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The $250 Million Female Tech Superstar “Sophia Amoruso” of Nasty Gal
In a predominantly male tech industry, Nasty Gal’s founder “Sophia Amoruso” is gaining a lot of attention as a young female CEO, who is doing things her way.
With an estimated Net Worth of $250 Million and growing, I’d say that you will be seeing the name Sophia Amoruso a lot more often.
At the age of 22 years old, Sophia Amoruso created a vintage women’s clothing business on eBay. Sophia started her business as a small project while working for just $13 per hour at a local college where she checked the ID’s of college students for $13 an hour. She herself had dropped out of college and lived at the time with a step-aunt.
After receiving a number of messages on Myspace from vintage clothing eBay sellers, Sophia was inspired to learn the ways of selling online and decided to start her own eBay store.
Sophia named her online business after the 1975 Betty Davis album “Nasty Gal“.
Sophia Amoruso decided to pull together a collection of vintage clothing she found at Goodwill stores, then offer the pieces for sale on her eBay website. As an example, she would purchase a Chanel jacket from the Salvation Army store for $8 and would re-sell the item for $1,000 on her website.
At the start of her business, Amoruso photographed, styled, captioned and shipped about 25 different items weekly from her store. She created the store’s fashion around her own style that included such things as a blood-red lipstick, floor-length trench coats, and rock style vintage T- shirt.
Amoruso felt that eBay was not the best choice to start her business and it was beginning to stifle her business. Her competitors taunted her by flagging her site in an attempt to discredit her business. She decided to start her own company website and thus http://shopnastygal.com was born. At the time http://nastygal.com was a porn site but she was later able to purchase that domain.
Sophia initially marketed her Nasty Gal fashions on Myspace social website where she developed a following of 60,000 followers, who were mainly attracted to the Nylon brand and purchased fashion and music magazines. Myspace was the foundation for her original strong following but lately, has proven that she holds weight on other social network platforms with over 620,000 followers on Facebook and over 600,000 on Instagram. Sophia wanted to develop a following of people interested in her merchandise such as Versace vintage clothing and motorcycle jackets. She attracted followers to her by creating competitions on Facebook and inviting readers to her site to create names for her vintage products in exchange for gift cards for her products.
The websites statistics went through the roof – Amoruso amassed a following of 550,000 site visitors who spent a total of six minutes daily viewing her site, and 10% of them visited the site more than 100 times every month. Amoruso’s business revenue last year was almost $100 million and it is predicted that her fan base will increase even more in the coming years. Sophia realized that while her sales conversion was greater that the industry average, she was at 3%, she needed to expand her brand offering to include more than unique vintage fashions because there was a growing demand for varied sizes.
Sophia Amoruso and her buyer made the long drive to Los Angeles weekly and they also attended trade shows in Las Vegas. At such conventions she was faced with higher end fashions the owners of which would not welcome the idea of their fashions being sold at a store with the name of Nasty Gal.In fact many people discredited it as a sex store because the domain http://nastygal.com was still a pornography online store. She had to convince the vendors by actually showing them her site http://shopnastygal.com/, on her cell phone. She was able to get a seller to agree to sell her clothes and she promised she will do credit to the brand name. From that point on Sophia Amoruso started to develop credibility in the eyes of some of the most recognizable brands names in the market. She was able to create new channels for the brand names she did business with.
At this point Sophia Amoruso was now ready to do business with venture capitalists who wanted in on her business. She decided to go with Index Ventures were she received $40 Million in venture funding and gave them equity for $9 million. “The company, she added, is debt-free and has been profitable from the start.”
Sales moved quickly after the venture funding and quadrupled to $128 million in profit. Amoruso then invested in a fulfillment center covering 500,000 square foot in Kentucky. Nasty Gal has brought in more than 150,000 shoppers in over 50 countries so far with over 6 million visitors each month and counting. Her competitors are starting to be watchful of her moves.
Now 28 years old, Sophia Amoruso realizes that her business name still receives uncomfortable looks and assumptions, but she contends that her business is the country’s fastest-growing retailer.
Nasty Gal’s Sophia Amoruso Shares Her Story Of Success
News
Think & Grow Rich: The Legacy Film
We have some incredible news for you. For the first time in history, the Napoleon Hill Foundation has granted exclusive rights to Think Rich Films to transform the book, Think and Grow Rich, into a motion picture film, one that will impact another 100 million lives worldwide.
I am excited to announce that I will be featuring in this film alongside Bob Proctor, Lewis Howes, Rob Dyrdek, Barbara Corcoran, Grant Cardone, Darren Hardy, John Lee Dumas and many more incredible thought leaders.
Here’s the new teaser trailer for the film:
As true fans of Think and Grow Rich, we worked for over 3 years, pouring our hearts and souls into creating a film that is a pure representation of the Legacy of this life changing literary masterpiece.
Our guiding light along the way was to remain true to the content and in doing so spark the flame that will ignite a global movement with a powerful message.
The message is that anyone can succeed irrespective of their circumstances. Human potential is not predicated by age, race, gender, education, finance or any other perceived disadvantages.
Join us in Los Angeles on October 14, 2017 for the historical World Premier of Think and Grow Rich: The Legacy a film based on Napoleon Hill’s best selling book, Think and Grow Rich.
Join Us For The Premiere
Saturday October 14, 2017 at Regal L.A. LIVE: A Barco Innovation Center
Location: 1000 W Olympic Blvd, Los Angeles CA 90015
Red Carpet: 5:30pm – 6:00pm
Film Kick Off with Producers & Director: 6:20pm – 6:30pm
Film Showing: 6:30pm – 8:00pm
Q & A with Cast: 8:00pm – 8:30pm
PLUS… a panel discussion with the cast hosted by Gerard Adams
Attire: Formal/Semi Formal
VIP Private After Party Katsuya at L.A. LIVE: 9:00pm to Midnight
This exclusive VIP event following the Premiere will be private to cast members, producers, director and key individuals who made this film possible.
Hors d’oeuvres & Beverages will be provided and hosted by Katsuya.
Click the button above and scroll to the bottom of the next page to get your General or VIP tickets
The heartbeat of Think and Grow Rich: The Legacy
A glimpse of what you will see..
A glimpse of what you will see.. “Faith is going to give you the ability to continue through the highs and lows…” – Rob Dyrdek
“I remember being 24, new in business and being stopped dead reading the book…” – Barbara Corcoran
“Follow your dreams! Whether you achieve them or not is irrelevant…” – Lewis Howes
Click the button above and scroll to the bottom of the next page to get your General or VIP tickets
News
5 Snapchat Hacks You Should Be Using
I am hot on this platform right now, you guys. And you should be too. It’s a huge deal, and has lots of amazing opportunities for big and small businesses, marketers, individuals, personal brands…you name it. Let me help you guys get started with a few snapchat tips.
One thing before we start with these snapchat secrets: you gotta make sure you have the “filters” and all that other fun stuff switched to “ON” in your settings. Without those, what are you even doing on Snapchat? (more…)
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Why YOU Should Be Using Twitter’s Awesome New Video Feature
This past week, I have spent several hours using the new Twitter video feature.
But probably not in the way you think.
I was responding to people. One by one, individually with the new Twitter video upload. Answering questions in real time. I was listening. And this is why I’m so excited about this new feature.
People respond to effort. When a celebrity favorites your tweet, you’re excited. Someone you admire likes a photo of yours on Instagram, and it makes you feel good. Because it’s not about the 100th of a second it takes to double tap that photo.
It’s about the fact that they looked at your profile. They chose a photo. They saw it. And then they liked. That interaction, which takes all of five or six seconds, really touches a lot of people.
Check it out here:
Twitter has taken it to the next level.
They’ve set up a perfect Thank You Economy situation. I’ve been waiting for something like this, and I’ve wanted it to do it before, but there was too much friction on the platform. Now they’ve done all the work for you, and all you have to do is get in there and engage.
It takes me nine to twelve seconds to make a video and reply, but those extra seconds hold a lot of meaning. Not to mention it’s more personal, visual, and we are living in a world where the visual is often regarded as a better engagement than the written.
There’s also more room to set the tone. A lot of things can get lost in a tweet. I might say “thnx” but that person isn’t 100% sure what my tone really was. But with Twitter video, the message comes across loud and clear.
It’s fifteen seconds of your attention on one person instead of two seconds. You know what that means? We are in control of the one asset that we all give the most f#!ks about: time. Time is so incredibly precious to people. They hate when it’s wasted, and they are impressed when you give them some of your time.
That is what excites me most about Twitter video.
Giving time to people. More time. Personalized time.
And that is awesome.
What’s your thoughts? Have you used this new Twitter feature yet?
News
Why Paulo Coelho’s Book ‘The Alchemist’ Sold over 150 Million Copies
Brazilian born lyricist and novelist, Paulo Coelho celebrates the 25th anniversary of his best selling book ‘The Alchemist’.
The Alchemist has sold over 150 million copies worldwide, won 115 international prizes and awards, has been translated into 80 languages, and is still on the New York Times bestseller list today. (more…)
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