Photo: One Kings Lane
Forget flash sales. A handful of companies are breaking out of the deals-and-discounts pack to pioneer new forms of e-commerce. And chief among them is One Kings Lane, which is establishing itself as the top brand in upscale home furnishings.
One Kings Lane CEO Doug Mack tells us the company is on track to do $200 million in sales this year. That’s nearly double what it did last year.
Business Insider sat down with Mack to hear what the company’s been up to since it raised a $40 million round last August.
- He’s hired four new executives. “I’ve been in recruiting mode since the beginning of the year,” Mack says. Chief technology and Jean Sini comes from Intuit’s Mint.com; Sascha Jamall, VP of brand development, comes from Michaels, the crafts store chain; general counsel Susan Stick comes from Skype; and new HR chief John Anderson previously worked at Quidsi, the online retailer behind Diapers.com.
- The company has grown from 29 people when he started in 2010 to nearly 300 now and could end the year with 350.
- One Kings Lane has found its sweet spot in “discovery brands”—new designers, not household names. 96% of sales in Q2 came from these unknowns or up-and-coming designers. Because the site’s about finding unique wares, not price comparison, discounts become less important.
- New technology chief Jean Sini has a “blank check” to hire engineers. When Mack started, nearly everything about the site was outsourced. Now technology is incredibly important in determining what goes on sale and for how long.
- “We have a lot more revenue and a better bottom line” than Fab.com, a design-oriented flash-sales site which just raised $105 million, Mack says.
- More than half of One Kings Lane’s most recent $40 million round is still in the bank, according to Mack.