Sean Frank, CEO of Ridge Wallet and known as the 'Einstein of Ecommerce', discusses topics such as the challenges of selling wallets, Ridge's 80% gross margins, the decision to not raise venture capital, hiring a new CEO, marketing strategies including Twitter advertising and influencer sponsorships, the future of women's return rates in fashion, vertical integration through investing in a watch manufacturer and building a factory, the importance of core competency, Ridge's tech stack, and the challenges and potential future of e-commerce penetration.
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question_answer ANECDOTE
Buying A Factory To Onshore Production
Ridge bought an Arizona factory by investing in FTS USA and acquiring a building for onshoring.
They aim for US production and dividend-like returns from owning manufacturing shares.
volunteer_activism ADVICE
Grow Temperately; Profit Annually
If you can't raise capital, learn to make money every year and grow sustainably.
Aim for tempered mid-teens growth rather than frequent doubling to build long-term physical-goods businesses.
volunteer_activism ADVICE
Keep The Tech Stack Simple
Keep your tech stack minimal and focus on product and go-to-market.
Avoid overengineering Shopify merchant stacks; most time should go to product and selling.
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Sean Frank is the CEO of Ridge Wallet, a men’s wallet and accessories brand that does over 9-figures in annual revenue. The company started in 2012 and raised $266,000 in a Kickstarter campaign to sell the first 5,200 wallets. Ridge hasn’t raised a single dollar of outside capital since, and has also expanded into new categories like rings, knives, watches, backpacks, and keys, with dozens of more products coming soon. Sean is known in some circles as the “Einstein of Ecommerce”, and he gives us an inside look at running a consumer brand in 2023.
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