Five Questions (or so) With Harry’s Giving glasses to those without access to eyewear was in their original business plan. In retail, supply outpaces demand, making customer loyalty the number one driver for success. Way back when we were getting off the ground, our co-founders/co-CEOs were lucky enough to learn under Wharton professor, Adam Grant.His early tutelage has stayed with us, and his generosity transcends the page. 215-573-8245 bakerretail@wharton.upenn.edu The team came together debating “Why does a pair of glasses cost as much as $700?” and discovered an industry they could disrupt. The Wharton Factor: “One of the elements of Wharton that sometimes doesn’t get recognized is the community,” says Roy. Launched: 2018. The Joseph Wharton Awards are presented annually by the Wharton Alumni Club of New York to exceptional Wharton alumni who have made resounding and lasting contributions to the business world and to their communities. The founders saw a disconnect in buying eyewear – there was a huge gap between what it cost to make glasses and what people were paying. For example, after receiving countless requests to release a body wash product, Harry’s R&D team responded to customer needs by launching one. The nine-year-old eyeglasses company was a direct-to-consumer pioneer, known … Prescription eyeglasses starting at $95. Raider predicts that low barriers to entry and evolving consumer preferences will encourage retail innovators to create more brands in the future. Five years after launch, Warby Parker has distributed over 1,000,000 pairs of glasses to people in need in 35 countries, creating more than $200M of economic impact due to increased individual productivity. As co-founder and co-CEO of Harry's Inc., Jeff Raider aims to build companies and brands that solve real consumer pain points. Wharton Magazine: Warby Parker, How Warby Parker Builds an Inclusive Workforce. Dave Gilboa (left) and Neil Blumenthal founded Warby Parker, named after two Jack Kerouac characters. Co-founder Neil Blumenthal worked for VisionSpring before Wharton. Neil Blumenthal, Dave Gilboa, Jeff Raider & Andy Hunt met and created Warby Parker as 1st year MBA students. Blumenthal, a Wharton alumnus, discussed the genesis of Warby Parker and why a mission employees can believe in is critical to a … For every pair … Huge brands dominate the retail shelves, maintain market share, and may not put customers first,” said Raider. It was at Wharton where the idea for Warby Parker was hatched. Here are some takeaways from Blumenthal’s remarks. Warby Parker has vision. History | Warby Parker. A group of Wharton MBA students took on Big Eyewear—and made a difference. Warby Parker made sure to create buzz. Four guys walk into a bar. How Warby Parker Builds an Inclusive Workforce BRINGING A SOCIAL VISION TO THE EYEWEAR INDUSTRY, 5 Ways to Get Started with Entrepreneurship. Jeff Raider. And Wharton professor David Bell has Harry’s value proposition of “a great shave at a fair price” is based on the founders’ frustration about shopping for razors: “We as consumers were not given the experience that we wanted,” Raider said. In order to uphold their motto, the company sought clarity and simplicity. Raider stressed the importance of communication in understanding how to better serve the target market and build a loyal customer base. Warby did 3 things to create viral buzz when they launched: The Baker Retailing Center provides a platform to debate opportunities and challenges about trending topics impacting today’s retail landscape. How the Co-Founder of Harry’s and Warby Parker Navigates Constant Disruption in the Retail Industry Jeff Raider, WG’10, and other leaders in retail shared their insights into keeping ahead of industry trends at the 2019 Wharton Graduate Retail Conference. Harry’s ambition is to create exceptional shaving and personal care products that better meet the needs of modern men. Proudly created with Wix.com. They also donate glasses to developing nations for each one purchased. ©2019 by Wharton Retail Conference. Penn Wharton Entrepreneurship granted the award to Jeff Raider, who also visited factories in China in conjunction with the Wharton Global Immersion Program and integrated the venture into his Wharton experience. “The lines have blurred, and continue to blur, around the definition of retail,” said Marketing lecturer and AlixPartners’ Managing Director Bryan Eshelman at the 2019 Wharton Graduate Retail Conference. Warby Parker co-founder and co-CEO Neil Blumenthal is married to Rachel Blumenthal, founder of Rockets of Awesome. They did win a couple grants from Wharton. Brands must address a dearth in the market, understand their core customers, and cater directly to their needs in order to remain relevant in this overpopulated industry. Co-founders: Rooshy Roy WG19 and Justin Silver WG19. 9 notable online retail startups — including the first to set the direct-to-consumer revolution in motion, Warby Parker — were founded by Wharton grads. Two co-founders remain on for day-to-day leadership and operations; two others remain involved on the board but otherwise have moved to other pursuits. He then went to the Wharton School at the University of Pennsylvania to obtain his MBA and met the three classmates who would become his Warby Parker co-founders. Dave Gilboa - Co-Founder & Co-CEO - Warby Parker | LinkedIn That year they were semi-finalists in the Wharton Business Plan Competition (now the Startup Challenge ). Find a new pair today with our free Home Try-On program. That year they were semi-finalists in the Wharton Business Plan Competition (now the Startup Challenge). It … As Co-Founder of both Harry’s and Warby Parker, Jeff Raider aims to build companies and brands that positively impact people's everyday lives, and the world more broadly. Meet Neil Blumenthal, cofounder and co-CEO of Warby Parker. Neil Blumenthal is the co-founder and co-CEO of Warby Parker. Harry’s also follows up with an email after every sale, and 10 percent of customers respond and engage in an open dialogue with the company. The founders worked for a year and half without paying themselves. Founded in 2010 by Wharton graduates David Gilboa, Neil Blumenthal, Andrew Hunt, and Jeffrey Raider, the hugely successful e-commerce eyewear startup offers geek-chic frames for $95. The team came together debating “Why does a pair of glasses cost as much as $700?” and discovered an industry they could disrupt. They exceeded their first year sales goals in a few weeks and quickly shifted their focus to operations and customer service needs. In order to inspire customers to change their long-time habits, it’s important to offer … Fast, free shipping both ways. The event featured panelists from popular companies Away, Sweetgreen, The Wing, Theory, Lola, Aaptiv, and more. They pooled savings they had from working before going to Wharton and raised $120,000 to get Warby Parker off the ground between the 4 founders. The company was founded in 2010 in Philadelphia by Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider and is headquartered in New York City. Blumenthal, who founded Warby Parker at Wharton with MBA classmates Andrew Hunt, David Gilboa, and Jeffrey Raider, shared his insights on how they built their innovative company from a Venture Initiation Program startup to an industry disrupter with its own manufacturing lab and retail shops. Jesse Derris, founder of a PR firm that represents at least a dozen DTC brands, is married to DTC feminine care co-founder Jordana Kier of Lola. Few thought the idea would work, but today Warby is valued at $1.75 billion, and its founding story has become a fairy tale at Wharton. With today’s surplus of brands, differentiation is key in capturing market share. In launching Warby Parker in 2010 (the name is inspired by two Jack Kerouac characters), Blumenthal and his partners focused on one thing they all had in common: glasses. In the afternoon, keynote speaker Jeff Raider, WG’10, co-founder of Warby Parker and co-founder and co-CEO of Harry’s, shared insights from his own successes as an entrepreneur. He tells Fast Company how a pact over a beer at the company’s inception helped its founders preserve their friendship. The idea got its start when they were students at the Wharton School and a friend could not afford to replace his glasses. Fast, free shipping both ways. Harry's Inc. is a next-generation consumer products company, and its flagship brand, Harry's, strives to create exceptional personal care products that better meet the needs of modern men. The business launched in February 2010 with coverage in GQ and Vogue, and leveraged classes and Wharton faculty as resources to build the business and their brand. The professionals discussed important topics such as disruption caused by DTC (direct-to-consumer) brands, rushed omnichannel attempts by traditional retailers, and rising consumer power. Baker Retailing Center St. Leonard’s Court, Suite 310 3819 Chestnut Street Philadelphia, PA 19104. The e-commerce startup known for its $95 retro-cool frames has attracted a steady stream of customers and top-notch investors. Additionally, Harry’s has partnered with Target to sell products in physical locations, increasing exposure to new customers and creating another way for current customers to shop their products. The annual conference, hosted by the Wharton Graduate Retail Club and the Jay H. Baker Retailing Center, covered current trends and developments in the ever-changing retail industry. After the success of Harry’s first physical location, a barber shop in New York City that was open for five years, Raider hopes to build permanent stores in the future. “They are not going to be the brands that our kids use.”. Wharton Professor Adam Grant and Jeff Raider, WG'10, cofounder of Warby Parker and Harry’s, dug deep into leading and living. Enter Warby Parker. Prior to Harry's, Jeff co-founded Warby Parker, the transformative lifestyle brand that offers … …Read More The company's official corporate name is JAND Inc. and "Warby Parker" is the company's trade name. A New Building and New Ideas Come to Life A view into Tangen Hall, currently under construction at 40th and Sansom Streets in Philadelphia, … On Friday, February 22, MBA students gathered in Center City Philadelphia to hear retail professionals discuss brand-building, partnerships and strategic alliances, and health and wellness. Warby launched in February 2010, but founders, Neil Blumenthal, Jeff Raider, David Gilboa and Andrew Hunt had been incubating their baby for a year at UPenn’s Wharton School. Prescription eyeglasses starting at $95. The name "Warby Parker" derives from two characters that appear in a journal by author Jack Kerouac. What’s intended here, though, is less about what Warby Parker has done and more about what they’re doing—and how they will continue to change how business gets done in general. “The goal is to expand to other CPGs (consumer packaged goods) to solve unmet customer needs that create better experiences for people. The Wharton School of the University of Pennsylvania has announced that Wharton MBA alumni, Neil Blumenthal and Dave Gilboa (both WG'10), co-founders and co-CEOs of Warby Parker, will be the featured speakers at the School’s MBA graduation in Philadelphia. Through partnerships with top retailers and brands, industry leaders, and our alumni across the world, Wharton Graduate Retail Club (WGRC) offers a variety of programming to help develop future retail talent and enhance the status of MBAs in this rapidly evolving industry. The popularity of e-commerce has become a growing threat to traditional brick-and-mortar stores, but Raider believes that “brands need a home” and that physical stores are a great marketing resource. They avoided confusing promotions and guaranteed a fair price consistent across all distribution channels. On Work and Life, Stew Friedman spoke with Neil Blumenthal, co-founder and co-CEO of Warby Parker, an industry-disrupting lifestyle brand that offers designer eyewear at low prices and ties every purchase to the donation of a pair of glasses to someone in need. Adam Grant, professor at Wharton, wrote in his latest book Originals, “Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. Just as Warby Parker and Harry’s changed their respective industries, there are countless opportunities to fix market deficiencies. As co-founder of both Harry’s and Warby Parker, Jeff Raider, WG’10 aims to build companies and brands that positively impact people’s everyday lives, and the world more broadly. Find a new pair today with our free Home Try-On program. Harry's Co-Founder & Co-CEO. For every pair sold, a pair is distributed to someone in need. Reported Funding To Date: $1.7 million.