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Beachmint Etsy LOS ANGELES | SAN FRANCISCO | NEW YORK | BOSTON | SEATTLE | MINNEAPOLIS | MILWAUKEE August 19, 2013 Michael Pachter (213) 688-4474 [email protected] PRISM … Progress Report for Internet and Social Media In This Issue: BeachMint, Etsy BeachMint Subscription-based women’s apparel retailer featuring six private label product lines Co-founded by former managers of incubator Slingshot Labs; now has $73.5 million in funding Over-scaling resulted in minor layoffs; still growing about 50% YOY Etsy Online market for homemade and vintage goods; valued at $688 million in May 2012 We estimate net revenue of $120 million for 2013 on $1.44 billion in gross merchandise sold Some signs indicate waning buyer interest; possible slowing growth THE INFORMATION HEREIN IS ONLY FOR ACCREDITED INVESTORS AS DEFINED IN RULE 501 OF REGULATION D UNDER THE SECURITIES ACT OF 1933 OR INSTITUTIONAL INVESTORS. WEDBUSH PRIVATE COMPANY STRATEGIES GROUP Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see page 12 of this report for analyst certification and important disclosure information. BeachMint BeachMint is a network of six online retailers, each specializing in a specific type of women’s apparel or accessories. The sites market private label merchandise and recommend to customers based on style-preference and purchase history. BeachMint retailers operate on a subscription basis – customers make a monthly payment for each service and accumulate “credits” that can be applied toward the purchase of any item they choose. If the user chooses to skip a month, he or she is not charged. The company integrates social elements to deepen customer engagement and encourage feedback for more accurate curation. Users can comment on product pages and earn style points from one another. BeachMint enhances product exclusivity by incorporating celebrities and professional designers in developing and curating products. The company was founded by Diego Berdakin and Josh Berman, a co-founder of MySpace. The pair had operated Slingshot Labs, an incubator launched by News Corp. to develop web ventures for the media conglomerate. Slingshot was shut down in May 2010 and Berdakin and Berman transitioned quickly to BeachMint, which launched in October of that year. Berman is the CEO and Berdakin is President. The company grew quickly, receiving several investments from venture capital firms and reaching 150 employees in early 2012. However, since then the performance of the firm appears uneven. BeachMint’s Chief Marketing Officer left the company in June 2012 and subsequent layoffs brought employee headcount down to 125 by October 2012. Greg Steiner – hired as the COO in July 2012 – believed that the company had scaled its offerings and headcount too quickly. In July 2013, PandoDaily ran a story asserting that BeachMint was on the verge of closing its doors. Citing inside sources, the article stated that the company’s board BeachMint’s social elements had fired the founders and were planning to return the remaining equity to investors. The board and the founders firmly denied the claims, demanding that PandoDaily retract the story and apologize. The publication refused to do so, and issued a follow-up article defending its report. Business Model BeachMint sites charge users a monthly fee for access to the respective brand’s merchandise; the fee is credited toward any subsequent purchase. While users can subscribe to each site separately, the “credit” received from the subscription fee can be applied to most other BeachMint lines. Customers can skip a monthly purchase free of charge if they notify the company through the website by the fifth day of the month. The monthly fee effectively acts as a pre-payment, encouraging the customer to buy an item from Brand Product Type Celebrity/Designer Monthly Fee Subscription Competitors BeachMint because she feels she JewelMint Jewelry and Accessories Cher Coulter $29.99 Lucid Box has already paid for it. Furthermore, StyleMint Clothing Mary-Kate and Ashley Olson $29.99 Stitch Fix BeautyMint Skincare Products Jessica Simpson / Nerida Joy $39.99/$49.99 Birchbox customers that do not intend to ShoeMint Shoes Rachel Bilson / Nicole Chavez $79.95 JustFab, ShoeDazzle make a purchase may fail to opt out HomeMint Home Goods Justin Timberlake / Estee Stanley $9.99 and feel obligated to buy an item so IntiMint Sleepwear and Loungewear Brooke Burke-Charvet $19.99 Secret Envelope the money is not wasted. Financial BeachMint has seen rapid top-line growth since its launch. By June 2011 the firm generated $500,000 in monthly sales (via Annualized Run-Rate (Million) FashInventI) at an annual run-rate of $6 million. The founders claim that revenue tripled between June 2011 and January 2012, 80 imputing a run-rate of $18 million (via VatorNews). PandoDaily 60 estimated that annualized sales reached about $40 million by 40 October 2012, and in July 2013 Berdakin claimed the company 20 grew 50% YOY (via TechCrunch), implying annualized revenue 0 of approximately $60 million. COO Steiner disclosed in October 2012 that BeachMint was operating at a loss, but margins were Jun-11 Jun-12 Jun-13 Oct-11 Oct-12 Apr-12 Apr-13 Feb-12 Feb-13 Dec-11 Dec-12 Aug-12 improving (via PandoDaily). President Berdakin told TechCrunch Aug-11 Source: Company Data, Wedbush 2 in July of this year that the “quality of BeachMint’s revenues continue to increase,” and that the company was continuing on a path to profitability. These statements suggest that BeachMint remains unprofitable, but continues to improve margins. Funding The company has accepted four rounds of venture funding totaling $73.5 million. New Date Amount Valuation Enterprise Associates (NEA) – BeachMint’s biggest shareholder – has participated in every round. Other repeat investors include Trinity Ventures and Anthem Venture Jun 2010 $5 million Partners. The most recent round of $35 million came in January 2012 with participation Dec 2010 $10 million from Accel Partners, Goldman Sachs and several other new and existing investors. Jun 2011 $23.5 million $150 million Management has confirmed that it is actively seeking new investors, possibly in Asia. A Jan 2012 $35 million strategic investment from an Asian partner could enable BeachMint to expand internationally and boost growth. Market BeachMint was an early entrant in the growing industry of subscription e-commerce. The business model was popularized by ShoeDazzle in 2009 (but was since abandoned) and has been adopted by many online retail startups such as JustFab, Birchbox and Dollar Shave Club. Although the model has enabled many companies to experience early growth by securing return customers, companies have had difficulty translating the growth to profit (via LA Business Journal). In our opinion, many consumers resent being required to pay a monthly charge or to opt out affirmatively, limiting the growth potential for companies using the subscription model. The market for online retail is large and rapidly expanding. comScore estimates that e-commerce accounted for 9.6% of U.S. discretionary spend in Q2 2013; purchases from desktop computers totaled $49.8 billion with 16% YOY growth from Q2 2012. Apparel and accessories – BeachMint’s main revenue source – is one of the fastest growing categories at over 19% YOY. Although these figures represent large market opportunity, a competitive environment coupled with high startup costs pose significant barriers to entry. Established companies such as Amazon and eBay benefit from scale and logistical efficiencies that required several years to develop; advantages that young companies struggle to compete with as they face burdensome inventory and shipping costs. Competition Although Amazon and eBay are the dominant players in online commerce, BeachMint competes more directly with companies that market their own apparel brands to BeachMint’s Style Profiler consumers. This space includes large public companies such as Guess, Abercrombie & Fitch, The Gap and American Eagle; however, these companies sell merchandise in brick-and-mortar stores as well as online. The Gap generated $1.9 billion in global online sales for 2012 (Internet Retailer). JustFab is BeachMint’s largest subscription competitor, while ShoeDazzle switched from an exclusive subscription model of $39.99 per month at its inception to pay-as-you-go with an option to join VIP membership at a reduced commitment of $9.95 per month earlier this year. JustFab reached approximately $100 million in sales in 2012, and expects to reach $250 million in 2013 and turn its first profit (VatorNews). ShoeDazzle has been less fortunate, experiencing internal challenges and struggling to attenuate its business model throughout its growth. CEO Bill Strauss overhauled the subscription-only model and left the company after serving for only three months; the company’s founder, Brian Lee, replaced Strauss, reintroduced subscriptions in opt-in, hybrid form with pay-as-you-go, and laid off about 10% of the firm’s 240 employees. ShoeDazzle reached $100 million in revenue for 2012 and expects to be cash flow positive by the end of 2013. JustFab and ShoeDazzle specialize in shoe sales, just one of BeachMint’s verticals. Other subscription- based competitors include StitchFix (clothes and accessories), Birchbox (beauty products) and Ellie (workout clothes). Bombfell is a subscription clothing line for men, and Whittlebee sells children’s clothes with a similar model. We believe that BeachMint has significant headwinds to overcome to reach profit stability. Online apparel retail is a fragmented market with established competitors that have considerable advantage from economies of scale. Although the subscription model increases customer stickiness, it has yet to be proven as a profitable, scalable pricing strategy. Although BeachMint’s strategy to carry multiple lines has complicated its growth, it may prove advantageous over time by introducing its subscription model into new spaces (e.g.
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