business model, business model canvas, columbia, customer development, lean launchpad, lean startup, steve blank

1. Dressier
- Your luxury experience-
Ederson Chang
Yufei Chen
Raymond Li
Landon Wang
Jikai Yang
Total interview so far: 136
Total interview since last class: 17

2. Daily Progress Summary
Dressier
Interviews:
Users: 23
Stylists:3
Build a
matching
platform for
fashion female
finding stylists
in China
Interviews:
Users: 28
Stylists: 5
Refined both
user and stylist
group.
Discovered
new pain point
of the user
Interviews:
Users: 28
Stylists: 1
Male group
investigated.
Further
segmented
customer
groups and
created their
VPs
accordingly
Interviews:
User: 31
Acquired new
inspiration and
redesigned the
entire business
as well as the
related
components
Interviews:
User: 10
Key Partners:7
Contacted
many key
partners for
validation
Day 1 Day 2 Day 3 Day 4 Day 5
Total interview so far: 136
Total interview since last class: 17

3. Dressier
Day 1:
Offering a matching platform for fashion female to find personal stylists in China
(fashion blogger)

4. Dressier
Day 2 Key Findings:
1. User: Female aging from 15 to 18 are also interested
2. Stylist: Very famous internet figures are not interested; instead, moderately
famous internet figure and second-tier stylists are interested in styling service
User
•Female age 15 -25
•Fashion trend
followers
•Occasionally having
problem matching
existing clothes and
changing styles
Stylist
1.Popular female
internet figures
• High Moderate No.
of followers (<100k
followers)
2.Second-tier stylist
• female or male
/Celebrity Promo
_____________
________
• Marketing campaign (hiring popular stylist to provide
free styling for selected users)
/WeChat Pay/AliPay
• Acquiring stylist
Stylist
• Reduce risk of
unstable revenue
stream for internet
figures
• Create additional
income for stylist
• Help increase
branding (exposure)
for professional stylist

5. Dressier
Day 3 Key Findings:
1. Male segment tend to have stronger need for styling service
2. Users could be further segmented into 3 categories
3. Fashion-aware unfashionables have stronger needs for styling at life-changing event
Stylist
1.Popular female internet
figures
• Moderate No. of followers
(<100k followers)
2.Second-tier stylist
• female or male
_____________
________
• Marketing campaign (hiring popular stylist to provide
free styling for selected users)
/WeChat Pay/AliPay
• Acquiring stylist
Stylist
• Reduce risk of
unstable revenue
stream for internet
figures
• Create additional
income for stylist
• Help increase
branding (exposure)
for professional stylist
User
• Fulfill the need of
fashionables to be 'in
fashion'
• Provided 'deserted
dress' a new life with
new matching
• Provide clothing
solution for new stage
of life
The Fashionables
• Female and male, age 15-
25, mid to high personal
incomer or family support
• Fashion trend followers
• Motivation to create an
customized “unique-style” or
to explore different styles
Fashion-aware Unfashionable
• Occasionally having
problems matching existing
“deserted” clothes
• Need for styling at life
changing moment (such as
entering career) or big
events
/Celebrity Promo

6. Dressier
Day 3 Key Findings:
1. Male segment tend to have stronger need for styling service
2. Users could be further segmented into 3 categories
3. Fashion-aware unfashionables have stronger needs for styling at life-changing event
Stylist
1.Popular female internet
figures
• Moderate No. of followers
(<100k followers)
2.Second-tier stylist
• female or male
_____________
________
• Marketing campaign (hiring popular stylist to provide
free styling for selected users)
/WeChat Pay/AliPay
• Acquiring stylist
Stylist
• Reduce risk of
unstable revenue
stream for internet
figures
• Create additional
income for stylist
• Help increase
branding (exposure)
for professional stylist
User
• Fulfill the need of
fashionables to be 'in
fashion'
• Provided 'deserted
dress' a new life with
new matching
• Provide clothing
solution for new stage
of life
The Fashionables
• Female and male, age 15-
25, mid to high personal
incomer or family support
• Fashion trend followers
• Motivation to create an
customized “unique-style” or
to explore different styles
Fashion-aware Unfashionable
• Occasionally having
problems matching existing
“deserted” clothes
• Need for styling at life
changing moment (such as
entering career) or big
events

7. Dressier
Day 4:
Altered the previous business model, rebuilt the business canvas for new model and
hypothesis test to catch up the progress
• Luxury Supplier
• Bag Cleaner
• Delivery
• Anti-counterfeit
identification
institution
• Second-hand
resellers
• Renting bag
tracking
• Shipping
• Bag cleaning
• Marketing
• Customer Service
• Bag
• Warehouse
• Logistics
• Luxury Brand
Event-driven Renter
• Female, age 19-30,
• mid to high personal
incomer or family
support.
• fashion trends follower
• Budget buyer with
annual income of 100K–
300K RMB
Event-driven Renter
• Occasional need for
special events
• Be able to afford the
luxurious bag which was
originally not affordable
• Fulfill the vanity
Luxury Company
• Luxurious brand adored
by Chinese population
• Experiencing a loss of
sales in Chinese Region
Regular Renter
• Female, age 23-40
• White collar
• High status
• Annual income of 300K
– 1M RMB
Regular Renter
• To show they have more
bags than they actually
can afford, thus, fulfilling
their vanity
• Eliminating the risk of bag
no longer like or out of
fashion
• Office hierarchy
Luxury Company
• Regain sales after anti-
corruption movement in
China
• Counter Counterfeit
• Walking ads
• Dedicated
E-commerce
GET
• Wechat Moment
• Weibo Bloggers
• KEEP
• Review/Rating/Feedback
System
• Weekly Fashion Magazine
GROW
• Expand to different dress
type
• Premium subscription
• Luxury bags, warehouse, shipping, cleaning, logistic,
website development and maintenance, customer
service staff
• Resell to second-
hand market
• Subscription
• Pay-per-rental

8. • Luxury Supplier
• Bag Cleaner
• Delivery
• Anti-counterfeit
identification
institution
• Second-hand
resellers
• Logistics
• Anti-counterfeit
professionals
• Renting bag tracking
• Shipping
• Bag cleaning
• Marketing
• Customer Service
• Quality Assurance
• Anti-counterfeit tests
• Bag
• Warehouse
• Logistics
• Luxury Brand
• QA officer
• Anti-counterfeit
tech (RFID)
Event-driven Renter
• Occasional need for
special events
• Be able to afford the
luxurious bag which was
originally not affordable
• Fulfill the vanity
Regular Renter
• To show they have more
bags than they actually
can afford, thus, fulfilling
their vanity
• Eliminating the risk of bag
no longer like or out of
fashion
• Office hierarchy
Luxury Company
• Regain sales after anti-
corruption movement in
China
• Counter Counterfeit
• Walking ads
GET
• Wechat Moment
• Weibo Bloggers
• Established trust-worthy image
towards customer
KEEP
• Review/Rating/Feedback
System
• Weekly Fashion Magazine
GROW
• Expand to different dress type
• Premium subscription
• Luxury bags, warehouse, shipping, cleaning, logistic,
website development and maintenance, customer
service employee, Anti-counterfeit, Quality Assurance
• Subscription
• Pay-per-rental
• Resell to second-
hand market
Day 5 Key Findings:
1. Counterfeit as a key problem customer concerns
2. Trust-worthiness as the key essence to GET customer
Event-driven Renter
• Female, age 19-30,
• mid to high personal
incomer or family
support.
• fashion trends follower
• Budget buyer with annual
income of 100K– 300K
RMB
Luxury Company
• Luxurious brand adored
by Chinese population
• Experiencing a loss of
sales in Chinese Region
Regular Renter
• Female, age 23-40
• White collar
• High status
• Annual income of
300K – 1M RMB
Dressier
• Dedicated
E-commerce

9. Minimum Viable Product
Dressier

10. Minimum Viable Product
Dressier

11. Dressier
Pain Points and Competitor Analysis
Pain Points
1. People occasionally having the need
of certain style of bag (color, brand,
price range) to attend certain
activities
2. Sometimes the purchase made
before was outdated and no longer in
fashion
3. People don’t have as much money as
they would like to buy desired
number of bags
4. Vanity: people would like to have
bags that is higher than their
affordable price range
5. Office hierarchy made owning certain
level of bags necessary for white
collar female
Competitor Analysis
Second-hand Luxury
Products Trading Platform
Luxury Products e-CommerceHigh-value Goods Rental
Dressier

12. Dressier
Pay per rental –
Flat price
Subscription Resell
Rev
Model
0.6% per day with a min
of 3 days
Monthly subscription of
1500 RMB (Unlimited
rental)
75% of bag price
Assuming a RMB15000 bag…
PPR
Model
Subscri
ption
Variable Cost
Gross Profit
(excl COGS)
Projected profit
(excl COGS)
Logistics: RMB10(*2)
Dry Cleaning:
RMB200(/10)
Anti-counterfeit: RMB30
Var Cost: $70/rental
100n-70, n>=3
Max: 2930/2300RMB
Average: 2615 (bag)
Max: 1500RMB
Min: 800RMB (person)
RMB1300
(Utilization: 50%)
RMB1150
(Utilization: 50%)
Profit per bag (6-months life cycle): 1300*3+1150*3-15000*25%=RMB3600 (600/month)
Fixed Cost (Monthly): 10000(QA)+3000(Warehouse)=RMB13000/month
Revenue Model

13. Dressier
Source of
Luxury Bags
Get Strategy
Quality
Assurance
Anti-
Counterfeiting
Insurance
1.Direct purchase
from luxury brands
-Pros: Higher trust,
official guarantee
-Cons: Higher Cost
2.Buy second-hand
bags from sellers1)
-Pros: Lower Cost
-Cons: Higher risk
of counterfeiting
1.Advertisement at
High-End Hotels and
Night Clubs
-Target customers
usually appear in
these places
2.Advertisement at
Luxury department
stores
-Target customer
might visit the
luxury department
to shop
1.Hire professional
quality assurance
team and equipment
2.Cut down life-cycle
of product
-Minimizing risks of
depreciation of
bags such as car
rental companies in
China
3.Build brand image
and increase brand
trustworthiness
1.RFID technology
-Pros: Low testing
cost
-Cons: Easy to copy,
higher risk of
counterfeiting
2.DNA anti-
counterfeiting
technology
-Pros: Hard to copy
-Cons: Expensive to
test
-Potential solution:
Sample testing
Next Steps
1) The acquisition channels include authorized second-hand bags resellers and consumers

14. 11
Backup Deck

15. Dressier
Robust growth in discount
luxury shopping, showing a
trend of customer seeking
low-cost solution for luxury
products
Will you increase discount
luxury shopping
Luxury Market in China has changed a lot
Key Words 2012 2017 CAGR
Chanel 65421
22074 27.5%
Burberry 482 1390 23.6%
LV 1349 3517 21.1%
Prada 1730 4383 20.4%
Hermés 3515 7401 15.7%
Chinese
population pay
increasing
attention on
luxurious brands
1: Average search times per week on Baidu
No or
not sure
34%
Yes
66%
Number of Premium
Outlets in China

16. 12Source: McKinsey & Company, Euromonitor Passport
Total: 194mn
Younger Female Group
USD 10mn
Age 19-24: 3.7% of urban population
Advanced cities: 15% of urban
Pay-per-rental: Average USD 30/rental * 5
Working Female Group:
USD 184mn
Age 25-40: 16.5% of urban population
Advanced cities: 15% of urban
Subscription: USD 600 annually
TAM = Female leather goods sales * rental percentage * 12
months = 2.8 billion * 3% * 12
SAM = TAM * Sales contributed by female aging from 19-40
= 1bn * 38.4%
SAM = TAM * rental penetration1)
= 384 mn * 60%
Served Available Market
USD 384 mn
Target Market
USD 284 mn
Total Addressable Market
USD 1 bn
Top-down
Approach
Botom-up
Approach
Market Size
Dressier

17. 13
Dressier
Customer Segments and Value Proposition
Customer Segment Value Proposition
Renter
Luxury
Brand
Female, Age 23 – 40
Regular user of bags
White collar with mid-high status
Afford more bag to fulfill their
vanity
Eliminating risk of carrying a
bag out of fashion
Appropriate bag correspondent
to office hierarchy
Luxurious brand adored by
Chinese population
Experiencing a loss of sales in
Chinese Region
Regain sales after anti-
corruption movement in China
Anti-Counterfeit

18. 14
• Renter
– The renter has consistent need to carry an “appropriate” bag
• Luxury Brand
– Luxury brand would be willing to cooperate with us to boost sales
• Renter
– Pass/Fail
• Above 30% of total interviewees agree
• Luxury Brand
– Pass/Fail
• At least one of the luxury brand adored agreed to be on board
• 100% (31/31) of the interviewees showed strong interest in this service
• 61.3% (19/31) of the interviewees mentioned that rather than regular
renting, their renting activity would be event-driven
• 1 luxury brand had shown interest in cooperating with us
• Major pivot:
– Validate that the Regular Renter segment exist
– Found out that there are actually 2 main customer segments,
including Regular Renter and Event-driven Renter
• Next step: Further interview more customer to understand their
characteristics
Hypothesis
Here is what
we thought
Experiment
Here’s what we
did
Result
Here’s what
we found
Iterate
Here’s what we
will do next
Dressier
Hypothesis Testing – Customer Segments

19. 15
• Renter
– There is a need to find appropriate bag
• Luxury Brand
– Luxury brand would be willing to cooperate with us to boost sales
• Renter
– Pass/Fail
• Above 30% of total interviewees agree
• Luxury Brand
– Pass/Fail
• Confirm if “boost sales” is the main reason to join
• 48.4% (15/31) of interested interviewees have a need to find a set of
appropriate bags for work
• 61.3% (19/31) shown interest in finding a special bag for special event
• The luxury brand mentioned that it could be a blow to the counterfeit bag
segment, since the price is comparable and competitive
• Major pivot:
– Validate that there is a need for appropriate bag
– Also found out and validate that there is a need to rent a special bag for
special event
• Next step: Further interview to test for if getting a certified real bag is an key
value proposition for them
Hypothesis
Here is what
we thought
Experiment
Here’s what we
did
Result
Here’s what
we found
Iterate
Here’s what we
will do next
Dressier
Hypothesis Testing – Value Proposition

20. 16
Dressier
Customer Segments and Value Proposition
Customer Segment Value Proposition
Event-
driven
Renter
Regular
Renter
Luxury
Brand
Special bag for special event
Afford the luxurious bag which
was originally not affordable
Fulfill the vanity
Female age 19-30
Occasionally attending social
events
Female, Age 23 – 40
Regular user of bags
White collar with mid-high status
Luxurious brand adored by
Chinese population
Experiencing a loss of sales in
Chinese Region
Afford bags that fulfills canity
Eliminating risk of carrying a
bag out of fashion
Appropriate bag correspondent
to office hierarchy
Regain sales after anti-
corruption movement in China
Anti-Counterfeit