Consistently, we see innovation, adaptability and persistence as the kingpins of enduring business success. Those traits have made David's Bridal the lone, national, wedding dress chain today.
While David Reisberg decided to begin selling his privately-designed wedding gowns in 1945, innovation began 20 years later after he sold his south-Florida salon. In 1972, Phillip Youtie bought the boutique and around 1988, brought in the retail expertise of childhood friend Steven Erlbaum.
Stores at this time stocked only sample gowns in a standard size. Youtie and Erlbaum changed the store model in the late 1980s with this warehouse off Interstate 95 where they stocked designer gowns, discontinued dress and manufacturer overruns at below retail prices. This chain of bridal stores was like none of its kind. David’s Bridal was all about making a no-frills shopping environment for those who need an expensive wedding dress for a fraction of the price. Stores were not comfortable, but more plain and warehouse-like. Although there was little to no comfort in the stores, brides-to-be could expect a bargain.
Adaptability resulted in finding ways to acquire new stores:
Years later, as the business grew even larger and larger, small stores were starting to go out of business while more David’s Bridal stores were being put into the business. Between 1994 and 1995, 12 stores were added to the bridal corporation...In 2000, the May Department Stores Company bought David’s Bridal from Youtie and Erlbaum for $436 million. By this time, David’s Bridal was the largest retailer of bridal gowns and wedding-related merchandise.
Persistence
David’s Bridal is the largest American bridal-store chain...and the only nationwide competitor of bridal stores...One in four American brides are dressed by David’s Bridal.
Successive acquisitions and emergence out of a two-month bankruptcy did not kill the dream. While Mr. Reisberg worked faithfully for over two decades and did not financially enjoy the astronomical success of his brand, the point is this; David's Bridal endured through the innovation, adaptability and persistence of all who believed.
On October 11, 2012, Clayton, Dubilier & Rice announced the completion of its acquisition of David’s Bridal, Inc. in a deal that valued the company at $1.05 billion.
David's Bridal is currently in 49 states, 5 Canadian territories and the United Kingdom. As of 2018, it was worth $2.5 billion.
Opportunities to innovate surround us everyday and many of the commerce giants that we recognize are still owned by the innovators. Those who do not own their flagship brands have taken the fortunes made through them and built new ventures. You may not be seeking colossal growth for your brand but the methods that lead to this kind of proliferating success can help you to reach your goals.
How can you innovate your brand so that it will stand out and attract a robust market?
Is your growth lagging for lack of adaptability to an ever-changing society?
Do you cling to pet projects and ideas that do not inspire persistence?
Sources:
The List - The Truth Behind David Of David's Bridal
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