So we’ve heard how kikki.K founder Kristina Karlsson manifested her passions but what about the business nitty-gritty? How did she and her husband Paul (now CEO) turn that 3am idea into a company which has an annual revenue estimated at $30 million? (source: Aust Institute of Management)
Here are business tips she has graciously shared over time in ONE PLACE.
HOW THE IDEA SPARKLED
When 24-year-old Kristina first moved to Australia she was missing the calm aesthetic of home/office products available in her native Sweden. Realising a gap in the market she started researching product design, price and locations for kikki.K stores.
FIRST CRAZY IDEA (that wasn’t so crazy)
To stop people on Melbourne’s fashionable Chapel st to show them sketches of what her stores may look like and ask for feedback.
WHEN DID THE DOLLARS COME INTO IT?
She borrowed $3000 to create a sample range. She showed samples to about 40 focus groups of 10 or more people. The response was overwhelmingly positive and meant she received lots of orders. A buying trip around the world soon followed.
SHE THEN DEVELOPED A BUSINESS PLAN
Re-read the above if you are considering starting your own venture.
WHEN DID THE FIRST STORE OPEN?
Kristina and her husband sold their home to finance the first store which opened in 2001 (not a good year if you can recall, Sept 11 and global economic crisis) The duo rode the wave and now have more than 70 boutiques across Australia, New Zealand, Singapore as well as online.
SO SHE MUST HAVE JUST SAT BACK AND WATCHED THE $$$ ROLL IN?
Let me think about that… NO! She worked hard. In 2001 she was part of a very small team which did EVERYTHING. In store, accounts, designing products. Because of her personal style the likes of VOGUE magazine showed interest in her story so media exposure (translate: advertising) came knocking at their door.
SHE HIRED FOR GROWTH
Meaning? Basically she hired according to where her company was at. For example, a super savvy chief financial officer person came later.
INTERESTING FACT: Kristina names hiring for growth as one of her smartest business decisions.
WHAT WOULD SHE CHANGE IF SHE COULD START AGAIN?
She’s quoted as saying she would hire a senior management team earlier, to free her up to work on her product.
HER PRODUCTS ARE IN THE “LIPSTICK CATEGORY”
De-coded: products have a low average sale value but a high “feel good” factor. They feel luxurious.
Want to read more? Swing by the home page to read Kristina’s full story, she’s this weeks Engaging Woman.
Source: smh.com.au, empower magazine.com, business blueprint.com.au