Business
‘Crazy growth’: How one product created a multi-million dollar brand
Nell Diamond, CEO of Hill House, shares how her small business skyrocketed to global success with a simple, singular product.
At the height of the Covid-19 pandemic, Hill House Home’s Nap Dress became more than just a piece of clothing – it was a symbol of comfort and versatility for a world in flux. What started as a direct-to-consumer bedding and home business in 2016 had grown into a fashion movement, reflecting how a single dress could adapt to your body over the years and transform depending on the demands of the day.
The company introduced the Nap Dress in 2019, a design that leaned into the idea of smocked fabric from the 1950s and reimagined it with modern, universal appeal. It didn’t take long for the dress – now with over 50 designs – to go viral on social media and become common in many closets around the world.
“Our crazy growth happened from 2019 to 2020 – right in the middle of quarantine and while I was pregnant with twins,” CEO Nell Diamond tells the BBC. “I could obviously see how much the business was changing internally from the sales volume, but one really pivotal moment for me was working from home, sitting in my bedroom in New York City, and looking out the window to see someone walking down the street wearing one of our dresses.
Business
A billion laser points helped bring Notre Dame back to life
After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.
The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.
“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”
Business
Inflation was the cause, not the result, of the ‘hot’ labor market, research shows
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
The Great Resignation was in full swing.
That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.
But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.
Business
The Container Store files for bankruptcy
The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.
The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.
The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.
“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”
Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.
The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.
The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.
The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.
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