Everything That Can Be Invented Has Been Invented

In 1889, Charles H. Duell was the Commissioner of US patent office. He is widely quoted as having stated that the patent office would soon shrink in size, and eventually close, because…

“Everything that can be invented has been invented.”

Charles H. Duell*, 1899

The “Eureka” effect is based upon an ancient myth regarding the Greek mathematician Archimedes, who upon discovering how to measure the volume of an irregular object, supposedly leaped out of a public bath, and ran home naked shouting “eureka,” (I found it).

Most of us would agree that there is still much to be invented and discovered. We tend to think these new “inventions” will be more extraordinary, advanced and innovative than those which preceded them. This is not entirely true. Many prior advances were revolutionary and extraordinary. An invention need not be revolutionary, or even unique, to be significant. Finally, many “new” inventions are derivative of their predecessors.

From door locks to light bulbs, shovels to toilets, and the classic mouse-trap, innovation comes in many forms and from many directions, often right under our noses. Sliced bread? Bottled water?

Nothing is so basic, or so great, that it cannot be made better. Continue reading “Everything That Can Be Invented Has Been Invented”

There’s a lot of unknown, out there…

“Last year, Randa created a division devoted to honing its digital offerings, optimize data collection for its direct-to-consumer operations, as well as to assist retail and brand partners.

Randa Digital Labs is responsible for, among other projects, online content for each of its products, provided to retailer partners free-of-charge, establishing a basic standard for content when an online retailer sells a Randa-made product.

“If someone is putting Levi’s belts as a third-party seller and taking horrible photography, RDL assures that adjacent pages are populated with wonderful storytelling and great photography,” David J. Katz, Randa CMO said.

If Randa’s recent bid for Perry Ellis is any indication, the company is aiming to write the rules itself and remain on the prowl for M&A targets that could further elevate its enterprise to beyond just manufacturing.

“There’s an awful lot of unknown out there,” Katz said. “What’s not healthy is trying to hold onto an old model.”

– Excerpt from Business of Fashion

Faded Department Store Brands Search For New Identity Online

“Brands and the licensees that make their clothes are rewriting the rules of retail as they work together to court the modern consumer and compete online.” BY CATHALEEN CHEN,  AUGUST, 2018

For legacy companies facing disruption, corporate innovation won’t be enough

Today corporate innovation is all the rage. Large companies host accelerators, launch internal startups, and court potential startup partners in a quest to harness young companies’ innovativeness and energy for themselves.

But large legacy companies shouldn’t throw the baby out with the bathwater by neglecting their core business and assuming it has minimal room to grow.

In this article, I will detail how our company, Randa Accessories, grew from 25 to 50 percent market share in several categories and channels by focusing on its core business and adjacent “bridge” categories, and offer some takeaways for other businesses based on that experience. (I will also describe how Randa launched its own successful internal startups — I’m not saying corporate innovation isn’t useful, just that it needs to be one part of a broader strategy to excel.)

First, a little about Randa. You many not know our name, but you know our products. Our products are available under 50 brands, and are sold at over 20,000 points of sale, and millions of digital touch points.

We’re the world’s largest men’s accessories company. We sell ties, and belts, wallets, bags, hats, slippers and luggage.

Randa is completely vertical, business-to-business and direct-to-consumer, with 4,000 employees working from 23 global offices.

Our culture emphasized growth and efficiency and led us to success in revenue, margin, penetration, and market share.

For example, we’re the leading supplier of belts to Nordstrom… and to Walmart, to Kohl’s and to Amazon, and The Hudson’s Bay, Liverpool, Printemps, El Cortes Ingles, David Jones, John Lewis and to Costco.

We spent over $50 million to assure that when a consumer walks into a retail store for pants, they immediately see our belts nearby. Dress shirts? There are our ties…

And then, we hit a wall. 

Continue reading “For legacy companies facing disruption, corporate innovation won’t be enough”