Streetwear direct-to-consumer site TheDrop has broken even more than a year before plan, the company said.
Founded in 2017 and offering brands such as Stussy, Chinatown Market, Pleasures and Clearweather, TheDrop said it achieved this goal in May 2020, which is 13 months ahead of its initial projections.
The site works with more than 300 brands and 21 boutiques in the U.S. and serves as a marketing and communications platform, as well as a cost per acquisition sales platform. It also provides personalized recommendations on the timing and frequency of releases per week. The company used Clearweather as an example saying the footwear brand saw a 72 percent average sell-through in the first three days of each release and an over-500 percent increase compared with previous full collection releases over the same amount of time.
“TheDrop’s goal was to breakeven in July 2021 while tripling our topline sales each year,” said founder, chairman and chief executive officer Matt Falicinelli. “We have been able to exceed that goal, largely due to the tech platform we have built, that works to support our merchant partners. TheDrop has helped them navigate this pandemic, quickly moving their businesses online, thus impacting our ROI in very positive ways.”
At the same time, TheDrop also appointed Jeff Staple to its board of directors, joining TheDrop’s Falicinelli and chief marketing officer Alex Gross, who is also the longtime head of acquisition marketing at Backcountry.com; James Aviles, managing general partner of Avigo Consultoria em Negocios Empresariais, LTDA, and investor Andrey Antonov. Staple will advise on brand marketing, content strategy, client partnerships and new business ventures.
“TheDrop has an invaluable proposition and first of its kind technology that supports and scales businesses of all sizes,” Staple said. “I am extremely excited to be joining the board to help TheDrop reach its fullest potential.”