Virgin StartUp: Lexie Sport
The best start-ups look at established industries and do all they can to disrupt them. This is the case for Lily Rice, founder of Lexie Sport; she’s creating women specific sports wear that’s looking to take customers away from the heavyweights, Nike and Adidas.
Lexie creates fashionable sportswear designed for women by women and made in Britain.
What's the business model?
Lexie Sport designs and manufactures premium sportswear that we sell.’
Who are your competitors?
We like to roll with the big boys like Nike and Adidas.
What's your USP?
Our designs are very unique, matching performance with aesthetics aimed at a younger market.
Where did the idea come from?
A real lack of sportswear that actually performed and looked great inspired the creation of Lexie.
How much funding did you receive from Virgin StartUp?
We were granted £10,000.
How are you going to use the money to grow your business?
We used the money to relocate our manufacturing to Britain.
Who’s your Virgin StartUp mentor?
Paul mentors me and he is awesome!
What challenge are they helping you overcome?
Paul is very knowledgeable about the type of stuff I hate such as numbers and VAT, so he really helps me understand why these things are important.
What’s the best advice you’ve received?
I’m forever being told by Paul to use the cash flow sheets as a tool (which I’m slowly learning to do!) and Richard Reed says ‘If your 90% sure go for it!”
What’s your workspace like?
Where will your business be in 12 month’s time?
The goal is to get Lexie into a high-street retailer and really get the brand out into the public eye.