Morrison, slippers with collective funding | Economy

Morrison, slippers with collective funding | Economy



Pablo Recuenco, Álvaro Patón and Álvaro Rodríguez have been friends since school and had always dreamed of starting a business. Fashion was one of his passions and, above all, his sneakers. Although each one studied different careers, they never abandoned the idea of ​​setting up together a project related to their hobby. But the scarcity of economic resources held them back. "After spinning around, we thought that to face our lack of money, we could set up a crowdfunding reward campaign and, with the money we raised, design and sell shoes, "Recuenco recalls. The campaign, which lasted 20 days, involved a box of 23,000 euros with which they manufactured 500 pairs, part of which came into the hands of their investors.

Like many of the entrepreneurial beginnings, Morrison's was not easy either. With the money raised and 6,000 euros of own contribution, they began to look for a company that would make their designs. "The first 12 or 13 we contacted said no. Their reasons were always the same: I do not know who you are, you are 25 years old, this is not a game and the short production runs are ruinous. Better go to China, "says Recuenco. But not only did they not abandon the idea, but they became even more stubborn. Luck came in 2016 when an Elche manufacturer trusted them. Production began to grow and last year they had to move it to a larger factory in Brea de Aragón (Zaragoza), with which they are currently working. From that moment, they left their jobs to dedicate themselves fully to Morrison. "We started three, we are still only three, and each one is in charge of a part of the business. In 2019 we will expand the workforce with four people. " Now, they only have the warehouse outsourced, which is subcontracted to a company in Madrid.

With more than 15,000 pairs sold, they produce between 100 and 200 pairs per model, with a price range ranging from 52.95 euros to 59 euros. Your sales channel is digital. Twice a year, they release five new models. "We are removing what stops working to renew samples. Even so, there are two models that are with us from the beginning ". All his designs are his own and handmade. "We have to like all three, because we have different tastes. Although it takes more time and is more expensive, we position the brand in the step of value that we want to give ".

At the end of this year they launched a second 30-day crowdfunding or crowdfunding campaign, with which they achieved 132,587 euros that have come through 1,592 sponsors. "In 24 hours we reached 100,000 euros," says Recuenco. An income with which they will internationalize the company to reach countries such as Belgium, Germany, Austria and France, where their designs have been well received.

Morrison has begun to expand product with collections of socks and shirts, with which it takes just a few weeks. At the time, already has presence in physical store through a collaboration agreement with the fashion firm Hutton, where they will sell their shoes in two locations in Madrid and Valencia. His latest adventure project is the opening of a showroom in Madrid, in the month of February, which will be office and shop "so that everyone can touch and try them and with the same prices as on the web."

Results

During these two years of activity, the income statement has smiled on them. In 2017 they reached a turnover of 400,000 euros and expect to close 2018 with almost one million euros. "Everything comes from the crowdfunding campaigns, a system that gives us independence and where nobody makes decisions for you," argues Recuenco. They never bet on rounds of financing although he says that "we may need it in the future and we have to open the door. They have already called us, but we have not accepted, at the moment ".

Recuenco explains how the theme of crowdfunding has aroused interest in many business sectors, especially in fashion, where it had not been put into practice until Morrison did. "We have learned to beat, making mistakes. When we started we would have done the impossible because someone would have advised us. Now we can advise others, so we are in talks with business schools and universities to tell the experience; of course, in a disinterested way ".

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