Here's how these siblings sold $18 million of bathing suits made from recycled water bottles during Covid-19:
"We had a $2 million term sheet on the table in February," says Jake Danehy , who cofounded and bootstrapped Fair Harbor with his sister Caroline ."We actually turned it down to focus on our growth and being profitable."ounded in 2014, men's swimsuit brand Fair Harbor is far from the first of its kind. But last year, it became the first to turn a profit of over $18 million by turning recycled water bottles into swim trunks.
In 2014, they decided to do something about it. Jake, a junior at Colgate University studying geography, entered the college’s pitch competition for emerging companies. He pitched Fair Harbor, a men’s swimwear company that makes its trunks from single-use water bottles, and won the competition, securing $20,000 in funding and mentors in judges Jennifer Hyman, Jessica Alba, MC Hammer and Neil Blumenthal.
Six years later that strategy has paid off: the profitable company has attracted about 300,000 customers. Radio—specifically theon SiriusXM—has been crucial to their sales, as have the more than two million catalogues they’ve sent to prospective customers in 2021, as well as Fair Harbor logo’s positioning behind home plate in Yankee Stadium. This all helped the brand surpass 2020 revenue within the second quarter of 2021.
During the first five months of 2021, Fair Harbor generated $23 million. The trajectory isn’t too surprising, though. Both the swimwear and sustainable fashion categories have been growing at a steady clip, with the global swimwear market expected to increase 38% to $29 billion by 2025 as people increase spending on vacations and beach time, according to. Similarly, sustainable fashion is expected to grow 50% to $9 billion by 2025.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What will a reopened L.A. County look like? More freedom but also coronavirus tests and rulesHere are five things to expect as L.A. County fully reopens after COVID-19 restrictions.
Read more »
Essential California: Revealing data about COVID cases in CaliforniaThere's good news and bad news in California's fight against COVID-19.
Read more »
Why vaccinating the world against COVID-19 is a monumental undertakingNEW: As of June 1, 38.5% of all COVID vaccine doses had gone to just 16% of the world's population, according to an ABC News' analysis. Read more about the challenges of access and equity in the effort to inoculate the world against COVID:
Read more »
With less than a month to go, Biden may miss his vaccination goalsAs of Monday, close to 64% of adults have received at least one dose of a vaccine, just shy of the pace needed to meet the goal. At the current pace, about 67% of the adult population will have received shots by the Fourth of July holiday.
Read more »
Disgusted by germy surfaces? I bring this clever $17 ‘touch tool’ everywhere to avoid touching gross thingsDisgusted by germy surfaces? I bring this clever $17 ‘touch tool’ everywhere to avoid touching gross things (via Marketplace)
Read more »
Florida Stops Publishing Daily COVID-19 NumbersFlorida will no longer update its COVID-19 dashboard or release daily updates about COVID-19 cases and deaths and only publish the number of cases and vaccines on a weekly basis each Friday.
Read more »