Michelle Mone OBE
Business Leader Magazine talks to Michelle Mone OBE about building a global brand.
Was your vision to create a global business, or did you intend to set out small?
“Absolutely. From the outset, the plan was to build an iconic British lingerie brand with global potential.
When I first launched Ultimo, it was with the aim of creating a product that was a market leader – not just in the UK, but globally.”
How did you take your business international?
“Back in 2000, I worked with US & Australian distributors – but we actually withdrew from the partnership after £1.4m worth of stock went missing.
“It was deeply disappointing and, after the incident, we focused on expanding the brand closer to home, here in the UK.
“I believe that it wasn’t the right time for Ultimo, but now – with our global partners, MAS Holdings – we’re focused on expanding into Europe and beyond, which will happen fairly soon.”
What was the biggest hurdle you have faced in business over the years, and how did you overcome it?
“Parting ways with my ex-husband was hugely challenging, and there was a point where I thought I’d have to walk away from Ultimo completely.
“Thank goodness, I managed to retain the company and the business has never been in a stronger position.
“I found a fantastic partner in MAS Holdings, who are one of the world’s leading manufacturers of intimate apparel. As they say, every cloud has a silver lining.”
Similarly, what was the biggest break you had in your business career, and how did you capitalise on it?
“Shortly after I patented the Ultimo ‘OMG’ bra the product was worn by Julia Roberts in the film Erin Brockovich.
“That was a pivotal moment for me; the brand was thrust into the spotlight and I suddenly had huge retailers knocking on my door, desperate to stock the product. It was incredible.”
How important is the role marketing and PR has played in your business success over the years?
“PR & marketing has played a huge part in Ultimo’s success. When I first started out, I didn’t have big budgets like other brands – to invest in advertising, for example – so I had to be clever and think outside the box.
“How could I have impact and get the consumers attention?
“When we first launched the Ultimo bra in the States, I decided to arrange for a picket of plastic surgeons to protest outside Bloomingdales, where the Ultimo bra had gone on sale.
“We achieved huge international press with it and I immediately understood the power of PR.
“As a brand, we have also capitalised on celebrity endorsement through the appointment of a seasonal ‘face and body’, which has helped us garner more than £900m worth of press coverage over the years.
“We were the first lingerie brand to do this and it’s continued to form the core of our PR & marketing activities.”
Michelle Mone OBE
How has your business model responded to changing consumer trends, such as online shopping?
“Like any big brand, we’ve been shocked at how fast online has grown. Its growth has far outpaced traditional sales channels, so we’ve had to evolve our business to adjust to this change.
“We now have a dedicated in-house e-commerce team and have recently invested significantly in the upgrade of our website, ultimo.co.uk.
“We also had our most successful December online and saw sales grow by 24% compared to the previous year, testament to the fact that consumers are continuing to evolve how they shop.”
What business/marketing advice would you give to a growing SME business owner?
“Marketing will not be successful if your approach is sporadic or scatter gun. Getting the attention of potential customers, and keeping it, is an art that takes commitment and will ensure the success of your business.
“Also, think outside the box. Think big, be creative and do things differently, to make sure you stand out from your competitors.”
Do you believe the UK is pro-business and pro-entrepreneur enough?
“I think, as a nation, we’re definitely getting better at celebrating, encouraging and supporting start-ups and entrepreneurs.
“David Cameron recently launched a major initiative in an attempt to boost entrepreneurship in the UK, ‘Business in You’, to inspire potential entrepreneurs to start their own businesses and to encourage existing small businesses to grow, which is fantastic – but there’s always more we could be doing.
“The more we encourage businesses to grow, the stronger our economy will become.”
What traits do you admire in people you engage with in a business or life setting?
“I admire people who have natural, intuitive business sense – who are always a step ahead, because they follow their instincts.
“John Cauldwell [British businessman and philanthropist], a close friend of mine, who set up the amazing ‘Cauldwell Children’ charity, is a great example of this.
“He always knows the right thing to do – in any circumstance; it’s really quite incredible and inspiring to be around.”
How do you switch off – what do you do for fun?
“I love hitting the gym to relax. Since losing more than 7 stone I’ve become a much more active person. The gym used to be a chore for me, but now it’s more of an addiction.
“It helps clear my mind, keeps me happy and focused. I also love spending time with my kids, watching movies and listening to music.”
What next? What are your plans for the future?
“I’m really focused on growing Ultimo, launching the ‘next big thing’ in lingerie and expanding beyond the UK. I’m also considering writing a book, which has always been on my bucket list.
“Now feels like the right time to do it, so watch this space!”