Friday Fun: Fashionistas Storm HBS
People often associate business school degrees with a handful of traditional fields, such as consulting. But according to this piece at Page Six Magazine, the growing fashionista crowd at Harvard Business School is demonstrating you don’t have to be Michael Bloomberg to go for an MBA.
Take Olga Vidisheva, a 25-year-old model and current MBA candidate. She attended Wellesley, did two years at Goldman Sachs, and then decided finance wasn’t for her. She applied to HBS, specifically aiming to change careers to fashion. Her plan seems to be paying off, as evidenced by her summer spent interning with Chanel’s marketing department. And she’s not alone. We’ve already covered HBS alums Alexandra Wilkis Wilson and Alexis Maybank, who founded Gilt Groupe. Other startups have followed, including FashionStake, a site that allows you to invest in newbie designers; Birchbox, which sends monthly beauty samples to members; and Rent the Runway, which rents designer dresses.
Ultimately, only 3 percent of Harvard grads go on to retail careers, as opposed to 57 percent working in finance or consulting. But sartorially-inclined students report the program is becoming the place for fashion”and they ought to know what’s in vogue!
Friday Fun: MBAs Take Sample Sales Online
We like to take the occasional Friday here at the MGMAT blog to spotlight interesting paths taken by MBAs. Today: Gilt Groupe, which is bringing sample sales”long an urban fashion institution”to online shoppers.
The Wall Street Journal recently profiled the up-and-coming online retailer. Here’s how Gilt Groupe works: Upon registration, members receive a daily email announcing the afternoon’s deals on luxury brands. Labels like Christian Louboutin and Marc Jacobs are regularly discounted up to 70 percent. Last year this clever scheme brought in $170 million in revenue, and the company is currently valued at $400 million. And Gilt Groupe might not exist if founders Alexis Maybank and Alexandra Wilkis Wilson hadn’t chosen to get MBAs. The two met as classmates at Harvard Business School, where they laid the foundations for Gilt. They launched the company with merchandise from designer Zac Posen”whom they had advised while still in business school. Back then, he was an emerging brand that was starting to gain a lot of visibility, but didn’t have a business plan in place or a way to finance the brand’s growth; we helped him take a look at that, says Maybank.
It’s a great example of how the networks you build as an MBA candidate can really make a concrete difference to your career.