Emma Grede: Lessons from building billion-dollar brands (with Angela Ahrendts) | Summit 2024

1. 0:00 – 0:06

   Intro

   1. AAAngela Ahrendts0:00

      [upbeat music] [audience applauding]

2. 0:06 – 2:35

   From Talent Agency to Good American

   1. AAAngela Ahrendts0:06

      Okay, this is a founder, partner, investor, an incredible visionary, and I won't make her tell you how old she is because [laughs]

   2. EGEmma Grede0:17

      [laughs]

   3. AAAngela Ahrendts0:17

      I think she's about half my age.

   4. EGEmma Grede0:18

      [laughs]

   5. AAAngela Ahrendts0:19

      But it's, no, but it's absolutely... So let's start with founder because, um, in 2016, you revolutionized the fashion industry by coming up with an incred- Good American, an incredible all-inclusive concept. So did you ever imagine that it would ignite such a powerful shift? It started so many things that happened, and, and did you think that would happen, and then what surprised you the most after the fact?

   6. EGEmma Grede0:47

      Um, the, the short answer is no, I didn't.

   7. AAAngela Ahrendts0:50

      [laughs]

   8. EGEmma Grede0:51

      And, and I have to be honest because, you know, my background was actually, I had an agency, and so for a long time I was a very frustrated consultant that kind of worked in this, you know, first generation of talent and brand partnerships. So I ran this beautiful agency that I started, and I loved my job, and I really kind of, you know, crafted this company that sat at the intersection of entertainment and brand. And it was that first generation stuff where, you know, you'd see Natalie Portman as the face of Dior or Tom Brady as the face of Hertz, and I was there for that. And as that, you know, business progressed, what happened is I became known as the go-to girl for startups when they were looking for a talent to take some equity in their company.

   9. AAAngela Ahrendts1:32

      [laughs]

   10. EGEmma Grede1:33

       And after doing a few of those deals very successfully, you know, I was lucky enough to start Good American, and I've started some other businesses in that space, and they've been incredibly successful way beyond anything that I or my partners honestly imagined. Um, and I think it's really interesting because honestly I think we're just on the crest of a wave. I think in the next five years we're gonna see hundreds of talent or influencer or creator billionaires. Um, and you know, I still look at it as an almost imperfect model, what I do, right? Because nobody follows The Rock to see, you know, him advertise tequila. It, you know, you follow him because you love him, and he also can't, you know, authentically-

   11. AAAngela Ahrendts2:13

       Mm-hmm

   12. EGEmma Grede2:13

       ... speak to his audience if he is always talking about his brand projects. So I'm really interested in the future of my business.

   13. AAAngela Ahrendts2:19

       Mm-hmm.

   14. EGEmma Grede2:19

       How you start to see talent, you know, own their data, become the network, and I honestly, I'm always looking at the future.

   15. AAAngela Ahrendts2:27

       Mm, mm.

   16. EGEmma Grede2:27

       I'm always going forward, and I start to think about what's interesting to me next-

   17. AAAngela Ahrendts2:32

       Next, yeah

   18. EGEmma Grede2:32

       ... more than anything.

   19. AAAngela Ahrendts2:33

       But, but I'm gonna stay on founder for a second.

   20. EGEmma Grede2:34

       Stay, stay on founder.

3. 2:35 – 4:11

   Pitching Investors and the Drink Test

   1. AAAngela Ahrendts2:35

      Because you also... But as a founder too, you had to find investors.

   2. EGEmma Grede2:39

      Oh, yes, I did.

   3. AAAngela Ahrendts2:40

      And so, uh-

   4. EGEmma Grede2:40

      I knew the truth. [laughs]

   5. AAAngela Ahrendts2:42

      [laughs] So again, you've got a lot of founders in the room.

   6. EGEmma Grede2:45

      Mm-hmm.

   7. AAAngela Ahrendts2:45

      So any advice on when you're pitching a new concept that nobody's ever done before-

   8. EGEmma Grede2:52

      Well-

   9. AAAngela Ahrendts2:52

      ... and you know it's a big opportunity-

   10. EGEmma Grede2:53

       Yeah, I mean-

   11. AAAngela Ahrendts2:54

       ... how do you...

   12. EGEmma Grede2:55

       Don't, don't listen maybe to [laughs] what they say.

   13. AAAngela Ahrendts2:57

       [laughs]

   14. EGEmma Grede2:57

       You know, I had come from a background where I wasn't an apparel person. I wasn't a founder for the p- the audience that I went out to, right? When you have an agency, you're not necessarily who people are looking at to, you know, give millions of dollars to start a new brand that they have no experience. But I had a very strong instinctive feeling about what was needed and where the industry and the business was going, and that came from a personal need.

   15. AAAngela Ahrendts3:21

       Mm.

   16. EGEmma Grede3:21

       And I was very, very clear about that. And I think all I could say is, you know, I have a rule that I don't take investors that I don't, who I wouldn't wanna have a drink with, that I don't wanna spend time with. Because you end up in these relationships that are really complexed. Um, they hopefully go on for years and years and years.

   17. AAAngela Ahrendts3:41

       [laughs]

   18. EGEmma Grede3:42

       And I did it all wrong the first and second time around. [laughs]

   19. AAAngela Ahrendts3:45

       [laughs]

   20. EGEmma Grede3:46

       Um, I'd love to say I learned the first time, but I didn't. Um, and so I think that I'm at that point now where once you've had a little bit of success, you can be a little bit more choosy.

   21. AAAngela Ahrendts3:54

       Mm-hmm.

   22. EGEmma Grede3:54

       But I do just keep that simple rule, and I think about that for everyone I come across, right?

   23. AAAngela Ahrendts3:58

       Mm-hmm.

   24. EGEmma Grede3:58

       If you work with me or for me, if you're coming into one of my companies, you need to understand, you need to be along for the ride and the mission-

   25. AAAngela Ahrendts4:05

       Mm-hmm

   26. EGEmma Grede4:05

       ... and you really need to believe in what it is that I want to do.

   27. AAAngela Ahrendts4:09

       Mm-hmm.

   28. EGEmma Grede4:10

       And so I think it's been a good rule for me.

4. 4:11 – 6:12

   Choosing Partners and Building Teams

   1. AAAngela Ahrendts4:11

      So it's probably similar because you're also a partner. You've got a portfolio of businesses. You have a tremendous amount of partners, and I read somewhere where you assess a partner by authenticity. And, and so not dissimilar as you're talking about investors, but is there any other unique attribute you look in, for partners?

   2. EGEmma Grede4:28

      I honestly, I think about people that wanna go on a journey because what I've learned is that nothing that I've done has had a quick result. Um, it looks like that, and it may appear that way if you, you know, look at Instagram or whatever. But I think that I choose my partners very carefully, and I also choose my partners based on my own weaknesses.

   3. AAAngela Ahrendts4:47

      Mm-hmm.

   4. EGEmma Grede4:47

      And I think that's the same way I think about building teams. I'm very acutely aware of where I'm good, and I think, you know, I spend an enormous amount of my time hiring because I know that bringing the right people into the right culture is what building a business is all about.

   5. AAAngela Ahrendts5:03

      Mm-hmm.

   6. EGEmma Grede5:04

      And nothing happens on your own. You know, I get called, like, self-made all the time, and I think, "God, I'm not self-made."

   7. AAAngela Ahrendts5:08

      [laughs]

   8. EGEmma Grede5:08

      'Cause if you knew the hundreds of people-

   9. AAAngela Ahrendts5:10

      Yeah

   10. EGEmma Grede5:10

       ... that work around me every single day. So I think about investors, partners, team building all as the same.

   11. AAAngela Ahrendts5:16

       Mm-hmm.

   12. EGEmma Grede5:17

       And I, and I say that because I really do think the most important part of my role, aside from thinking about product development and innovation, is really, like, honing in on who are the right people that I'm gonna do this with-

   13. AAAngela Ahrendts5:29

       Mm-hmm

   14. EGEmma Grede5:29

       ... and who do I wanna spend that amount of time with, quite honestly.

   15. AAAngela Ahrendts5:32

       Yeah.

   16. EGEmma Grede5:32

       Because you gotta be in it for the long run.

   17. AAAngela Ahrendts5:34

       Yeah, absolutely. Well, and I think that's why, you know, in the press they call you a savvy investor.

   18. EGEmma Grede5:39

       [laughs]

   19. AAAngela Ahrendts5:40

       And, uh, no, but I love that. And, and, and I love the fact that you've been a founder. You've gone... You've got a tremendous amount of partners, but now you're investing.

   20. EGEmma Grede5:50

       Mm-hmm.

   21. AAAngela Ahrendts5:51

       And, and, and you've always invested a little, but I'm sure at your scale now, you're, you're making some big bets. And, and I think, you know, when you, when you You have an ethos.

   22. EGEmma Grede6:01

       Yeah.

   23. AAAngela Ahrendts6:02

       And so, so take us on the journey just a little bit from an investor standpoint on kinda how you looked at it when you started out.

   24. EGEmma Grede6:08

       Yeah.

   25. AAAngela Ahrendts6:08

       And now at this stage, how do you think of investing and what's important to you?

5. 6:12 – 8:01

   Investing with Instinct and Responsibility

   1. EGEmma Grede6:12

      Well, you know, when you start out, your deal flow's bad, right? [laughs] So, so people would come to me, and I had a little bit of money, and I would just, you know, do that gut instinct thing. I think the further I've gone on in my career, my entrepreneurial journey, and much to what Pinky was just saying, as a Black woman, specifically in this country, because I came here just... I'm English, and I came here seven years ago, there is this sense of responsibility about leaving the door open, right? And about investing in people that might not otherwise get the opportunity. I left school when I was 15. I'm not, on paper, someone that is, you know, worth taking a bet of hundreds and hundreds and hundreds of millions of dollars. And so there's a part of me that has a sense of responsibility about who fits the mold-

   2. AAAngela Ahrendts6:53

      Mm

   3. EGEmma Grede6:53

      ... of people that make sense for me to invest in. Um, but also, you know, I'd be lying if I said I wasn't as opportunistic as anyone. I try to do what I know, but I've done a lot of things that I, um, feel a sense of, like, if not me, then who?

   4. AAAngela Ahrendts7:08

      Mm.

   5. EGEmma Grede7:08

      And that really is my guiding principle.

   6. AAAngela Ahrendts7:11

      Mm-hmm. And you're incredibly instinctual, though.

   7. EGEmma Grede7:14

      Yes. Yes.

   8. AAAngela Ahrendts7:14

      I mean, I think in everything you do. Where does that come from, and how do you, how do you hone that?

   9. EGEmma Grede7:20

      I don't know. I think that comes from the streets, you know? [laughs]

   10. AAAngela Ahrendts7:22

       [laughs]

   11. EGEmma Grede7:23

       Like, I don't know what else to say, but, you know, when you grow up in East London and you grow up how I did, you, you get this sense of instinct by just trying to keep yourself, like, safe and ready, right? And there's a part of you that is always looking for opportunities and always looking to take advantage of a situation. And, and I don't think that that is different from how I think about things today. Maybe I've, um, you know, I've molded that a little bit into trying to solve problems and specifically, like, women's rela- women's related issues. But at the end of the day, I get a hunch, I get a feeling, I catch a vibe, and I go for what I think is gonna be right.

   12. AAAngela Ahrendts7:59

       Mm-hmm. Incredible.

6. 8:01 – 11:50

   The 15 Percent Pledge

   1. AAAngela Ahrendts8:01

      And is that how the 15 Percent Pledge came about?

   2. EGEmma Grede8:04

      Well, you know, I'd, I'd love to, I'd love to take full credit-

   3. AAAngela Ahrendts8:07

      Tell the listeners first

   4. EGEmma Grede8:07

      ... Well, the 15 Percent Pledge is a social justice initiative, and it was actually started by a, who became a dear friend of mine, um, a girl called Aurora James.

   5. AAAngela Ahrendts8:16

      Woo!

   6. EGEmma Grede8:16

      And it was essentially in the-

   7. AAAngela Ahrendts8:18

      Woo!

   8. EGEmma Grede8:18

      We love Aurora. Everybody loves Aurora.

   9. AAAngela Ahrendts8:19

      [laughs]

   10. EGEmma Grede8:20

       Um, but it was essentially started, um, in the aftermath of the murder of George Floyd, when so many brands and so many people and so many prominent individuals were coming to pretty much anyone who was Black and in a position of power saying, "What should I do," you know, "How can we help?" And Aurora's point of view was, you can help in a really meaningful way. You can actually put your money where your mouth is, and the premise of it is that Black people make up about 15% of the population of this country, and we're asking brands and retailers all over the country to dedicate 15% of their annual spends to al- towards Black-owned brands. And really at the root of that, it's about demystifying the idea of who gets to be successful, who gets to have a business. Because half the time, you know, and I really, I really believe this in my core, institutions, brands are not racist, right? It's just what do they know? What are those buying and merchandise departments come in contact with? Who do they know? Where do they find their ideas?

   11. AAAngela Ahrendts9:14

       Mm.

   12. EGEmma Grede9:14

       And so what we're doing is saying that, you know, Black brands aren't just for Black people. In fact, if you make an amaz- amazing lotion, then anybody can use that. And so the idea is about really thinking about how you usher in newness, how you can create, you know, new businesses in places that are maybe a little bit stale and not thinking about in that right way. And I think that pretty much anyone could get behind the idea of supporting small American businesses.

   13. AAAngela Ahrendts9:41

       Mm-hmm.

   14. EGEmma Grede9:41

       And at the heart of the pledge, that's what we're doing every single day.

   15. AAAngela Ahrendts9:45

       Mm-hmm. Amazing. [audience applauds] But, you know, you also have some of the most, um, incredible minds in this room, and founders and visionaries, et cetera. So, um, how can they help?

   16. EGEmma Grede10:02

       You know, there's so many ways that you can help, and I think that in this moment in time, when D, E, and I is like a dirty word, um, or a dirty bunch of words-

   17. AAAngela Ahrendts10:12

       [laughs]

   18. EGEmma Grede10:12

       ... I think it's really about thinking what kind of world do we wanna live in, and how do we, you know, how do we make incredible companies that we can be proud of? And I think at this point in my career, of course I'm obsessed with making amazing companies, and amazing companies are made of amazing profits. But they're also made of doing things that, whether the, the time is right, you know the notion is right. And so I am obsessed with bringing people on this journey, and I think that one of the things that I've seen, we've created a $14 billion pipeline of opportunity for Black-owned brands in this country. But the other side of things that we've done is created amazing profit and revenue streams for all of these businesses that have taken the pledge. So to me, it's just a great business proposition. It's like, how do you do more? How do you better serve your customer? And, and that's what this is all about. This is about infiltrating customers and communities that perhaps are overlooked, and I think it just makes so much sense. So we want more and more Bla- brands to take the pledge. And, um, and I've been so happy with the results and the impact because, you know, the pledge has been going for what? Three and a half, like, nearly four years now. And there are 750 brands on the shelves of Sephora and Nordstrom and Macy's and Bloomingdale's and everywhere else that just weren't there before. So when you see that impact, when you see a founder that's able to build a business, create an infrastructure, employ people, put their kids through school, you know, that to me is what this is all about. It's about taking what you know and taking your power and taking something that you do uniquely well and being able to say, "Okay, let's, like, pay this idea forward." And if it's a business proposition, it's just a win... It's a win-win all round.

7. 11:50 – 12:40

   Company Responsibility: From P&L to P&I

   1. AAAngela Ahrendts11:50

      Absolutely. Well, and I think what you're sharing with a lot of, of, of founders and people in business is I've always say- said the same thing, you know? The focus is always on the P&L.

   2. EGEmma Grede11:58

      Yes, it is.

   3. AAAngela Ahrendts11:59

      And, and why can't it be, why shouldn't there be a P&I? Why shouldn't we focus on the people and the impact they're making first? Because that's really what drives the P&L.

   4. EGEmma Grede12:08

      100%. Yes, it does.

   5. AAAngela Ahrendts12:10

      And so, so I think that, you know, the challenges as they're running and starting businesses is what is their, you know, you, what is... I, I call her a social visionary because who comes up with that? And, and 14 billion later. No, but it's absolutely incredible, so using your instincts and all of the things we just talked about. But I just think that in the future i- it is a company's responsibility, and the larger the company, the larger the responsibility.

   6. EGEmma Grede12:35

      100%, just like us as individuals, right?

   7. AAAngela Ahrendts12:38

      Mm-hmm. Absolutely.

8. 12:40 – 14:13

   Women's Sports and Sticking to What You Know

   1. AAAngela Ahrendts12:40

      So is there, um, any, since you are such a savvy investor, is there, um, anything, any sectors, any, any areas that you're looking at now that excite you?

   2. EGEmma Grede12:53

      You know what I'm obsessed with right now is women's sports.

   3. AAAngela Ahrendts12:56

      [laughs]

   4. EGEmma Grede12:56

      Like, that's all I can think about.

   5. SPSpeaker12:57

      [cheering] [clapping]

   6. EGEmma Grede12:58

      Obsessed. But, you know, I think about what I can do. You know, I always think about there being a time and a moment in culture when there are things that customers are willing to accept, right? And we just happen to be at this incredible infliction point for women's sports. I've been watching women's sports for years. I live around the corner from the, you know, UCLA campus, and so women's basketball is a big thing. I take my kids. Um, but again, it's about, like, when is what you do-

   7. AAAngela Ahrendts13:26

      Mm-hmm

   8. EGEmma Grede13:27

      ... um, ready to be accepted?

   9. AAAngela Ahrendts13:28

      Mm-hmm.

   10. EGEmma Grede13:28

       And so I, I love this idea of, like, timing and culture aligning beautifully with what it happens, what I happen to be good at.

   11. AAAngela Ahrendts13:35

       Mm-hmm.

   12. EGEmma Grede13:36

       And so that, that's a space that I'm interested in.

   13. AAAngela Ahrendts13:38

       Mm-hmm, amazing. Any others?

   14. EGEmma Grede13:41

       No. Well, I mean, listen, I don't do what I don't know.

   15. AAAngela Ahrendts13:43

       [laughs]

   16. EGEmma Grede13:43

       I'm not here for AI because, like, it's, that's not my space.

   17. SPSpeaker13:46

       [laughs]

   18. AAAngela Ahrendts13:46

       Sure.

   19. EGEmma Grede13:46

       I'll, I'll let, like, other people in the room do it-

   20. AAAngela Ahrendts13:49

       Yep

   21. EGEmma Grede13:49

       ... and I'll catch on, like, too late, you know?

   22. AAAngela Ahrendts13:51

       Yeah.

   23. SPSpeaker13:51

       [laughs]

   24. AAAngela Ahrendts13:51

       Yeah.

   25. EGEmma Grede13:51

       Do what, do what you know.

   26. AAAngela Ahrendts13:52

       [laughs]

   27. EGEmma Grede13:52

       Let's be fair.

   28. AAAngela Ahrendts13:56

       And then, and then, and then, again, because you are a founder, and a partner, and a, and, and a, um, investor, and a social visionary-

   29. EGEmma Grede14:03

       Mm-hmm

   30. AAAngela Ahrendts14:03

       ... how do you think... And, and I would also argue that you're probably an incredible marketer. So again, it's a very important part when you're launching a business-
9. 14:13 – 16:52

   Marketing Today and the B Corp Turning Point

   1. AAAngela Ahrendts14:13

      How do you think of marketing in this day and age?

   2. EGEmma Grede14:16

      Well, you know, I think, uh, I am a marketeer first and foremost, right?

   3. AAAngela Ahrendts14:20

      Mm.

   4. EGEmma Grede14:20

      That's what I know. That's what I understand. That's why I've built the businesses that I have. Um, and what I can tell you is that whatever worked last year is not working now. [laughs]

   5. AAAngela Ahrendts14:30

      [laughs]

   6. EGEmma Grede14:30

      That's for sure, right? It's like there's no arbitrage in social media anymore, and I think for a long time I built these very digitally native businesses that relied on, you know, whether it was Facebook in the beginning, and then moving on to Instagram, and then TikTok for, like, 25 seconds. Like, that time is over.

   7. AAAngela Ahrendts14:45

      [laughs]

   8. EGEmma Grede14:45

      It's done. Um, and the only thing that we can guarantee is that meeting customers where they're at, having a business that solves a real problem and serves a real purpose, that's the only continued way that you can connect with customers. And when I think about the things that have really shifted my business, it's the initiatives, frankly, that I didn't think about. Becoming B Corp certified was a turning point in Good American.

   9. SPSpeaker15:08

      Woo!

   10. AAAngela Ahrendts15:08

       Amazing.

   11. EGEmma Grede15:08

       And, and honestly, I'd love to sit here and say I thought it was a really important initiative. I didn't. It was a, a, you know, a cost nightmare and, um, a time suck. It was like a complete-

   12. AAAngela Ahrendts15:17

       [laughs]

   13. EGEmma Grede15:17

       I, I just thought, "What a distraction for a business that's two years old." However, my team really understood the importance of it, and it did two things. Number one, becoming B Corp certified taught me a lot. But for that group of, of team members that really spearheaded the movement, you know, they are probably the most loyal group of people that I've had in any company I've ever started, but they're the ones that are the boundary pushers, and they're coming up with everything that is driving the company forward. And then you look at the customers. Because that team, those team members were smart enough to bring customers and the community along on the journey, what happened is that we created this, like, cohort of customers. I mean, they literally have their own data segment in my business. It's like the, like... We call them the, the B Corp Bs. And it's so crazy what happened within those two things, that you ended up with this unbelievable team mentality and this group of customers that valued it so beyond anything else.

   14. AAAngela Ahrendts16:13

       Mm-hmm.

   15. EGEmma Grede16:13

       That it became the reason to come into this brand and make that choice over that one.

   16. AAAngela Ahrendts16:17

       Mm-hmm.

   17. EGEmma Grede16:17

       And so it's not always the things that you think that are really gonna move the needle.

   18. AAAngela Ahrendts16:21

       Mm-hmm.

   19. EGEmma Grede16:22

       And from a marketing point of view, we didn't, we never thought about B Corp in that way.

   20. AAAngela Ahrendts16:26

       Mm-hmm.

   21. EGEmma Grede16:26

       It was like, "How can we clean up what is otherwise a very dirty, pollution-inducing business?"

   22. AAAngela Ahrendts16:31

       Mm.

   23. EGEmma Grede16:32

       But it was something that actually I look at it now, and it future-proofed our business in so many ways.

   24. AAAngela Ahrendts16:36

       Mm-hmm.

   25. EGEmma Grede16:36

       And so it's something that I feel very proud about.

   26. AAAngela Ahrendts16:38

       Mm-hmm. Yeah, absolutely incredible. So final question, you've started all these digital native businesses.

   27. EGEmma Grede16:46

       Mm-hmm.

   28. AAAngela Ahrendts16:47

       But you have a pledge that says get 15% on the shelves.

   29. EGEmma Grede16:51

       Mm-hmm.

10. 16:52 – 19:05

    Physical Retail and Going Where Customers Are

    1. AAAngela Ahrendts16:52

       So how do you think about physical retail in the future?

    2. EGEmma Grede16:55

       Oh, I am... I mean, I'm the most physical. Like, I, I've always been for physical.

    3. AAAngela Ahrendts16:59

       [laughs]

    4. EGEmma Grede16:59

       And honestly, I think that what I knew from the beginning... And you have to imagine, on, on my, on my boards, I have, like, you know, what I call the old guard and the new guard, right? So it's like the old guys, the John and the Andrew Rosens and the people that you'll know from the New York fashion side.

    5. AAAngela Ahrendts17:13

       I'm old. [laughs]

    6. EGEmma Grede17:13

       And then, you know, I have like, uh, you know, the, the D1s and the... You know, Josh Kushner's on the other side. So it's like the old and the new.

    7. AAAngela Ahrendts17:19

       Yeah.

    8. EGEmma Grede17:19

       Um, and so I always had that mentality that somewhere in between would probably serve me really well.

    9. AAAngela Ahrendts17:26

       Mm-hmm.

    10. EGEmma Grede17:26

        So I never just went all out and said digital only, and nor did I go, "Okay, let's do things the old way," and it's that beautiful hybrid in between.

    11. AAAngela Ahrendts17:34

        Mm-hmm.

    12. EGEmma Grede17:34

        For me, I'm opening about a store a month at the moment.

    13. AAAngela Ahrendts17:37

        Mm.

    14. EGEmma Grede17:37

        And that is really doing so much for our businesses because people are craving in real life experience, they're craving community. And when you ultimately are in the business that I am, which is apparel, right? Whether, however you wanna dress it up.

    15. AAAngela Ahrendts17:51

        Mm-hmm.

    16. EGEmma Grede17:51

        People want to touch, and they want to feel. But more than that, they want the in-person interaction, and I'm so happy that we didn't think about retail as an afterthought, right?

    17. AAAngela Ahrendts18:01

        Mm-hmm.

    18. EGEmma Grede18:01

        There is so much value to traditional bricks and mortar. There's so much value actually to partners in wholesale.

    19. AAAngela Ahrendts18:07

        Mm-hmm.

    20. EGEmma Grede18:07

        And so I think for anyone starting a business, to, to feel like, you know, in the beginning you have to be so focused in one lane actually ends up- You know, stopping you a little bit, right? I just say go. Like, go into the channels that make most sense for your customers, and customers are everywhere. If you ignore anything, it will, it will really stifle your growth.

    21. AAAngela Ahrendts18:29

        Mm-hmm. Mm-hmm.

    22. EGEmma Grede18:29

        So I'm happy that I didn't do that. [laughs]

    23. AAAngela Ahrendts18:31

        So listen to your customers, I'm gonna keep coming back to.

    24. EGEmma Grede18:32

        Yeah, and you have to... You know, not, not all customers are sitting online waiting to discover your new amazing thing, right? You have to catch a customer where they are, and if that happens to be because they're in Nordstrom shopping for something else, and they happen across your brand-

    25. AAAngela Ahrendts18:45

        Mm

    26. EGEmma Grede18:45

        ... then be there, right? Don't be a snob about it, because I don't think that's how customers think, and it's not how they discover. Um, and yeah, I mean, that, that is what has worked.

    27. AAAngela Ahrendts18:54

        Yeah.

    28. EGEmma Grede18:54

        That is, that is what has given me the, the value and the valuations, quite frankly-

    29. AAAngela Ahrendts18:58

        Yeah

    30. EGEmma Grede18:58

        ... that those companies have today.
11. 19:05 – 21:28

    Leadership Advice: Just Tell the Truth

    1. AAAngela Ahrendts19:05

       But any other advice for this incredible, brilliant group-

    2. EGEmma Grede19:10

       Oh, am I the one to give advice?

    3. AAAngela Ahrendts19:11

       ... of people that you get.

    4. EGEmma Grede19:13

       You know, I... It's so funny, because I always get asked for advice, and I get asked for, like, leadership ethos. And I feel like, you know, as a 16-year-old school leaver, for me [laughs] to give this room advice-

    5. AAAngela Ahrendts19:24

       [laughs]

    6. EGEmma Grede19:24

       ... feels like, wah wah.

    7. SPSpeaker19:25

       [laughs]

    8. EGEmma Grede19:25

       Um, you know, it's like I missed that day at school, sorry.

    9. SPSpeaker19:29

       [laughs]

    10. EGEmma Grede19:29

        Um, what I, uh...

    11. AAAngela Ahrendts19:31

        It's the truth. [laughs]

    12. EGEmma Grede19:32

        I think what I know to be true is that as a person that has teams of hundreds and hundreds of people, what do people really want, right?

    13. AAAngela Ahrendts19:41

        Mm-hmm.

    14. EGEmma Grede19:41

        And we're in a time when it's very difficult to tell the truth. It's very difficult. Like, we talk about authenticity a lot, and, and I don't know that that is where the world is at right now. It certainly doesn't feel that way to me. Um, what I try to do is tell the truth, and what I try to do is be really honest about my expectations, what I need from people, where we're going. And that seems so basic, but it's really served me incredibly well.

    15. AAAngela Ahrendts20:08

        Mm-hmm.

    16. EGEmma Grede20:08

        And that means that, you know, when people wanna come to work three days a week, that's cool, but that's just not for me. That's not the business that I run.

    17. AAAngela Ahrendts20:15

        Mm-hmm.

    18. EGEmma Grede20:15

        It means that when people need to see themselves in a certain way, like, I'm... You're gonna get the truth and honesty from me.

    19. AAAngela Ahrendts20:23

        Mm-hmm.

    20. EGEmma Grede20:23

        And it also means that, you know, we're going on a journey together, and I'm gonna be very open and sharing about what that means.

    21. AAAngela Ahrendts20:29

        Mm-hmm.

    22. EGEmma Grede20:30

        And I think as a founder, just being who you are and being incredibly honest has just served me really well.

    23. AAAngela Ahrendts20:38

        Mm-hmm.

    24. EGEmma Grede20:38

        And it isn't really made for corporate America. It isn't what my HR and people department like the most about me, quite honestly.

    25. SPSpeaker20:45

        [laughs]

    26. EGEmma Grede20:45

        They're like, "Shut up. Don't say that."

    27. AAAngela Ahrendts20:47

        [laughs]

    28. EGEmma Grede20:48

        And I'm like, "Yeah, but..." You know? And I, and I do think it's what's drawn people to me. I do think it's what's enabled me to hire, like, best-in-class people.

    29. AAAngela Ahrendts20:56

        Yeah.

    30. EGEmma Grede20:56

        It's very straightforward. You get what you see, and nobody is in the dark ever. And I think about, you know, companies. We talk about transparency. We talk about authenticity. It's like, just tell the truth, and you'll never get in trouble.

Episode duration: 21:28