Tie Flix

[C. Smith]

Following Nicholas Holland's idea of getting the ball rolling, I thought I would submit another idea to the group for discussion.

As you probably picked up from the title, Tie Flix takes men's neckties and borrows from the NetFlix business model with the idea of delivering a broad selection of quality designer neckties to men at an affordable monthly subscription. Having seen a lot of bad (i.e. old, stained, out-of-style) neckties out there, and having been a young professional at one time in my career where ties were expected at least 4 days/week, it seems like there could be a need for this service.

(Think new grad running numbers at Goldman Sachs, young professional pitching mutual funds or style-conscious executive who wants to look sharp and never repeat his choice of necktie)

In recent years the concept has been used to deliver exclusive high-end bags and purses to women and has proven successful. While neckties and men are altogether different, the idea of paying a monthly subscription to receive 1-3 designer ties at a time for the professional and style-conscious gentleman could have legs.

Pros
- easy to ship
- easy to test
- scalable (e.g. match a shirt/tie combination)

Cons
- cleaning
- possible pricing constraints
- unknown market demand

[Nicholas Holland]

Interesting... this is already working for HandBags (https://www.bagborroworsteal.com) and from what I've read, it is successful.

This begs two questions:
1) Why are these services limited to one-type of clothing? I'd love to to rent a Rolex watch!
2) Does it only work for super-expensive items?

[Travis Robertson]

I like this model but, like Nick, I have to wonder if ties are too inexpensive to work. I hate the things personally but if there's a market and the cost of subscription is far better than purchasing new ties, I'd say go for it.

For the majority of people, DVDs are single use items. Watch it once then they're done. So the subscription model works out. Women have a handbag fetish (I'm sure I'll catch hell from some women for that comment). However, the cost of owning as many as they "need" would be prohibitive so I think that's why it works. When I did have to wear a tie everyday, I bought a few I liked and rotated them. Variety didn't matter to me.

Guys tend to be different than women when it comes to style. Are ties an item men obsess over? I'd be more inclined toward renting watches since I'd love to own a bunch of them. And *that* is where I'm like a woman.

[C. Smith]

I'm not sure why these services are limited to certain items. This would be a worthwhile analysis. Off the top of my head it would seem like Rolex watches would require some additional overhead due to the risk of theft or loss. However, some handbags cost as much as Rolex watches and the companies that do this seem to have managed around this obstacle.

I believe you actually can rent a Rolex.

Nicholas Holland said:

Interesting... this is already working for HandBags (https://www.bagborroworsteal.com) and from what I've read, it is successful.

This begs two questions:
1) Why are these services limited to one-type of clothing? I'd love to to rent a Rolex watch!
2) Does it only work for super-expensive items?

[C. Smith]

A decent necktie can be found for as little as $75 and run up to $1,000 with most typical good ties running between $250 and $550 (Note: yes, I understand this perspective will vary as to what is "good" and what some readers are willing to pay). The idea here is not to provide cheap ties that anyone can pick up and their local mall but rather provide access to a designer selection of ties from around the world (e.g. handmade Italian neckties, limited quantity designs, etc.). In other words, think Gentlemen's Quarterly and the discerning man not the junior broker at Raymond James with a hangover and mustard stains on his tie.

As you point out, this won't be for every man. Clearly on the street, not every man cares about his appearance - especially when it comes to ties and shoes - nor would ever consider paying more than 50 bucks for a tie. Nevertheless, there are many that do. The theory is similar to the handbag example I pointed out in my initial post. Does every woman care about what purse she carries? Of course not. Do some want to locate specific styles by Prada, Louis Vuitton and Fendi? Sure... as do men who seek out suits and ties by Brioni, Zegna and Armani.

Keep the feedback coming.

Travis Robertson said:

I like this model but, like Nick, I have to wonder if ties are too inexpensive to work. I hate the things personally but if there's a market and the cost of subscription is far better than purchasing new ties, I'd say go for it.

For the majority of people, DVDs are single use items. Watch it once then they're done. So the subscription model works out. Women have a handbag fetish (I'm sure I'll catch hell from some women for that comment). However, the cost of owning as many as they "need" would be prohibitive so I think that's why it works. When I did have to wear a tie everyday, I bought a few I liked and rotated them. Variety didn't matter to me.

Guys tend to be different than women when it comes to style. Are ties an item men obsess over? I'd be more inclined toward renting watches since I'd love to own a bunch of them. And *that* is where I'm like a woman.

[David Ledgerwood]

I wear suits a lot for business and I think it would rock to have a new tie and shirt show up ready to wear. Shipping would be an issue but I already use 1-800-DRYCLEAN and while it's expensive it's totally worth it to me to get that 30 minutes back every few days. If I could get a shirt and tie combo on the door in the morning ready to go by ordering it the day before I think that would be pretty cool. I could just buy suits, shoes, belts, and the rest of the accessories and then have the shirt and tie show up in my size. I'm not sure what I would pay for such a thing, but totally worth thinking about.

I could also see nice dress shoes going this way. Send them back to me polished and all fixed up for a fee. No way I could afford shoes as nice as I'd like to wear, but spreading it out over a series of "rental" payments might be interesting. It works for when you want gourmet food at home. It also works for car leases, renting big TVs, etc.

For that matter, what about a service where you can pay a reasonable monthly fee to actually look like a business person who makes serious coin? You could drop a ton of money on a whole new wardrobe when you get started as a consultant/entrepreneur who is providing high end corporate services. If you could "rent" that look (like Nick said with the watch), suits, car, etc. you could probably make more money (assuming you were good at what you do and just needed the image boost). Pair it up with image consultants and charge an escalating fee over time to get people on their feet.

[Jackson Miller]

BagBorrowOrSteal used to have a nice landing page that explained their service, pricing, and inventory (I almost bought a subscription as a gift once). Now they have renamed and you must signup and commit to receiving emails about "designer outlets" in order to see anything else. Makes me think they aren't doing so hot.

Also, I had no idea a $250 tie was the low end for a typical nice tie. I am going to have to step up my game.

[Jake Robinson]

hmmm, there is Paperback Swap book club... this is where you list 10 of your books you are willing to part with and in exchange you can request anybook listed on their site.. once requested you must send the book (and pay shipping) to the person that requested it.. and vice versa - so you get books for the price of shipping (around $2.40 media mail)

Maybe you could borrow from this model and let people list their ties, shoes, belts (accessories) or even waredrobe items - shirts etc (harder to do as they may not fit)

people take a dig photo upload thier 'inventory' and you shop for particular items...

maybe the rev model would be taking a small slice for the matchmaking.. maybe have each person pay $xx amount up front as a startup fee that site keeps or maybe a monthly subscription to have access to 'free for the postage' trade out... i could see purses and women's shoes really doing well in this space...