One Kings Lane
Warren Shoulberg -- Gifts and Dec, 8/6/2011 6:29:36 AM
Susan Feldman
If anyone ever tells you that retailing is over-saturated and there's no room for new ventures to start up in the business of selling gift and home products to consumers, tell them to go to Onekingslane.com.
Less than three years old, One Kings Lane has proven that not only are there still opportunities for retail start-ups in the industry but that they can be successful too. Its recognition by Gifts & Decorative Accessories with the Rising Star award only caps the company's rise to fame.
Variously billed as a flash sale, popup sale or membership-only sale site, One Kings Lane prefers to describe itself this way: "An elegant, curated online sales site (that) brings our members a spectacular, hand-picked selection of top-brand and designer items at up to 70 percent off suggested retail prices."
While other businesses are pursuing similar online strategies, One Kings Lane has staked out the home and gift-only space as its own. Cofounder and chief merchandising officer Susan Feldman wouldn't have it any other way. In the company's official biography, she tells the classic story of an entrepreneur inspired by her own situation to try something completely different.
"After years of apartment living, Susan was passionately decorating her new life and facing a challenge: Finding the time, inspiration and guidance she coveted given her busy schedule and at price points that were equally inspirational."
Feldman came out of the fashion apparel business, doing stints at Ralph Lauren, Warnaco and Liz Claiborne. She knew product but realized she needed someone with the technological skills to get into a brand new business model.
Connecting with Alison Pincus, who had strong experience with online ventures and was also a design enthusiast, the two women hit it off quickly and knew they had to do something together. A mere five months after that first meeting, One Kings Lane was launched, named for a fictional address that just sounded like a place people would want to stop by.
One Kings Lane got going quickly and in just two years, it hit the one million registered users mark, experiencing a 500 percent growth rate year-over-year in 2010.
Feldman oversees all buying and merchandising and is also the public face for the company on such shows as Martha Stewart. Pincus, chief strategy officer, handles strategy, and together they are the classic entrepreneurial pair. Doug Mack, an online and e-commerce veteran, is CEO of One Kings Lane.
On any given day, members are likely to see a who's-who of industry brands and companies on the OKL site, and the repeat appearances suggest vendors are just as pleased with the results as shoppers. Daily sales are supplemented by Tastemaker Tag Sales, editorial content and now a mobile app store.
The tag line on the One Kings Lane website says "Get inspired," a message Susan Feldman and Alison Pincus clearly believe in personally.
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