Episode 77
October 26, 2021

From Candy to Quintessentials

with Sid Gupta, Co-Founder and CEO of Quince

About this episode

Sid Gupta is the Co-Founder and CEO of Quince. By removing the middleman from the supply chain, utilizing M to C, Manufacturer to Consumer, Quince is an online destination for quality first essentials, including apparel and fine jewelry to home decor and kitchenware. In this episode, Sid shares with us his entrepreneurial journey from growing up in the Bay Area, where he worked at Fry's Electronics, to joining a consumer and retail M&A group after graduating from the University of Chicago, to creating Lolli and Pops into one of the largest independent confectionery chains in the US, with over 90 stores serving over five million customers annually to launching Quince just three years ago. We talk about how he's grown the company to include over 60 factories, his perspective on the future of retail, and how Quince got its name and why it was originally called Last Brand.

This episode is sponsored by

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In This Episode You’ll Hear About:

  • What he learned about himself from an early job at Fry’s Electronics, what then got him into banking, and how he ended up starting Lolli and Pops
  • Why Sid learned so much from launching Lolli and Pops after buying a failing candy store chain and bringing it from the brink of closure to a continued success
  • What mistakes he made in the past in leadership, what he learned from that, and how he has used his experiences to build Quince
  • Why it’s important as an entrepreneur to understand a specific problem you want to solve, find a way to solve it, and recognize how important it is to be persistent in business and even in your personal life
  • What is next for Quince and why he says you gotta try Quince to see how they have solved many problems in the supply chain

To Find Out More:

onequince.com

Quotes:

“We liked the name. It was crisp. It was clean. And it represented a modernity about what we were trying to do.”

“I think we are in the still very early stages of eCommerce. I think eCommerce is 15 to 20 percent of all retail. It's my belief that we will get to 50 percent of all retail is online. And, you know, that's trillions of dollars that are going to go offline to online and someone's got to be there to catch it.”

“The magic in Quince is that instead of keeping goods close to you as a customer, we keep it close to the source of production. And the value of that is that I can create a real time signal from the time something sells to the factory.”

“We're a company full of engineers, and so building all the tech to optimize for cost and to deliver things at an incredible price was quite an undertaking.”

“The magic here is we're not producing on-demand, but we're producing near just in time, which allows us to get scale and match supply and demand really tightly.”

“We can literally make goods salable the minute it comes off the assembly line. So, you know, typically one to two weeks, we can have goods ready to sell. And so that's a huge competitive advantage.”

“We think curation is a really important part of Quince. So when you type in "sheets," you're going to pick between five or six different fabrications that we think most people want. But then we're going to give you the one best sheet.”

“Finding mentors, whether it's the person that you report to or not, within an organization that can teach you is super valuable and finding those advocates for you in the organization is super valuable.”

“You've got to be the architect of your own career. No one is going to do that. People help you, but you've got to be intentional.”

“It's really underrated how valuable persistence is to an entrepreneur.”

Read the transcript

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