During this yearâ€™s Global Entrepreneurship Week, The Business & IP Centre will be hosting our flagship Inspiring Entrepreneurs: Question Time event. Amongst our panel of innovative entrepreneurs will be the Polly McMaster, the co-founder of The Fold, a contemporary womenswear label created for the professional woman. Founded in 2012, Pollyâ€™s vision for a feminine brand that created stylish yet appropriate outfits for the working environment and smart evening wear has gone from strength-to-strength. Today this high-growth brand can be found in over 20 countries and counts the Duchess of Cambridge and Samantha Cameron as customers. With such impressive progress in just five years we caught up with Polly to hear how The Fold has been able to achieve such traction in the market in such a short space of time.
The Fold is described as â€˜a contemporary new label that embraces and inspires the modern, professional womanâ€™. How did you identify this gap in the market?
This was me! I worked in consulting and private equity â€“ where a suit is the dress code for men. I really struggled to find clothes that made me feel confident, stylish, smart and contemporary. I did a lot of research with other working women and found that this really touched a nerve with so many of them, so it was a very compelling thought to create a brand that was relevant to women like myself and addressed that problem.
Have you always had a passion for fashion? And if so, did you think this passion would eventually become your profession?
Absolutely, way back to school days where I did dress-making classes in the evening, and made my own clothes, to Art A Level and work experience in an amazing couture brand. However, I am definitely quite left-brain / right-brain and also love problem-solving, analysis, etc. â€“ so I took an unconventional route to fashion via science, business strategy and investment. Itâ€™s helped me have a more rounded view of the business, but itâ€™s amazing to be able to bring together so many areas that Iâ€™m passionate about.
Fashion is a consistently popular area for new start-ups, but starting and growing a successful fashion business is tough. Whilst the UK is a centre of design creativity, fashion businesses often face a high failure rate. If you could give one piece of advice to a budding entrepreneur entering the fashion world what would it be?
I entered this world with a completely different perspective, and I think that has been helpful. I approached it from quite a commercial angle â€“ which was to provide an amazing product to a niche group of women after identifying a gap in the market. That has influenced everything in the business from both the creative side through to the business side. By having that clear vision, itâ€™s helped us to be more competitive. It is a very tough industry, and it also takes a lot of resource in terms of both cash and expertise to navigate it. As weâ€™ve grown, Iâ€™ve certainly leant on the support of very experienced Chairman, investors and advisors whoâ€™ve helped us learn, adapt and survive!
What has been your proudest achievement in your business journey to date?
Recruiting a great team and great investors have been the most important thing in the business. Iâ€™m really proud that weâ€™ve created a brand that has attracted so many talented people, and that I get to work with them every day. That feels like huge progress and makes the future very exciting.
Iâ€™m also really proud that we dress amazing women for work every day â€“ itâ€™s very inspiring to receive messages from them to say that they nailed a job interview, or gave a powerful presentation and felt that theyâ€™d had an extra confidence boost from wearing The Fold. Thatâ€™s when I know weâ€™ve done what we set out to do.
What do you think the future holds for The Fold and Polly McMaster?
The Fold still feels like itâ€™s at the beginning of its journey! We have a lot of exciting plans â€“ we are opening a new store concept next Spring, and also continuing to build our online presence in both the UK and the US. Our customers are truly international so we are excited for The Fold to become a global destination for working women. For me personally, Iâ€™m learning every day, and loving balancing being a mum with running the business. Iâ€™m excited to grow with the business through the next chapter!
If youâ€™d like to quiz some of the UKâ€™s top entrepreneurs and business minds during Global Entrepreneurship Week, donâ€™t forget that the Business & IP Centre will be hosting Inspiring Entrepreneurs: Question Time on Thursday 16 November. See you there.