By Elise Whang and Emily Erkel, the co-founders of B2B marketplace platform LePrix, have turned their side hustle into a leading business in the luxury resale market. With over $100 million in gross merchandise value since its inception, LePrix has emerged as a global leader, revolutionizing the pre-owned luxury industry. Let’s delve into their inspiring journey and glean insights into their path to success.
Leveraging Corporate Experience
Whang and Erkel’s backgrounds in law and retail strategy consulting equipped them with invaluable skills for entrepreneurship. Their corporate careers provided them with a strategic mindset, problem-solving abilities, and a deep understanding of market dynamics. These foundational experiences laid the groundwork for establishing and scaling LePrix into the thriving business it is today.
From Light Bulb Moment to Business Launch
The inception of LePrix stemmed from a “light bulb” moment experienced by Whang while standing in line for coffee. Recognizing the untapped potential in the luxury consignment market, Whang envisioned a platform that would aggregate designer consignment stores online. This initial concept evolved into LePrix’s current business model, focusing on B2B pre-owned luxury wholesale. Through strategic pivots and relentless dedication, Whang and Erkel transformed their vision into reality, catering to the evolving needs of their target market.
Embracing Entrepreneurship Full-Time
The decision to transition from corporate roles to full-time entrepreneurship was a pivotal moment for Whang and Erkel. Despite the inherent risks and uncertainties, they were driven by a shared passion and conviction in LePrix’s potential. For Whang, the realization dawned during pregnancy, prompting her to take the leap and pursue her entrepreneurial aspirations wholeheartedly. Similarly, Erkel’s desire to align her career with her lifelong passion for fashion propelled her towards entrepreneurship. Their unwavering commitment and readiness to embrace change paved the way for LePrix’s exponential growth.
Overcoming Challenges and Pivoting Strategically
Throughout their entrepreneurial journey, Whang and Erkel encountered various challenges, from securing funding to navigating business pivots. Overcoming the gender disparity in venture capital funding and transitioning from B2C to B2B were significant hurdles they successfully surmounted. By leveraging their resilience, adaptability, and unwavering belief in their vision, they navigated these obstacles with confidence and determination.
Charting the Future Course
As they look ahead, Whang and Erkel are poised to propel LePrix to greater heights. With a steadfast commitment to innovation and sustainability, they aim to revolutionize the luxury resale industry and make it accessible to retailers worldwide. Their vision for LePrix extends beyond financial success, encompassing a broader mission to drive positive change and create lasting impact in the retail landscape.
Advice for Aspiring Entrepreneurs
For aspiring entrepreneurs embarking on their side hustle journey, Whang and Erkel offer invaluable advice. They emphasize the importance of data-driven decision-making, strategic planning, and resilience in the face of adversity. Furthermore, they encourage individuals to overcome fear and embrace uncertainty, recognizing that true fulfillment lies in pursuing one’s passions and aspirations.
In conclusion, the remarkable success story of Whang and Erkel exemplifies the transformative power of entrepreneurship. Through perseverance, innovation, and unwavering dedication, they have not only built a thriving business but also inspired a new generation of aspiring entrepreneurs to pursue their dreams fearlessly.
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