Designers On A Dime's Cole on Global Consignment Company(Audio)

Published Aug 18, 2016, 6:57 PM

(Bloomberg) -- Taking Stock with Kathleen Hays and Pimm Fox. GUEST: SMALL BUSINESS: Victoria Cole, CEO of Designers On A Dime, on her global consignment business, which sells merchandise via an e-commerce platform.

Yea broadcasting live to New York, Bloomberg even to Washington, d C, Bloomberg to Boston, Bluemberg, well Under to San Francisco, Bloomberg to the country, Jo General, and around the globe the Bloomberg Radio plus DAP and Bloomberg got gone. This is taking Stock, coming up on taking stock. Well, Kathleen, where do you shop? Do you shop online? You know me, Pam, I'm kind of old fashioned. I slept around, I look for the deals. I'd like to touch things, et cetera. My daughter does actually a little bit more than I do. All right, well, maybe this will convince you. We're gonna be speaking with Victoria Cole, the chief executive of Designers on a Dime. They're based in Houston, but Victoria will join us here in the studio to tell us all about curated selections online. Well, if her jewelry and clothing or any example, you can find some really cool stuff on her website. I can hardly wait to hear all about this, and I can hardly wait to hear from Charlie Pett. He's in the Bloomberg news room with a blue big business last and I thank you very much. Kathleen Hayes, thank you, pim Fox. Mixed picture for US equities afternoon trading in New York. We've got the SMP up a point now little change. Their stocks have been fluctuating, with the SMP now at eighty four, up there by point one percent now, Industrials down four to eighteen thousand, five hundred sixty nine nastak op eight a gain there of two tents of one percent. The nastak Compositive Index at fifty two thirty seven. I'm keeping an eye on Oil West Texas Intermediate up two point nine percent, advancing a dollar thirty four twelve right now on w t I Brent Crew just crossing fifty one dollars of barrel fifty one oh one on Brent up by two point three percent, the Tenure up five thirty seconds yield there one point five three percent, and Gold up nine fifty ounce thirteen fifty four a game there of seven tenths of one percent. T Mobile US shares there are up seven tenths of one percent now to forty six sixty nine. Team Mobile introducing a one under sixty a month unlimited wireless plan for families of four as part of what the carrier calls T Mobile one in an effort to capture more data hungry consumers, and T Mobile CEO John Ledgers spoke with Bloomberg Television this morning. Are eliminating forever data plans. We're going all in on unlimited. It's a monthly subscription to the Internet, unlimited calls, unlimited text, unlimited high speed data, unlimited video streaming at standard definition. And a family of four gets that for forty dollars a line. And frankly, you know, we are the only network that can truly handle this. So that's what this is about. And again, shares up by seven tenths of one percent to thirty two on Wall Street. Now the other stories making news. Thank you, darily from the Bloomberg newsroom. I'm Ramy in Essencio. 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For example, if you're looking for products from brands such as Donna, Karen Ascotta as well as Uh well a variety of other famous brands including Mark by Mark, Jacob's Well where can you go. I guess you can go to the stores, but you can also go online, but in a particular way. And here to tell us more as Victoria Cole, the chief executive of Designers on a Dime. They are based in Houston, and Victoria joins us in the studio today. Thank you very much for being here. How do you describe your website as being different than other online e commerce retail sites. Designers on a Dime is different because there are a lot of fashion e commerce companies, that's for sure. But we're different in that we have fifty three platforms around the globe where we are putting the merchandise and we rotate it approximately every thirty days to a different platform. So people actually are shopping online in various parts of the world looking at different items, and fashionist does always want to see new items. So how do you get your items? And look at the website? Oh my goodness, I just looked at shop and I just got brand names. I haven't even gotten to Designer Vintage yet. And there's a very very long list of designer type brands, you know, from load, you know load designer to very lux designer. How do you get all this stuff. Well, we have seven buyers in major metropolitan cities in the US, and we look ahead, Kathleen, at about a year and a half to two years, to know what trends are coming, and then we formulate a plan and we get our buyers to actually go out and curate all of those types of items, so we have collections available for what's coming up. You've got the accessories obviously, beauty brand names, clothing of vintage designers, shoes. How do you make sure that the condition and the quality is at a level that the customer will find acceptable. Everything comes in if it's clothing, everything gets drag cleaned in advance. Um, everything gets checked by the warehouse when it's coming in. Buttons are added if need be, and so on, zippers. Everything is really scrutinized, and we have an authenticator to authenticate designer brands. This is really critical and this is why we have such a clamoring of followers around the globe. So tell us a little bit about you. I don't know where to start. You're an angel investor. You've mentored startups and midsize companies and you've taken people the next level all of the country. You worked as general manager for quite a holding company or philanthropist. How did you get here? Man? I love fashion. I've always had a passion for fashion, and so I decided to I started out with an eed Bays store years ago, in two thousand and five, and it grew from there. So did you do your what job were you doing then? Were you doing something else and saying, oh, just for fun, I'm gonna sell stuff on my exactly? That's exactly how I start, and I think there's a lot of other people that start that way as well. Now eBay is still something that we maintain, but we're it's not one of our major I mean, we have a lot of different platforms across the US as well. How did your finance this? I financed it myself, yourself, No outside. That's privately held. And as far as the financing goes, have you gotten offers to sell the company? Not yet? Not yet? The kind of volume are you doing? Can you tell us? Well, because it's privately held, of course, we have experienced exponential growth recently, and I think it's part of that is you know, when Macy's makes their statement we're going to close a hundred stores, people pay attention and the reason they're closing a hundred stores is because people are going to shopping online. So when when you have that kind of publicity, it just fuels it even more. And people like to be able to shop in five seconds. You go on your cell phone and be in our store in five seconds literally, and purchase an item in five more seconds. So if I want to buy something, it's really easy. I can go to designers on a dime. I can see all the pictures. What if I want to sell you something, Well, it's funny you would mention that. Because we are going to start in January of next year, we're going to start a fashion road show and we are going to be going to ten major metropolitan cities, starting in California. We're going to go to l A and San Francisco first, and we are going to meet up close and personal with our clients, and we're trying to discover some holy grails, if you will, of fashion treasures that people have in their closets. I also note that on your website you put together entire outfits for people. So if you're Adultera and Gabana person, you can buy everything, shirts, skirts, flip flops. Uh is that a very popular aspect of your presentation. It is a popular part and you know we have We just did a back a school with showing Ralph Lauren fashions all under twenty five dollars and so the moms just loved that. To save money, I'm back to school fashion with Ralph Lauren. I just got ask you really quickly, how do you know what's coming next? You said, you guys start a year and app how do you know what's coming next? Victoria? We have a fashion Snopes and we have our ears on the ground in all kinds of areas all across the globe, and we know, well, it's a it's a cool site. Uh pm, I I think I might have got my appetite a little more wedded for a little online shopping. I thought you just talked yourself into it already. Victoria call, thank you so very much for joining us. Thank you so much for having me founder CEO Designers on a Dime. She's based in Houston, Texas, joining us today on taking stock in our New York studio. Check it out Designers on a dime dot com. It's pretty easy. I'm Kathleen Hayes along with PM Fox This is taking Stock on Bloomberg Radio, and of course this is Bloomberg coming up on taking Stock. The Conference Board's leading economic index ticked up again in July. Moderate economic growth. What does the future hold? We've got more details next

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