Serena & Lily: Serena Dugan and Lily Kanter. They Built a $20M Brand—Then One Investor Almost Destroyed It
Summary
Guy Raz interviews Serena Dugan and Lily Cantor, founders of the luxury home brand Serena & Lily. They recount their journey from a small baby boutique to a major brand, highlighting their partnership and early success. The episode focuses on the challenges of raising capital, including a predatory private equity offer they rejected. Ultimately, they relied on friends and family funding to survive the 2008 financial crisis and pivot to direct-to-consumer sales.
Topics discussed
Sponsors and introduction to How I Built This with Guy Raz
Lily Cantor's background at Microsoft and Mill Valley Baby
Serena Dugan's artistic journey and meeting Lily
The origin of Serena & Lily and early product development
Scaling the business, cash flow challenges, and selling the store
Raising capital and navigating the 2008 financial crisis
Conflict with investors, lawsuits, and acquisition offers
The acquisition, exit, and legacy of Serena & Lily
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