The Diary of a CEOPret & Itsu Founder: How I Built TWO Billion Dollar Brands At The Same Time!: Julian Metcalfe | E173
CHAPTERS
- 0:00 – 4:20
Opening: Failure, Dual Brands and Purpose Beyond Money
Metcalfe is introduced as the founder of both Pret A Manger and itsu, with Steven Bartlett highlighting his unusual achievement of building two billion‑dollar brands. Julian immediately frames his relationship with failure and explains that his motivation has never been purely financial, but rooted in making a difference and relationships with people and product.
- 4:20 – 14:30
Childhood Hardships, Loneliness and the Roots of Obsession
Julian recounts his mother’s suicide when he was seven, his parents’ divorce, and a chaotic, affection‑poor upbringing. He and Steven explore how early trauma can create both ‘light side’ strengths and ‘dark side’ complexity, without romanticizing suffering as a prerequisite for success.
- 14:30 – 23:00
Authority, School, and the Decision to Forge His Own Path
Metcalfe explains how being sent to harsh, old‑fashioned boarding schools gave him a deep distrust of authority. This, combined with exposure to powerful but flawed adults via his father, convinced him that impact was possible—but preferably outside rigid institutions.
- 23:00 – 35:00
Transparency, Truth and Why Most People Hate Monday Mornings
The discussion turns to why so many people dread going to work and what role transparency plays in fixing that. Steven shares his practice of opening up company financials to his team; Julian doubles down on transparency as the core ingredient for trust and long‑term success.
- 35:00 – 48:00
Affection, Self‑Worth and Building an Emotional ‘Family’ at Pret
Steven and Julian compare their stunted models of affection growing up and how that shaped their adult relationships. Julian describes decades of low self‑esteem and how Pret became a surrogate family where he finally experienced and learned to cultivate deep affection, love and trust.
- 48:00 – 56:20
Motivation: Relevance, Admiration and the Joy of Creating
Asked what really drove him while building Pret, Julian rejects money as a primary motivator. Instead he speaks about wanting to be relevant, admired, and to see people around him flourish, alongside a near‑limitless passion for the creative process of food, design and systems.
- 56:20 – 1:04:20
The Magic of Pret: Culture, Naivety and Swimming Upstream
Looking back on Pret’s rise to a multi‑billion exit, Julian emphasizes its unplanned ‘moments of magic’ rather than a rigid strategy. Naivety, courage to go against the industry, and willingness to fail repeatedly underpinned innovations in both product and people management.
- 1:04:20 – 1:14:40
Firing ‘Dicks’ and Promoting Potential: Radical Empowerment in Stores
A story about a toxic manager at Pret’s Fleet Street store illustrates Julian’s people philosophy. On hearing that a talented young worker planned to quit because of bullying, he fired the manager and promoted her instead, transforming both culture and performance.
- 1:14:40 – 1:24:10
Itsu and the Mission for Affordable, Nutritious Food
The conversation shifts to itsu and its evolution into a platform for healthy, affordable eating. Julian details itsu’s multiple reinventions and an increasingly plant‑based, low‑calorie menu aimed at tackling obesity through systems that make nutritious food available around £7.
- 1:24:10 – 1:31:20
Detail, Freshness and Treating Customers with Respect
Julian explains Pret’s hallmark decisions—fresh food with no sell‑by dates, real trees in itsu, daily donations to the homeless—as obvious extensions of respecting customers and staff. He largely abdicates number‑crunching to others, trusting that if the product and relationships are right, the financials will follow.
- 1:31:20 – 1:40:00
The ‘Joy of Pret’: Generosity as Strategy, Not Charity
Instead of a conventional loyalty scheme, Pret empowered staff to give free items to customers at their discretion. Julian describes this as a deliberate long‑term bet on kindness and emotional connection, even though consultants derided it and there was no hard proof of ROI.
- 1:40:00 – 1:54:00
Long‑Termism vs. Ambitious Managers and the Sale of Pret
Julian criticizes highly ambitious, short‑term managers as often destructive to 30‑year visions. He recounts bringing in a disciplined co‑founder, eventually dealing with private equity and a brief McDonald’s stake, and ultimately being sidelined from Pret’s destiny after the final sale.
- 1:54:00 – 2:03:00
Parallel Path: Starting Itsu While Running Pret
Julian describes how itsu began after he challenged a Japanese center marketer to create an affordable Japanese restaurant—and then had to fund it when she actually quit. Itsu grew to dozens of locations while he still had ties to Pret, giving him a second canvas more fully aligned with his current vision.
- 2:03:00 – 2:12:00
Crisis, Risk and Health & Safety Obsession
Asked about crises, Julian points to the tragic death of Natasha Ednan‑Laperouse from sesame allergy in a Pret baguette, which occurred after his operational involvement. He uses the example to highlight the weight of health and safety in food businesses and his own company’s extreme focus on getting it right.
- 2:12:00 – 2:24:00
Discovering a Secret Daughter and Re‑Weaving Family
Julian tells the story of discovering, in his mid‑40s, that he had a 19‑year‑old daughter he’d never met. He describes his immediate sense of responsibility and his ongoing effort to repair injustice and integrate her fully into his family and business life.
- 2:24:00 – 2:35:00
Fear, Happiness and the Cost of Obsessive Work
The discussion turns introspective as Julian considers his fears, concept of happiness, and acknowledged inadequacies. He admits his hypochondria and that his relentless dedication to work necessarily limits the time and emotional energy he can give his loved ones, even as they appear to thrive.
- 2:35:00
Closing Reflections: Truth, Risk and Advice for Steven
In the final exchange, Julian praises Steven’s commitment to truth and humanity in business, and reiterates his belief that people underestimate how much more they can say and do if they embrace transparency and risk. The episode ends with product tastings and light sponsor mentions.
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