PROVO — Getting products associated with big names from the world of sports and entertainment, typically in pay-to-play or more accurately pay-to-wear deals, has become a pricey practice for fashion industry operators.
One doesn't have to look too far for examples: Taylor Swift and Keds, David Beckham and H&M, Michael Phelps and Under Armour, just to name a few.
Some manufacturers, however, see the celebrity scheme as a cheat — if you have to pay someone to wear your product, are they really the best endorser?
The founders of Utah's Taft Clothing, purveyors of high-end men's shoes and boots, have eschewed the pursuit of paying for famous feet to slip into their shoes and instead focused on "the best quality product and great service," according to co-founder and CEO Kory Stevens.
And sticking with those operating tenets brought the celebrities to Taft.
Stevens and his wife and Taft co-founder, Mallory Stevens, couldn't be more thrilled with a recent $5 million seed funding round — the first venture capital infusion for the 2 1/2-year-old company the couple self-financed and grew into a $20-million-a-year and rising effort. Participating in the investment, which was led by Utah venture capital firm Kickstart Seed Fund, were two very well-known stars of the NBA, Andre Iguodala and Dwyane Wade.
Kory Stevens didn't even attempt to stay cool about their involvement when talking about the deal with the Deseret News. He's stoked.
"I'm a massive sports fan, and we've seen a lot of success with professional sports players," Stevens said. "It's really exciting to have these guys backing us. It seems like the kind of attention a company from New York or San Francisco might get, so … a very cool thing for this little Provo startup."
The funding effort also attracted the attention of some more-local celebrities, but these from the tech world. Stevens said Traeger Grills CEO Jeremy Andrus, Cotopaxi CEO Davis Smith, Chatbooks CEO Nate Quigley and Pluralsight CEO Aaron Skonnard also pitched in on the Taft funding.
Stevens said the online company, which got its start selling men's designer no-show socks, will leverage the new funding in market growth efforts, including testing new sales channels like pop-up retail stores.
Taft's shoes and boots, designed by the Stevens' and handmade in Spain, reflect the couple's committment to a high-quality product as well as an innate sense of style. And that combination is apparently resonating with investors.
Kickstart Seed Fund investment partner Curt Roberts has a strong background in consumer products, having worked for athletic gear giant Nike for over seven years. He noted Taft's ability to distinguish itself in a tough, competitive market that generated over $80 billion in revenues last year.
"I've seen a lot of brands come and go, but what stands out for me is the unique perspective on product that the Stevens' bring to Taft," Roberts said. "They stand out in a sea of sameness in higher-end men's dress footwear."
Roberts said Taft has grown a loyal and engaged consumer base and did so in a way that, like its shoes and boots, distinguishes the company in the world of startups.
"Choosing to bootstrap the business to this point … self-financing and handling their own marketing operation while building a multimillion dollar business is quite a feat," Roberts said. "Unlike more tech-focused efforts like big data or software-as-service, brand is everything … and Taft has filled a need not being met by big brands through design innovation and creativity."
Roberts also celebrated the path by which the NBA stars got connected with the Taft effort.
"I think Kory's decision to stay out of the celebrity endorsement marketing world is a great recognition of what consumers think about seeing stars wearing a product," Roberts said. "Customers just assume somebody got paid. What's exciting about Wade and Iguodala is they did it because they wear the product."
Taft has graduated from its early days of operating out of the Stevens' Provo apartment with the couple fielding customer service calls on their cellphones, and is now working out of a new headquarters with a staff of 10. But Kory Stevens said staying true to the company's original vision, in the face of blossoming success, is a challenge they were looking forward to taking on.
"I think the thing that is really important is what's gotten us here … the scrappiness, personal attention and small-business vibe," Stevens said. "Now, we're focused on keeping that going as we scale and grow."