What Successful Entrepreneurs Do Differently the Second Time Around

Emily Current and Merritt Elliott’s first fashion business was a runaway success.

The two college friends turned stylists launched their denim label Current/Elliott in 2008, quickly drawing the attention of celebrities like Nicole Richie and Katie Holmes, as well as top retailers including Barneys New York and Neiman Marcus. They’re widely credited with bringing the Boyfriend jean silhouette to the masses. Four years in, they sold their brand to private equity firm TA Associates.

Current/Elliott’s moment didn’t last — the brand has changed hands multiple times, selling most recently in December to a licensing firm. While its founders say that there was a lot of grief around leaving the brand that bore their names, it was “exactly the right thing” to do. More than that, speed-running the founder’s journey helped them to shape the blueprint for their second label, The Great, which launched in 2016.

This time, they took no outside investment (Current/Elliott was backed by retail executive Serge Azria). The goal from the outset was to build a modern heritage brand that could last for decades, rather than another fast rise and equally quick exit.

“We were like, ‘I want to do this ourselves, and if that means that it’s slower and more measured in how we grow, that’s okay,’” said Current.

Ten years later, The Great is profitable, with average annual sales growth of 20 percent over the past six years. Sales are split evenly between e-commerce, wholesale partners like Bloomingdale’s and Shopbop and nine stores of their own (eight in its home state of California). To help build its heritage credentials, The Great has inked collaborations with several 100-plus-year-old brands; the latest, a team-up with Westernwear label Stetson, drops this month.

The brand still hasn’t taken on investment, which the two admit has sometimes been an obstacle. Brick-and-mortar expansion has been slower than they would have liked, and inventory management can be a challenge, too.

But those sacrifices, they said, are worth it to build something with, they hope, the potential to last.

“There are moments where I think ‘We’re just leaving money on the table,’” said Elliott. “But at the same time, this is sustainable. In 20 years, in 30 years, this brand can exist, because we have done it by brick.”

Beyond Denim

Building Current/Elliott, Elliott said, taught them everything there was to know about denim. With The Great, they wanted to conquer the rest of the wardrobe – to the point where they purposefully didn’t include jeans in the initial assortment

“We saw that there was an appetite for casual in different capacities,” said Elliott. “What is the denim girl wearing elsewhere, in different parts of her life?”

Both of their brands were both born out of an idea to reinterpret vintage pieces for a modern — and in particular, female — audience. California was a bigger influence on this collection; both were raised in Northern California and have called Los Angeles home since they met as undergraduates at UCLA.

Working across a greater number of categories also provided a stronger foundation for the business, which proved to be a necessity given their lack of funding.

“If you’re in one category, you have really big seasons and really slow ones,” said Current. “But if you’re multi-category, then you can authentically pivot when moves change and trends change, and it feels real.”

The Great’s assortment is meant to blend that casual and wearable aesthetic but create pieces that feel heirloom-worthy, too. Knits are at the core of the brand, with sweatshirts, sweatpants and T-shirts meant to mimic the softness of a worn-in vintage version. Others incorporate more whimsical design touches: Its Lodge cardigan features embroidered illustrations of motifs like sailboats or cowboys while fleeces are covered in prints of horses mid-gallop or pink roses.

They pay special attention to the details that they feel make vintage pieces so coveted, like stitching and fit — something they’re more easily able to keep an eye on with around 70 percent of their manufacturing done in the US. The price point isn’t inexpensive — the hero College Sweatshirt is $185, while more detailed pieces like the Lodge cardigan or the Picnic shift dress, a white cotton mini made to look like Battenburg lace from the late 19th century, are $450 and $550, respectively.

The two said they want to create pieces that spark the same sort of feeling that they get when they uncover a unique treasure at a thrift store or flea market.

“Those heritage pieces that people wore 100 years ago and still wear today, and not only are they still cool, they’ve never really not been cool,” said Current.

A Modern Heritage Brand

The brands behind the pieces are not just a source of design inspiration for The Great, but a business one, too.

They’ve been able to receive that advice firsthand by collaborating with the likes of bootmaker Red Wing, outdoors label Eddie Bauer and footwear seller Birkenstock, as well as Stetson. These partnerships have allowed them not only to shore up its own credentials, but also for Current and Elliott to see firsthand how decades-old companies operate.

“We’ve been thoughtful about how we grow our women’s business, and The Great stood out for the strength of their design point of view and what they’ve built in a relatively short time,” said Robert Dundon, CEO of Stetson, in an email. “Their modern take on Americana works naturally with our heritage, and the product reflects a shared commitment to quality and craft.”

Where they differ most from those brands is that they’re rooted in a woman’s perspective, a rarity for an American heritage label. Many of the vintage finds they take cues from were designed for men — they want to rework them to appeal to a woman’s aesthetic sensibility, but also, of course, better fit their bodies.

“There’s something about these heritage brands that makes you feel at home,” said Elliott. “We are trying to create that through our lens, and more of a female lens.”

It’s also been a lesson in the patience necessary to grow a brand that lasts. There was no budget for flashy marketing displays; instead, exposure came primarily through collaborations and wholesale partnerships, particularly placement in beloved local boutiques. They only cut what they feel certain they can sell, which can lead to sell outs. They’re itching to open more stores, too.

For that reason, they’re not ruling external funding out entirely — as Elliott said, “if there was a way to grow this way with more fuel, it would be fantastic,” — but it would need to be with a partner who has the same growth expectations. In the meantime, their own partnership provides if not a financial foundation, then an emotional one: Current and Elliott have worked together in some capacity for over two decades, not only through Current/Elliott and The Great, but also their subbrand Emily + Merritt, a vehicle to collaborate with other brands, like a partnership with Aerie earlier this year. They even live on the same street in Los Angeles.

“It’s just nice to also have someone that’s there constantly giving you grace or encouragement,” said Elliott.

One thing they’re in sync on is their priorities for the next decade: the top one is to introduce the brand to more people, particularly outside of its home state. They’d love to further grow their newer categories, like sleep and outerwear (fittingly called The Great Outdoors) as well as open more stores; Texas; Nashville and Chicago are top targets for that next expansion.

Still, the original intent remains: Create a product that, above all, represents their point-of-view.

“What we see with fashion brands is they get bigger, they’re sold or the founders leave, and that initial joy leaves the room and everyone’s trying to fake it,” said Elliott. “What makes this brand so special is we refuse to take that part out.”