Latest / Bloomberg Intelligence / Designers On A Dime's Cole on Global Consignment Company(Audio)

Transcript

Designers On A Dime's Cole on Global Consignment Company(Audio) · Bloomberg Intelligence

• 0:02
  Speaker 1: Yea broadcasting live to New York, Bloomberg even to Washington,
• 0:08
  Speaker 1: d C, Bloomberg to Boston, Bluemberg, well Under to San Francisco,
• 0:13
  Speaker 1: Bloomberg to the country, Jo General, and around the globe
• 0:19
  Speaker 1: the Bloomberg Radio plus DAP and Bloomberg got gone. This
• 0:23
  Speaker 1: is taking Stock, coming up on taking stock. Well, Kathleen,
• 0:26
  Speaker 1: where do you shop? Do you shop online? You know me, Pam,
• 0:30
  Speaker 1: I'm kind of old fashioned. I slept around, I look
• 0:32
  Speaker 1: for the deals. I'd like to touch things, et cetera.
• 0:35
  Speaker 1: My daughter does actually a little bit more than I do.
• 0:37
  Speaker 1: All right, well, maybe this will convince you. We're gonna
• 0:39
  Speaker 1: be speaking with Victoria Cole, the chief executive of Designers
• 0:42
  Speaker 1: on a Dime. They're based in Houston, but Victoria will
• 0:45
  Speaker 1: join us here in the studio to tell us all
• 0:47
  Speaker 1: about curated selections online. Well, if her jewelry and clothing
• 0:51
  Speaker 1: or any example, you can find some really cool stuff
• 0:54
  Speaker 1: on her website. I can hardly wait to hear all
• 0:56
  Speaker 1: about this, and I can hardly wait to hear from
• 0:57
  Speaker 1: Charlie Pett. He's in the Bloomberg news room with a
• 0:59
  Speaker 1: blue big business last and I thank you very much.
• 1:02
  Speaker 1: Kathleen Hayes, thank you, pim Fox. Mixed picture for US
• 1:04
  Speaker 1: equities afternoon trading in New York. We've got the SMP
• 1:08
  Speaker 1: up a point now little change. Their stocks have been fluctuating,
• 1:11
  Speaker 1: with the SMP now at eighty four, up there by
• 1:14
  Speaker 1: point one percent now, Industrials down four to eighteen thousand,
• 1:18
  Speaker 1: five hundred sixty nine nastak op eight a gain there
• 1:22
  Speaker 1: of two tents of one percent. The nastak Compositive Index
• 1:25
  Speaker 1: at fifty two thirty seven. I'm keeping an eye on
• 1:28
  Speaker 1: Oil West Texas Intermediate up two point nine percent, advancing
• 1:31
  Speaker 1: a dollar thirty four twelve right now on w t
• 1:35
  Speaker 1: I Brent Crew just crossing fifty one dollars of barrel
• 1:39
  Speaker 1: fifty one oh one on Brent up by two point
• 1:42
  Speaker 1: three percent, the Tenure up five thirty seconds yield there
• 1:45
  Speaker 1: one point five three percent, and Gold up nine fifty
• 1:49
  Speaker 1: ounce thirteen fifty four a game there of seven tenths
• 1:52
  Speaker 1: of one percent. T Mobile US shares there are up
• 1:55
  Speaker 1: seven tenths of one percent now to forty six sixty nine.
• 1:58
  Speaker 1: Team Mobile introducing a one under sixty a month unlimited
• 2:01
  Speaker 1: wireless plan for families of four as part of what
• 2:05
  Speaker 1: the carrier calls T Mobile one in an effort to
• 2:08
  Speaker 1: capture more data hungry consumers, and T Mobile CEO John
• 2:11
  Speaker 1: Ledgers spoke with Bloomberg Television this morning. Are eliminating forever
• 2:16
  Speaker 1: data plans. We're going all in on unlimited. It's a
• 2:19
  Speaker 1: monthly subscription to the Internet, unlimited calls, unlimited text, unlimited
• 2:24
  Speaker 1: high speed data, unlimited video streaming at standard definition. And
• 2:28
  Speaker 1: a family of four gets that for forty dollars a line.
• 2:32
  Speaker 1: And frankly, you know, we are the only network that
• 2:35
  Speaker 1: can truly handle this. So that's what this is about.
• 2:38
  Speaker 1: And again, shares up by seven tenths of one percent
• 2:41
  Speaker 1: to thirty two on Wall Street. Now the other stories
• 2:44
  Speaker 1: making news. Thank you, darily from the Bloomberg newsroom. I'm
• 2:46
  Speaker 1: Ramy in Essencio. Hillary Clinton says the nation needs to
• 2:49
  Speaker 1: work together to quote repair the bonds of trust and
• 2:52
  Speaker 1: respect between police officers and communities and not stoke more divisions.
• 2:56
  Speaker 1: Clinton met today in New York with law enforcement leaders.
• 3:00
  Speaker 1: Republican presidential nominee Donald Trump has begun reserving television airtime
• 3:04
  Speaker 1: for the first time in the general election. Trump's campaign
• 3:07
  Speaker 1: will spend roughly four point nine million dollars over the
• 3:10
  Speaker 1: next ten days on ads to air in Florida, North Carolina, Ohio,
• 3:14
  Speaker 1: and Pennsylvania. The Department of Justice has announced it plans
• 3:18
  Speaker 1: to end the use of private prisons. We get the
• 3:20
  Speaker 1: details from Bloomberg's Catherine Cowndry. The d o J concluded
• 3:23
  Speaker 1: that the facilities are both less safe and less effective
• 3:26
  Speaker 1: than prisons operated by the government, and they don't save
• 3:29
  Speaker 1: on costs the Attorney General's Office as officials are instructed
• 3:32
  Speaker 1: to either not renew private prison contracts or substantially reduce
• 3:36
  Speaker 1: their scope, with the goal of ultimately ending the use
• 3:39
  Speaker 1: of privately operated prisons altogether. All contracts will be up
• 3:42
  Speaker 1: for renewal over the next five years. I'm Catherine Cowdery
• 3:45
  Speaker 1: Bloomberg Radio. Twitter says it has suspended three hundred sixty
• 3:49
  Speaker 1: thousand accounts since mid fifteen for violating its policies benning
• 3:54
  Speaker 1: the promotion of terrorism and violent extremism. Twitter says its
• 3:58
  Speaker 1: rate of daily suspensions is up eight percent since last year,
• 4:02
  Speaker 1: and a former Isolip Parks commissioner and his executive secretary
• 4:05
  Speaker 1: have pleaded guilty to dumping forty thousand tons of contaminated
• 4:10
  Speaker 1: debris on long Island. Joseph J. Montoy Jr. And Brett
• 4:14
  Speaker 1: Robinson were charged following the discovery of asbestos, pesticides and
• 4:18
  Speaker 1: other material at a Brentwood Park. Global News twenty four
• 4:22
  Speaker 1: hours a day, powered by more than twenty undred journalists
• 4:24
  Speaker 1: and analysts in more than one twenty countries. I'm Rami
• 4:27
  Speaker 1: and Essensio. This is Bloomberg, Charlie, and we thank you
• 4:31
  Speaker 1: and again recapping the SMP five hundred index, advancing a
• 4:35
  Speaker 1: point now to three, a gain there of less than
• 4:38
  Speaker 1: one tenth of one percent. I'm Charlie Pellett and that's
• 4:41
  Speaker 1: a Bloomberg Business flash. Now on Bloomberg Radio, we take
• 4:46
  Speaker 1: stock of small business. Small businesses want more streamlining and
• 4:51
  Speaker 1: less red page small businesses and they can even accept
• 4:54
  Speaker 1: the no. But maybe there's so many people that have
• 4:57
  Speaker 1: ideas and it has to be more than that. It
• 4:59
  Speaker 1: had us to be making it real. Bloomberg taking stock
• 5:03
  Speaker 1: small business in focus on Bloomberg Radio, Small Business all
• 5:07
  Speaker 1: small business and fashion. For example, if you're looking for
• 5:10
  Speaker 1: products from brands such as Donna, Karen Ascotta as well
• 5:14
  Speaker 1: as Uh well a variety of other famous brands including
• 5:20
  Speaker 1: Mark by Mark, Jacob's Well where can you go. I
• 5:22
  Speaker 1: guess you can go to the stores, but you can
• 5:23
  Speaker 1: also go online, but in a particular way. And here
• 5:27
  Speaker 1: to tell us more as Victoria Cole, the chief executive
• 5:29
  Speaker 1: of Designers on a Dime. They are based in Houston,
• 5:33
  Speaker 1: and Victoria joins us in the studio today. Thank you
• 5:35
  Speaker 1: very much for being here. How do you describe your
• 5:38
  Speaker 1: website as being different than other online e commerce retail sites.
• 5:44
  Speaker 1: Designers on a Dime is different because there are a
• 5:47
  Speaker 1: lot of fashion e commerce companies, that's for sure. But
• 5:50
  Speaker 1: we're different in that we have fifty three platforms around
• 5:53
  Speaker 1: the globe where we are putting the merchandise and we
• 5:57
  Speaker 1: rotate it approximately every thirty days to a different platform.
• 6:01
  Speaker 1: So people actually are shopping online in various parts of
• 6:04
  Speaker 1: the world looking at different items, and fashionist does always
• 6:08
  Speaker 1: want to see new items. So how do you get
• 6:11
  Speaker 1: your items? And look at the website? Oh my goodness,
• 6:13
  Speaker 1: I just looked at shop and I just got brand names.
• 6:16
  Speaker 1: I haven't even gotten to Designer Vintage yet. And there's
• 6:19
  Speaker 1: a very very long list of designer type brands, you know,
• 6:24
  Speaker 1: from load, you know load designer to very lux designer.
• 6:26
  Speaker 1: How do you get all this stuff. Well, we have
• 6:28
  Speaker 1: seven buyers in major metropolitan cities in the US, and
• 6:33
  Speaker 1: we look ahead, Kathleen, at about a year and a
• 6:36
  Speaker 1: half to two years, to know what trends are coming,
• 6:39
  Speaker 1: and then we formulate a plan and we get our
• 6:42
  Speaker 1: buyers to actually go out and curate all of those
• 6:45
  Speaker 1: types of items, so we have collections available for what's
• 6:49
  Speaker 1: coming up. You've got the accessories obviously, beauty brand names,
• 6:53
  Speaker 1: clothing of vintage designers, shoes. How do you make sure
• 6:56
  Speaker 1: that the condition and the quality is at a level
• 7:00
  Speaker 1: that the customer will find acceptable. Everything comes in if
• 7:04
  Speaker 1: it's clothing, everything gets drag cleaned in advance. Um, everything
• 7:08
  Speaker 1: gets checked by the warehouse when it's coming in. Buttons
• 7:12
  Speaker 1: are added if need be, and so on, zippers. Everything
• 7:16
  Speaker 1: is really scrutinized, and we have an authenticator to authenticate
• 7:19
  Speaker 1: designer brands. This is really critical and this is why
• 7:23
  Speaker 1: we have such a clamoring of followers around the globe.
• 7:27
  Speaker 1: So tell us a little bit about you. I don't
• 7:29
  Speaker 1: know where to start. You're an angel investor. You've mentored
• 7:32
  Speaker 1: startups and midsize companies and you've taken people the next
• 7:36
  Speaker 1: level all of the country. You worked as general manager
• 7:39
  Speaker 1: for quite a holding company or philanthropist. How did you
• 7:41
  Speaker 1: get here? Man? I love fashion. I've always had a
• 7:45
  Speaker 1: passion for fashion, and so I decided to I started
• 7:48
  Speaker 1: out with an eed Bays store years ago, in two
• 7:51
  Speaker 1: thousand and five, and it grew from there. So did
• 7:53
  Speaker 1: you do your what job were you doing then? Were
• 7:55
  Speaker 1: you doing something else and saying, oh, just for fun,
• 7:56
  Speaker 1: I'm gonna sell stuff on my exactly? That's exactly how
• 7:59
  Speaker 1: I start, and I think there's a lot of other
• 8:02
  Speaker 1: people that start that way as well. Now eBay is
• 8:04
  Speaker 1: still something that we maintain, but we're it's not one
• 8:07
  Speaker 1: of our major I mean, we have a lot of
• 8:10
  Speaker 1: different platforms across the US as well. How did your
• 8:13
  Speaker 1: finance this? I financed it myself, yourself, No outside. That's
• 8:19
  Speaker 1: privately held. And as far as the financing goes, have
• 8:23
  Speaker 1: you gotten offers to sell the company? Not yet? Not yet?
• 8:28
  Speaker 1: The kind of volume are you doing? Can you tell us? Well,
• 8:31
  Speaker 1: because it's privately held, of course, we have experienced exponential
• 8:36
  Speaker 1: growth recently, and I think it's part of that is
• 8:39
  Speaker 1: you know, when Macy's makes their statement we're going to
• 8:42
  Speaker 1: close a hundred stores, people pay attention and the reason
• 8:45
  Speaker 1: they're closing a hundred stores is because people are going
• 8:47
  Speaker 1: to shopping online. So when when you have that kind
• 8:51
  Speaker 1: of publicity, it just fuels it even more. And people
• 8:56
  Speaker 1: like to be able to shop in five seconds. You
• 9:00
  Speaker 1: go on your cell phone and be in our store
• 9:02
  Speaker 1: in five seconds literally, and purchase an item in five
• 9:05
  Speaker 1: more seconds. So if I want to buy something, it's
• 9:08
  Speaker 1: really easy. I can go to designers on a dime.
• 9:10
  Speaker 1: I can see all the pictures. What if I want
• 9:12
  Speaker 1: to sell you something, Well, it's funny you would mention that.
• 9:15
  Speaker 1: Because we are going to start in January of next year,
• 9:18
  Speaker 1: we're going to start a fashion road show and we
• 9:22
  Speaker 1: are going to be going to ten major metropolitan cities,
• 9:25
  Speaker 1: starting in California. We're going to go to l A
• 9:27
  Speaker 1: and San Francisco first, and we are going to meet
• 9:30
  Speaker 1: up close and personal with our clients, and we're trying
• 9:34
  Speaker 1: to discover some holy grails, if you will, of fashion
• 9:38
  Speaker 1: treasures that people have in their closets. I also note
• 9:42
  Speaker 1: that on your website you put together entire outfits for people.
• 9:45
  Speaker 1: So if you're Adultera and Gabana person, you can buy everything, shirts, skirts,
• 9:51
  Speaker 1: flip flops. Uh is that a very popular aspect of
• 9:55
  Speaker 1: your presentation. It is a popular part and you know
• 9:58
  Speaker 1: we have We just did a back a school with
• 10:01
  Speaker 1: showing Ralph Lauren fashions all under twenty five dollars and
• 10:06
  Speaker 1: so the moms just loved that. To save money, I'm
• 10:08
  Speaker 1: back to school fashion with Ralph Lauren. I just got
• 10:11
  Speaker 1: ask you really quickly, how do you know what's coming next?
• 10:14
  Speaker 1: You said, you guys start a year and app how
• 10:15
  Speaker 1: do you know what's coming next? Victoria? We have a
• 10:17
  Speaker 1: fashion Snopes and we have our ears on the ground
• 10:21
  Speaker 1: in all kinds of areas all across the globe, and
• 10:24
  Speaker 1: we know, well, it's a it's a cool site. Uh pm,
• 10:28
  Speaker 1: I I think I might have got my appetite a
• 10:30
  Speaker 1: little more wedded for a little online shopping. I thought
• 10:33
  Speaker 1: you just talked yourself into it already. Victoria call, thank
• 10:36
  Speaker 1: you so very much for joining us. Thank you so
• 10:38
  Speaker 1: much for having me founder CEO Designers on a Dime.
• 10:41
  Speaker 1: She's based in Houston, Texas, joining us today on taking
• 10:44
  Speaker 1: stock in our New York studio. Check it out Designers
• 10:49
  Speaker 1: on a dime dot com. It's pretty easy. I'm Kathleen
• 10:51
  Speaker 1: Hayes along with PM Fox This is taking Stock on
• 10:54
  Speaker 1: Bloomberg Radio, and of course this is Bloomberg coming up
• 11:01
  Speaker 1: on taking Stock. The Conference Board's leading economic index ticked
• 11:07
  Speaker 1: up again in July. Moderate economic growth. What does the
• 11:10
  Speaker 1: future hold? We've got more details next