The Ledger
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WiseWear makes zero profit on wholesale retail distribution like Saks
“I would say that is accurate... And truthfully, it's a touch point where we go into, you know, it's in the store and at Saks and it's a great touch point for the customer. But yeah, that's not our high volume place.”
WiseWear discovered how to transmit Bluetooth and Wi-Fi signals through metal
“And we discovered here that we could transmit Bluetooth and wifi through metal.”
WiseWear is projected to reach $4 million in revenue in 2016
“We have some POs and shipped products internationally, so we're looking to do close to around four million this year.”
WiseWear has generated $1 million to $1.5 million in early sales
“No, we're probably around one and a half million.”
WiseWear avoided lower-tier retailers to protect its luxury brand image
“Cause we could have blew out our numbers this year.
but we would have sacrificed the brand.”
65% of WiseWear's smart jewelry sales are to college women
“Actually 65% of our sales are college women.”
Iris Apfel holds equity in WiseWear and serves as a designer
“Yes, she is. Our designer she has a new collection coming out this year. She's an advisor, an ambassador, and she likes to tell me what to do a lot.”
WiseWear has raised over $5 million to date
“I bootstrapped initially raised a friends and family round for 1.1 million and we're closing out another five million now.
So I've raised a little over five million to date.”
WiseWear is currently raising a $10 million equity round
“Raising another 10 now, and that's our first big equity raise.”
WiseWear's cost of goods sold ranges from $150 to $200 per unit
“Yeah, I mean, the range is 150 to 200, depending on the collection, you know, so it's the materials and cost of goods, quality control, all that goes into it.”
Jerry Wilmink incubates other startups at WiseWear headquarters
“Even at our headquarters here, I incubate other new companies and I just, I love the whole process of bringing, you know, ideas to fruition.”