Finery is a new British womenswear brand aimed at bridging the gap between high-street retailers and cutting-edge fashion designs. Launched in February 2015, the label offers carefully curated, detail-driven collections that are elegant and feminine, while still being fun. Their range includes uniquely designed clothes, shoes and accessories at affordable prices. Caren Downie, former fashion director of ASOS, and Emma Farrow, former Designer Director of Topshop, were hired to lead the creative team, and their genuine love for clothes has proven to be Finery’s defining asset. We catch up with co-founder and Chief Operating Officer Luca Marini to learn more about the business’ story.
PayPal (PP): What have been your greatest successes?
Luca Marini (LM): I’m very proud that we’ve managed to put together a team that has produced a whole collection in the space of just a few months. That is quite an incredible achievement, particularly when you consider how distinctive our brand is.
Style-wise there is nothing else like Finery on the market and the response from both the media and consumers has been fantastic. Elle described us as "The label on everyone's lips", whilst we were named “the hottest high-street label in many moons" by Grazia.
PP: What is the greatest challenge you faced in setting up your business and how did you overcome it?
LM: Just by setting up a business, you are taking a risk, and at the beginning you will often be working with uncertainty or imperfect information. Fashion is very much a hit-driven industry and you never truly know how the consumer will feel about each new item or line of clothing. This is true for every facet of our business, from shipping options to the returns policy. We’ve found that hiring people with the relevant expertise in your field is the best way to counteract this.
Prioritising effectively is also essential. Before we make a decision, we will always ask ourselves if it will influence the customer’s decision to buy. Any decision which has an impact on the customer experience is a top priority.
Finally, cash flow is an issue which nearly all small businesses will encounter. There is no easy way around it, but attention to detail is crucial to ensure you stay on top of it. Having an open and honest dialogue with your suppliers about payment dates is also extremely important, as is keeping a degree of flexibility in your budget.
PP: What advice would you give to other small businesses and those thinking of taking the plunge and creating a start-up?
LM: Remember that you don’t necessarily need to have a ground-breaking idea for your new business to work. Executing your business plan effectively and offering great customer service is crucial to any start up and that alone can set you apart from your competitors.
I’m a firm believer in “you miss 100% of the shots you don’t take”. Never let any opportunities pass you by, as the best ones might not present themselves again. For example, we placed real emphasis on our recruitment and have always taken the opportunity to hire talented people when we can.
Remember that setting up your own business is something most people never get to do. Being able to follow your dreams is priceless, so make the most of it!
PP: When did you start using PayPal?
LM: We’ve used PayPal since Finery’s launch. With the buyer and seller protection that it offers, incorporating PayPal as a payment method was an absolute must for us. I’ve been a personal user of PayPal for many years so have first-hand knowledge of how it can enhance the customer experience. I’ve never once had an issue with it as a paying customer so it made complete sense to incorporate it into Finery’s payment system.
PP: Has using PayPal helped your business? How?
LM: PayPal has been vital in building trust with our consumers. Having it as a payment option really reinforces our online credentials as it is a trusted partner for some of the largest e-commerce businesses in the world. Many of our customers remain quite wary about the dangers that internet shopping can pose, but seeing the PayPal logo on our website is definitely a source of reassurance. As Finery is a relatively new business, many of our customers are buying from us for the first time and the customer retention rates that we are beginning to see are quite phenomenal, unlike anything I’ve seen before. I’m certain that PayPal is playing a big role in ensuring our customers feel confident to return to Finery and buy again.
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