and we'll continue to do that.”
Advani: Ministry of Supply will achieve profitability by late 2016 or early 2017
“We are approaching profitability much faster than I think a lot of our predecessors in the sense that ideally late this year, early next year, we'll cross that milestone.”
Advani: Ministry of Supply set a Kickstarter fashion record raising $429k
“429,000, I think in that month. And at the time that was kind of a behemoth on Kickstarter. I think Since that's been dwarfed a few times, but at the time, it was kind of the record holder for biggest fashion projects, and more than anything, just a validation…”
Advani says Ministry of Supply lost money on its initial Kickstarter
“We didn't have a good grasp on kind of the at scale cost of goods. And on top of that, we didn't properly factor in packaging or returns or anything like that. So we joke in hindsight that we probably lost a decent amount of money on the whole thing where our …”
Advani: Ministry of Supply has shipped over 100,000 units
“So, and we, we've shipped out over a 100,000 units.”
Advani: Ministry of Supply customers make their second purchase within 22 days
“Our second purchase typically happens about 22 days after the first.”
Advani: Ministry of Supply has raised about $7 million in outside capital
“We've taken on about seven million outside financing and use that money very efficiently.”
Advani: Ministry of Supply repeat rate has doubled since year one
“It's doubled from year one till present.”
Advani: Wholesale accounts for under 5% of Ministry of Supply sales
“Less than five percent of our business is a couple of key wholesale partners that we sell through that are great at telling our story.”
Advani: D2C apparel commands higher gross margins within 30% to 60% range
“I'd say anywhere between 30 and 60% is a good guess. It depends on the model. So you'll, you'll tend to see lower numbers when you look at companies who have a bigger B to B business. Where they don't sell direct to the consumer versus companies who sell direc…”
Advani: Ministry of Supply holds $500k to $1M in inventory
“Candidly, just throwing numbers that we're holding, you know, at any given moment, somewhere between a half a million and a million bucks of inventory.”