The Bradery: Edouard Caraco talks Showroomprivé, premium positioning and new "lifestyle" offer
Launched in 2018, the event-based premium fashion sales platform The Bradery joined the ShowroomPrivé group at the beginning of the year. A takeover that raises questions on the future of the site, which is gradually establishing common technical and commercial points with it's parent company. Its co-founder, Edouard Caraco, tells FashionNetwork.com that expanding it's offer is not on the agenda. On the contrary, in addition to developing the lifestyle offer, The Bradery intends to tighten its selection. And voluntarily restrict the number of operations for the year 2023.
FashionNetwork: How does the integration of The Bradery into the Showroomprivé group translate today?
Edouard Caraco: It's been six months since we joined the Showroomprivé group. We work well together. We have common customers. But our main objective is to be strong in each of our core businesses. And today, the central axis of The Bradery is the young customers and the premium brands. So we are trying to see which brands of this type are present at ShowroomPrivé and could enrich The Bradery's offer. And vice versa. All of this while remaining highly differentiated, because the idea is not to turn The Bradery into another ShowroomPrivé. The objective is to make it the leader in premium shopping destinations for 18-35 year olds. And that's what ShowroomPrivé allows us to do, by building various bridges.
FNW: What types of bridges?
EC: It's mainly in support and logistics, which will enable us to offer an even better experience to our customers. In particular, faster delivery, or with more attractive rates. It also allows us to expand the scale of our business via a logistics tool that the group has been developing and refining for twenty years. The idea is not to merge our two ideas into one, but to remain independent from a positioning point of view. And to pool resources, by eventually passing part of our logistics to ShowroomPrivé, and by having common agreements with transporters. There are strong economies of scale to be found. This concerns logistics, but also a project for a shared media agency. On the other hand, on marketing, we remain very independent, and we consider that this is what will make our strength, by remaining differentiated.
FNW: What are your ambitions for the "lifestyle" offer, including travel and leisure?
EC: In this universe, we recently offered a yoga retreat in Cheverny, for example. To understand this, you have to know that we are very strong in fashion, we are strong in cosmetics, and that we now want to get closer and closer to our customers by offering them real-life activities. This is the core of our partnership with The Egde platform, which will enable us to offer hospitality and experience to our community. This complements our premium offer in cosmetics and ready-to-wear, to eventually have a 360° qualitative offer. Eventually, this area should account for 10% of our revenue.
FNW: For the time being, how is your activity broken down by product category?
EC: Fashion represents 70% of our business today. Cosmetics represent 10%, and 10% for the home. And another 10% for the rest, with occasional sales of bicycles, spirits, gym passes and others. We recently had a sale with the Caravane brand, which fits perfectly with our premium and lifestyle positioning, and which was able to reach a younger audience. Because it's not a question of coming to us just to sell off old collections, but rather to reach a new audience, using old products to reach new customers. We are the only ones able to sell a premium brand for 100,000 euros to an average 27 year old audience.
FNW: What is your strategy to capitalize on this positioning?
EC: We don't believe in working with all brands, but only the best ones. Customers are inundated with offers, so we have to offer a selection of brands. With this in mind, in 2023, we are choosing to make fewer transactions than in 2022. We will filter even more the brands we work with, to propose only the best brands. And work hand in hand with them to offer a selection that will work for our community. I think that pleases both our partner brands and our customers. So we are not looking for more and more brands and verticals. We want to work better with what we already offer.
FNW: Isn't that related to the fact that, like the big retailers, you're dealing with inventory that has become scarce?
EC: No, we're not affected by that, and to tell you the truth, October 2022 was the biggest month since The Bradery was founded. We're in a pretty exceptional momentum. We're going to have a very nice growth over 2022. We are not at all in a shortage of supply, thanks to our sophisticated positioning and the precise and rigorous selection of the brands we work with. And that's why we have to go for fewer operations. Do less, but better.
FNW: The major fashion retailers have gradually opened up to current collections. Are you thinking about it?
EC: It depends... Today, our promise is to connect our brands with our audience. In order for them to connect every day, we need an exceptional offer. So why not go towards more recent collections. But then we will have to offer our community exceptional benefits, and determine with the brands how to achieve this. Today, we are in very short end-of-sale operations, or on very specific categories of inventory. But we want to do this while respecting our own philosophy.
FNW: What is the role of internationalization in your strategy?
EC: We are based in Paris but also in Barcelona. There, our activity is to source international brands through our local purchasing office. Today, international business represents 10% of our activity, shared equally between Benelux and Spain. In 2023, we are aiming for 15% of international sales. Spain is interesting because it is home to a large number of brands that are of interest to us. The country also has a young clientele with behaviors similar to those of our French community. This allows us to use the same networks and methods to reach our audience. But the French market is exceptional for our business. We have a real place to take, on the generation we are targeting. So we are focusing on France.
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