My way to Eutopia
ON A HIGHWAY SOMEWHERE BETWEEN HOSSEGOR AND MARSEILLE
June 2017.
Antoine Fine called me to talk about Eutopia, which was then called Otium. He told me about his background and what he and Camille had been doing for 3 years with Otium. He explained his investment vision: conviction about sustainable and equitable consumer business sectors, allied to real support and assistance for such entrepreneurs. He explained the project, to raise an independent fund within a few years, and told me why he thought I could be an interesting addition to the team.
One of our values at Eutopia is transparency, so let me tell you… I took my time to seriously think about it.
The call had come at a particular moment of my life, a point at which I wasn’t sure what to do next. The previous 12 months had included closing down my own business and becoming a father; two major upheavals in a short period. The beginning of a new career path meant making the right choices. But other than driving through the South of France, what led me to this moment?
EUTOPIA ISN’T FOUND, YOU HAVE TO SEARCH FOR IT.
I come from a family where education is seen as a means of social elevation. We have the myth of my great-grandfather, the only one of seven children to study and thus escape his destiny as a shepherd in Corsica, who eventually became Station Master and then Police Commissioner. There is little doubt in the Regis family: studies and hard work come first.
In 2002, I followed that doctrine to HEC Business School, where I had my first contact with the world of entrepreneurship, which I chose to follow as a major. Meeting entrepreneurs and listening to their stories, I gained an understanding of the difficulty of this path, but also the excitement it can provide. I realized that my professional life could go far beyond what I had previously envisioned. Up until then, I had internalized the dominant model at HEC and amongst my peers: a safe, well-paid, socially rewarding and intellectually stimulating job. Having my eyes opened to something so different excited me and resonated with my (at this point poorly defined) aspirations.
However, I dared not embrace it at the time. “I’m too young, it’s too risky, I have no ideas” I thought… plus I wanted to make sure that my mother could still sleep at night. Even so, I left France after completing my degree to ‘see something else’ and that meant 2007 was a year spent in New York, working in the finance team at JCDecaux. Living abroad after long studies, with strong friendships and the incessant stimulation which the Big Apple provides, I still left the city knowing that corporate finance was not for me.
Upon returning to France, I ignored my instincts again and joined Boston Consulting Group. Like many young graduates, I had convinced myself that strategy consulting was a great career move. It would look good on my CV and also allow me to do almost anything I could wish later. I therefore completely avoided the question of whether consultancy would satisfy my aforementioned personal instincts. Don’t get me wrong, it was an amazing experience working with some of the best in distribution, energy, insurance, entertainment and media as well as in NGOs and education. I encountered different corporate cultures and trades while working across business development, organizational structure, innovation and marketing. After four years, following a project more difficult than any before or since… I wake up with a hernia. At this moment, I knew that the time to move has arrived.
I took that move literally and travelled for more than 6 months with the wonderful partner who became my wife just a few years later. One beautiful day in Chile, we came to the conclusion that I should start my own business and so, we returned to France. The journey had allowed me the chance to focus inward and recognise the true goals I had for myself and my life, as well as forcing me out of my comfort zone. Maybe I wouldn’t have made partner at BCG, but even so, I had left a great job, career and salary. In doing so, diluting my savings whilst travelling meant I had become more comfortable with uncertainty, and this was an experience which would serve me well in future.
DON’T JUDGE A BOOK BY ITS… CLOTHES?
We arrived back in May 2012, I met my new business partner in August and together we started ChicTypes that November. ChicTypes was a curated shopping service for men offering personalized clothing selections, delivered straight to their home. It allowed them to try before they bought, keeping (and paying) only for what they liked and returning anything they did not. With this service, we tackled a particular problem: Most men like to look good, but 3 out of 4 of them hate shopping, and don’t possess the skills or patience to find items that suit their life and personal style.
ChicTypes launched in March 2013 and experienced rapid growth: within two years, we had more than 100k visitors a month, several thousand customers, a team of thirty people and monthly revenue approaching €300k. Not a bad start, huh? To finance further growth, we decided to raise funds, first with business angels and then in July 2015 with a VC. Despite this financial backing, 2015 did not go as planned. Our revenues plateaued, cost per acquisition increased and it took a few months for us to realise the full extent of our difficulties. It turned out we were not only losing money on the first package, but the second order, where we did make our money, came six months later on average. Our overhead costs were too high and, having over 60 people, our ability to react with agility was compromised.
In February 2016, despite an improvement in our KPIs and an increase in turnover, our investors did not provide the second tranche of planned investment. Instead, they requested that the company be sold within six months. It was a major blow, but in that period we came close to signing the deal… but eventually it didn’t work out. On July 15, 2016 we filed a declaration of non-payment and then just four days later, I discovered that I was going to be a father. Life is funny, isn’t it?
I dedicated 2017 to my family and took stock. I love my role as father, but also realised how hard it can be hard to recover from a failure. Few entrepreneurs will admit it, but I’m not afraid to tell you that when you close down your own business, it feels as though part of your identity disappears, and your self-confidence takes a hit as a result. Rather than sit back and ponder on it, I spent time exploring it — accompanied by a great personal development coach. Because of these experiences, I now better understand what drives me and in which environments I flourish; where I’m good… and where I’m not so good. Emboldened with this knowledge, I started to consider my next move… when I received Antoine’s phone call.
FAILURE… THE MOTHER OF SUCCESS
In early September 2017, I met with Camille and Antoine a few times and quickly recognised that I’d enjoy working with them. I appreciated their kindness, their humility but also their demands, and the ambition they have for the project. I felt the same passion from them that I had when launching ChicTypes and for me, this is essential. I know how important it is that the people I spend every day with are as passionate as I am about their work. I have learned to identify the personalities with whom I like to work and had no doubt about Camille and Antoine. I wanted to be part of the project.
During my five years building ChicTypes, I had seen consumer behavior evolve and touched on new ways to address this evolution while building a strong and engaging brand. I also saw the role that technology plays in building consumer concepts and how quickly an entrepreneur must learn to adapt and challenge themselves and the status quo.
Considering what we are building at Eutopia and my own entrepreneurial experiences, it is important to note that at the time I would have valued more input from my investors, especially those with their own similar experiences. It is important that an investment includes an understanding of the life of an entrepreneur, their difficulties, and their moments of ecstasy. To this end, we provide practical operational support on topics as diverse as recruitment, online marketing, structuring a team, operating a business which is developing at light speed, brand building… all questions which prevent entrepreneurs from sometimes falling asleep, just like my mother experienced with me as a young graduate. With Eutopia, I have the opportunity to play this role through our faith and investment in our entrepreneurs, helping them innovate in areas that fascinate me and fit my own experiences.
That’s why I joined on November 7, 2017 and since then, things have moved. Fast. With Eutopia, we’re writing the pages of an exciting new book. From my perspective, I cannot wait to write the rest of that story with Camille, Cyrille, Antoine and Stella and our amazing portfolio of businesses: rethinking how we eat, sleep, dress, exercise and feel.
If you’re interested, then please contact us to find out more.
