Reece Wabara: Professional Football to £100m Fashion Brand (E023)

Added: Nov 6, 2023

Wabara then shares his background as a former professional football player. He talks about how he got signed to Manchester City at the age of 16 and his dreams of becoming a successful footballer. However, he retired at the age of 26 and decided to pursue a career in business and fashion.

The conversation then shifts to the early days of MDV and how Wabara started the brand while still playing football. He explains that his close friend Lewis, who had just started the brand Gymshark, inspired him to start his own clothing brand. Wabara talks about the importance of having someone close to you who can show you what is possible and inspire you to pursue your dreams.

Wabara discusses the challenges of starting a brand and emphasizes the need to have a clear understanding of why you are doing it. He advises aspiring entrepreneurs to find their niche and do something different that sets them apart from the competition. He also stresses the importance of timing and luck in the success of a brand.

The conversation then turns to the early stages of MDV and how Wabara sourced products from China. He talks about the challenges of dealing with suppliers and the importance of being diligent and taking control of the process. He also discusses the early customers of MDV and how the brand attracted people who wanted something unique and different.

Wabara then shares his experiences in building a team for MDV. He talks about hiring his close friends and family members in the beginning and the challenges that came with it. He emphasizes the importance of learning from these experiences and hiring externally as the business grows.

The conversation continues with a discussion about the upcoming MDV store on Oxford Street in London. Wabara explains that he saw an opportunity during the lockdown to secure a prime location for the store. He talks about the importance of physical retail and the value it adds to the brand. He also discusses his vision for the store and how he wants it to be an experience for customers.

Wabara starts by talking about his approach to business and how he always prioritizes what is best for the long-term growth of the company, even if it means sacrificing short-term gains. He emphasizes the importance of thinking about the future and taking calculated risks. Wabara also mentions that being a man without children gives him the ability to be fully committed to his business and take more risks.

He then discusses the shift in his brand's focus from men's fashion to women's fashion. Wabara explains that designing for women was initially challenging for him because he had to study and understand their preferences and fashion trends. However, he found that he could look at women's fashion objectively and identify gaps in the market. He also mentions that women's fashion has become a larger part of his brand's revenue.

Wabara talks about the difference between luxury and premium brands and explains that he positions his brand as a premium fashion brand rather than a luxury brand. He believes that competing with established luxury brands with centuries of heritage is difficult and prefers to focus on finding his niche in the premium market.

The conversation then shifts to the topic of influencer marketing and its effectiveness. Wabara mentions that influencer marketing has become less effective and more expensive over time. He believes that the reach of influencers has decreased and that the timing and window of opportunity for different marketing strategies constantly change. He emphasizes the importance of retail and the impact it has on a brand's growth.

Wabara discusses the challenges of managing finances in business and the importance of financial control. He mentions that it is harder to keep money than to make money and emphasizes the need to plan for the future and invest wisely. He also talks about the dangers of overspending, especially on things like alcohol, nights out, and gambling.

The conversation then delves into the topic of maintaining enthusiasm and energy in business. Wabara acknowledges that it is easy to be excited when things are new and going well, but the real challenge is maintaining that excitement year after year, even during difficult times. He shares that his enthusiasm comes from constantly improving, critiquing his work, and seeing the progress of his brand and the people around him.

Wabara also discusses the importance of surrounding oneself with the right people and not trusting friends who are friendly with enemies. He believes that loyalty is crucial and that playing both sides is a sign of disloyalty. He emphasizes the need to choose a side and be professional in business relationships.

The podcast continues with Wabara talking about the importance of staying focused and avoiding distractions. He mentions that it is natural to want to enjoy the fruits of one's labor, but it is important to stay disciplined and not lose sight of the goals. He believes that stacking funds requires missing out on fun and maintaining a strong work ethic.

Wabara emphasizes the need to take ownership and accountability for one's actions and decisions. He believes that regret is the worst feeling and that it is important to look in the mirror and acknowledge the price paid and the effort put in to achieve success. He mentions that as his success grew, his drive increased, not for money, but out of the fear of failure. He also highlights the importance of staying focused and not getting complacent as success comes with its own set of challenges.

Wabara discusses the ever-evolving nature of the fashion industry and the need to constantly learn and adapt. He explains that knowledge in fashion is like branches, with various avenues and small branches that connect back to the main trunk. He emphasizes the importance of understanding different aspects of the industry, such as fashion photography, videography, social media platforms, website functionality, and finance, to make better decisions and improve one's job performance.

The fear of failure in his football career has influenced Wabara's drive to succeed in his fashion brand. He reflects on the regret of not achieving the heights he desired in football and the second opportunity he found in building his brand. He expresses his determination to never look back with regret and to always strive for greatness.

Wabara also discusses the concept of the "golden years" and the importance of seizing opportunities and making the most of one's time. He believes that success is not just about financial achievements but also about building a happy family and maintaining strong relationships. He emphasizes the need to value and appreciate the people and moments in life, as regret can eat away at one's happiness.

When asked about the possibility of selling his brand if it becomes highly successful, Wabara acknowledges that he would be a hypocrite to say no. However, he also mentions that selling the brand would leave a big void in his life. He believes that a man's role is to always work, build, and improve, and he would find a new obsession to focus on if he were to sell the brand.

Wabara shares his thoughts on dating and relationships, highlighting the importance of observing a person's behavior in different situations and testing their character over a long period of time. He believes that people often change when times get hard, and it is crucial to find someone who will stick by you and support you during difficult times. He also expresses his concerns about the motives of others and the potential risks involved in marriage.

In terms of business inspiration, Wabara mentions Bernard Arnault and his strategies with LVMH as someone he looks up to. However, he also emphasizes the need to find one's own path and not rely too heavily on mentors or follow the same strategies as others. He believes that each entrepreneur needs to find their own unique approach and take risks that make sense for their business.

Wabara continues by discussing the current trends in the fashion industry, noting that the minimalist style is making a comeback after a period of maximalism. He mentions that people are leaning towards a more classy and old-money style, but he also acknowledges that trends can change quickly and vary depending on the audience and location.

Wabara also discusses his plans for expanding his brand, with the opening of a store in London and the possibility of opening another store in New York. He mentions the importance of considering the demographic and location when making decisions about store openings. He also talks about the challenges of manufacturing in China, including the long lead times and communication issues, but highlights the benefits of working with Chinese manufacturers in terms of access to fabrics, trims, and construction capabilities.

The conversation then shifts to the topic of growth and the importance of staying in tune with the times. Wabara reflects on his reluctance to embrace certain social media platforms, such as TikTok, but acknowledges the value of staying connected with the younger generation and understanding how they engage with content. He also discusses the balance between staying true to oneself and embracing new opportunities for growth, noting that he has learned to be more open-minded and less resistant to change.

Wabara also shares his perspective on fame and attention, noting that he has always been driven by envy and has used it as fuel to motivate himself. He emphasizes the importance of staying grounded and not letting success change who he is as a person. He also discusses the challenges of fame and the need to find a balance between maintaining privacy and embracing opportunities that come with increased visibility.