Julie Deane CBE: The Post-It on the Factory Wall to the Sale of The Cambridge Satchel Company Part 2

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<v Emily Blumenthal>Hi and welcome to the Handbag Designer 101 podcast with your host, Emily Blumenthal, handbag designer expert and handbag fairy godmother, where we cover everything about handbags, from making, marketing, designing and talking to handbag designers and industry experts about what it takes to make a successful handbag.

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<v Emily Blumenthal>Welcome, my dear sweet Julie Dean.

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<v Emily Blumenthal>Back to the Handbag Designer 101, the podcast for part two of the tale of the Cambridge Statue Company.

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<v Emily Blumenthal>So where we left it because this was worthy of part one and part two we made it to the point where somebody had come in and, after you've been running it yourself, a company had come in and you made the hard decision to sell part of it or give up control the first time.

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<v Emily Blumenthal>What had happened?

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<v Julie Deane>Yeah, because we talked about all that happened with the manufacturer stealing the leather, making the rip off bags.

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<v Julie Deane>I think that was such a difficult, difficult time because the relationship that you have with your manufacturer is a very strong one.

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<v Emily Blumenthal>You know, it's a marriage.

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<v Julie Deane>You're the podcast.

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<v Julie Deane>It's a marriage, and I think that it's very difficult when you've been having meetings every week, when you'd shaken hands, sat across the table, looked someone in the eye, felt that you knew somebody so well to then have such an unexpected and unbelievable sort of disruption more than a disruption, and it makes you question are you even a good judge of character?

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<v Julie Deane>Should you be doing this?

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<v Julie Deane>How do you get over this?

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<v Julie Deane>Which is one of the big reasons that led me to this.

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<v Julie Deane>Looking back on it, quite incredible decision of you know, what I'm going to do is I'm going to become my own manufacturer, you know, and I'm not going to go through this again, and which is right, you know.

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<v Julie Deane>Looking from the slightly, from the outside now back in, I sort of think, wow, that was such a brave thing to do for someone who didn't know about manufacturing.

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<v Julie Deane>But it felt like the only way of not going through that again.

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<v Julie Deane>And it was a decision that would pay dividends over and over and over again, you know, sort of in the years that followed, because it meant that I would never feel that if a bigger brand came along, I would be pushed backwards.

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<v Julie Deane>You know, I no longer be a priority, or you just never quite know what somebody else's agenda is Right, and so when you own your own manufacturing, it just means you can decide what gets made first and you know whether you have overtime to do something or in the whole product development line.

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<v Julie Deane>It makes things a lot more straightforward and, though nobody could have foreseen it at the time during the pandemic, it just means that at least you're slightly more in control of how the whole thing is handled.

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<v Julie Deane>You know how people are taken care of, how you make the things safe, your supply chain.

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<v Julie Deane>You at least know what's going on.

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<v Julie Deane>So it was something that I look back on and I think an incredible decision, but I'm really glad I went that way.

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<v Emily Blumenthal>So, in the midst of all this, you had not once but twice, somebody come in.

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<v Emily Blumenthal>Yeah, take over your company.

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<v Julie Deane>So what?

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<v Julie Deane>It didn't feel like a takeover, I think.

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<v Julie Deane>That where we were lucky and I was speaking to somebody who's got a startup just this morning and I said you've got to really know your business, what makes you different, and then you will become visible on a very crowded radar Right.

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<v Julie Deane>And I do remember it was only about six months, maybe less.

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<v Julie Deane>After that we had the whole thing of the Google advert and I don't think we touched on that.

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<v Julie Deane>But I remember the thing with the manufacturer made me quite a paranoid person and I remember getting a phone call and it just said oh, we've got this amazing, unbelievable media opportunity you've been shortlisted for, but we need to know more about your business.

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<v Julie Deane>And I was just not having it.

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<v Julie Deane>So it was like well, tell me all about it, otherwise I'm telling you nothing.

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<v Julie Deane>You know I'm dragging it.

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<v Julie Deane>And they sort of got back in.

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<v Julie Deane>They said, no, no, well, we can't tell you very much about this, but just believe me, this is something you don't want to miss.

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<v Julie Deane>And I was just thinking no, you must think I was born yesterday.

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<v Julie Deane>I'm not having this.

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<v Julie Deane>I'm not divulging my secrets.

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<v Julie Deane>I don't know what secrets I felt I had left to divulge at that point, but I'm not devil.

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<v Julie Deane>And they said OK, look, we will find out if we can tell you both.

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<v Julie Deane>You're going to have to sign a nondisclosure agreement.

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<v Julie Deane>And I remember my mum was sitting with me in the office just outside Cambridge.

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<v Julie Deane>My mum was sitting there, dog was sitting there, and all of a sudden this agreement, this nondisclosure agreement, came through and it was massive.

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<v Julie Deane>I mean, the printer was doing it over time.

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<v Julie Deane>It was huge.

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<v Julie Deane>And my mum was looking at me and she said well, julie, if this is some kind of joke, they're taking it Very seriously.

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<v Julie Deane>There's this endless stack, it's like two-inch thick document, and we looked at it and in the end I sort of thought, oh, what the heck?

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<v Julie Deane>Now I really want to know.

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<v Julie Deane>I signed it and they said you've come to the attention of Google and they love the story of how, with 600 pounds, using things like Google Translate to take orders from people in Korea and Japan, and if you've used all of these different three tools, they want to use you as the subject of the advert for Google Chrome.

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<v Julie Deane>You could be the face of Google Chrome.

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<v Julie Deane>I was looking up my mother, I just get out.

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<v Julie Deane>We just didn't get it.

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<v Julie Deane>So we were sending the things.

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<v Julie Deane>And so that is what happened in the end.

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<v Julie Deane>And I remember going up to BBH, this incredible advertising agency, and they said we've got so many questions that we need to create this advert.

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<v Julie Deane>And I hadn't had any breakfast.

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<v Julie Deane>I'd gone on, an early train arrived there and I was really, really hungry and as I was going through, I could see that.

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<v Emily Blumenthal>Wait a second, so, but Google has a good buffet.

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<v Emily Blumenthal>I understand, no, but this was at BBH.

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<v Emily Blumenthal>This was at the age of the advertising agency.

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<v Emily Blumenthal>They didn't have a spread for you.

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<v Julie Deane>Well, I went to the agency.

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<v Julie Deane>I know it's only 12.30.

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<v Julie Deane>I'm really, really, really hungry.

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<v Julie Deane>I've come in from Cambridge.

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<v Julie Deane>Could I have a banana?

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<v Julie Deane>And they were laughing.

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<v Emily Blumenthal>They said well, you're like no, seriously, I want a banana.

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<v Julie Deane>They said you're the least effort ever For in these series.

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<v Julie Deane>He said we've had Lady Gaga, we've had people.

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<v Julie Deane>You can have anything you want, right?

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<v Julie Deane>You know, you can just tell us anything from any restaurant in London, we will go out and get it whatever you want.

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<v Julie Deane>I said no, no, just, you know a banana, I'm happy with a banana.

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<v Julie Deane>And I said I'm looking out there I can see somebody's got a cheese sandwich.

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<v Julie Deane>If I could have a cheese sandwich I would be just all set.

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<v Julie Deane>You know it was.

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<v Julie Deane>And I remember back to that sort of phase of doing the Google advert.

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<v Julie Deane>I had no idea what a big deal this was going to be.

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<v Julie Deane>You know the advert on YouTube we had 8 million views.

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<v Emily Blumenthal>I need to go back and see it because I have a big recollection.

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<v Emily Blumenthal>It was like you buy a table wasn't it and it was.

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<v Julie Deane>I remember that.

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<v Julie Deane>It was just incredible, because I remember saying to Emily and Max, because my kids were both on that advert, and I remember saying to them look, I know you've just started a new school, but don't worry, nobody's gonna see this.

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<v Julie Deane>This isn't worry, nobody, and we'll use your mind that, yes, I was, I was, and at the first time that advert aired we have this huge sort of it's like an America's Got Talent type thing the X Factor yeah, yeah, yeah, biggest show on TV at that time and the advert aired during the first break of the X Factor on Saturday night, prime time TV, and both my children were looking at me like really, this isn't gonna be a big thing, you know at all?

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<v Julie Deane>No, of course it isn't no.

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<v Julie Deane>And I took them to the cinema.

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<v Julie Deane>Sure enough, larger than life there it was.

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<v Julie Deane>The advert was playing in the cinemas, but so they went back to school and it was like what did you do over the summer holiday?

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<v Julie Deane>Oh well, you know we're on the Google advert.

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<v Julie Deane>It was absolutely incredible.

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<v Julie Deane>It was incredible and, of course, the website crashed and but it was, which is so exciting.

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<v Julie Deane>It was very, very exciting, and it was a year after that that we got approached by.

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<v Julie Deane>Well, for the six months up to when I decided who to take investment from, I was getting phone calls all the time, you know, from private equity, from venture capital places.

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<v Julie Deane>Oh, we'll take you out for lunch, you can tell us your plans, and I'm still, you know, thinking well, why would I do that?

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<v Julie Deane>You know, I'm really really busy.

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<v Julie Deane>I don't know you, I don't want to go to lunch with you and I don't want to tell you my plans, you know.

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<v Julie Deane>And then in the end it became obvious that it would be really nice to have somebody else sitting at the table, because if you're the one that everything comes just down to you.

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<v Julie Deane>And the company was growing as the seventh fastest growing company in the UK, everything was growing so quickly and I've never done any of this before.

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<v Julie Deane>I just knew what I liked and what I didn't like.

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<v Julie Deane>You know, we were right making for Dover Street Market.

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<v Julie Deane>We were working with Vivian Westwood, we're working with Kondigas on, we've been in vogue in seven countries.

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<v Julie Deane>It would be, and I just thought it would be really nice to have people that actually know what they're doing at this table.

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<v Emily Blumenthal>That would be a lot less stressful if you ever wanted to start a handbag brand and you didn't know where to start, this is for you.

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<v Julie Deane>And so I engage a big audit accounting firm you know that was really really sort of big in the space and and just so said to them, can you please just talk to all of these people and just give me a list of three, just three, that you think are really good, that I should speak to and meet, and I'll decide from those three.

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<v Julie Deane>But I don't want this constant barrage of of right, right, right, right, right in zoning and they did a fantastic job of that, you know.

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<v Julie Deane>They sort of taught me through.

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<v Julie Deane>These are the differences between these three that we've narrowed it down to, because that's manageable.

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<v Julie Deane>I mean, yeah, yeah, yeah, to run this business, and that was already more than a full-time job.

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<v Julie Deane>I didn't need to be trying to be, you know, distracted by all these people wanting to gimme punch.

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<v Julie Deane>So that was really good.

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<v Julie Deane>And the three that they gave me at the end were three excellent ones.

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<v Julie Deane>They definitely picked the right ones and that was an interesting process, you know, to try, and I mean one was easy, because I went to visit their offices and it was so messy and it looked so disorganized.

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<v Julie Deane>I just thought, no, no, that's out.

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<v Julie Deane>I can't deal with going to a place where I think that it felt chaotic.

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<v Julie Deane>I didn't like it and it's got to be a place you feel really comfortable.

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<v Julie Deane>And that woman and so I did.

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<v Julie Deane>I got down to index.

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<v Julie Deane>And then inflection was the other one, and both of those were a really good fit.

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<v Julie Deane>And index was just so impressive.

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<v Julie Deane>You know, they've backed some incredible, incredible brands, and fashion wasn't particularly their space.

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<v Julie Deane>They're more, I would say, they're still just more tech minded, but just so impressive.

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<v Julie Deane>And then inflection they've done great things, but it was then came down to the way that people wanted to structure the investment, and I'm very debt averse.

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<v Julie Deane>I guess one should be.

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<v Julie Deane>I think it puts less, you know, it felt less, so I just wanted a straight equity investment.

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<v Emily Blumenthal>So was this the first investment or the second one?

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<v Emily Blumenthal>This was the first one.

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<v Julie Deane>This is the first one, and if I went back I could have made far more of a success of that.

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<v Julie Deane>It's this kind of imposter syndrome type thing of look, I've got it to this stage, but now I need to get the experts into scale.

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<v Emily Blumenthal>And now we've got you and what you realize after the fact, that they aren't experts and they just have money.

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<v Emily Blumenthal>So how did you handle it once they got involved and what ensued?

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<v Emily Blumenthal>You took it back, didn't you?

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<v Emily Blumenthal>Or how did you manage it?

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<v Julie Deane>It was I made years where you, with the final Well, right until right until the end, when I sold it, index was still evolved.

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<v Julie Deane>And one thing I would say is you need to deal with people that you respect because they behave well all the way through.

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<v Julie Deane>They might not think they want to put more money in, and maybe that's the right decision, because as a founder, you're always you know, it's like as a mummy always think your child is the best.

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<v Julie Deane>You always think that, yes, you just need to.

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<v Julie Deane>But they do have that objectivity.

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<v Julie Deane>So they might not want to put more money in and you might have disagreements along the way, but as long as you've gone with an investor that's a good investor with a good reputation then they behave well throughout.

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<v Emily Blumenthal>What took you to the point of saying, okay, it's time to sell.

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<v Emily Blumenthal>Was that then?

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<v Emily Blumenthal>Was it you was a collective, was it?

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<v Emily Blumenthal>You just didn't like the direction, like I'm going to do the same or I needed to step away because we'd gone through Brexit.

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<v Julie Deane>We thought Brexit was going to be a really, really difficult and it did throw up a number of challenges, but those challenges were totally dwarfed by the pandemic.

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<v Julie Deane>We have leather from Europe often, and so either from Italy or from Spain or from Holland, and that supply chain, you know, during the pandemic, places are completely locked down.

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<v Julie Deane>We get leather to the factory.

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<v Julie Deane>Also, the shops, right?

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<v Julie Deane>Oh my gosh, all of a sudden the shops were closed and we had about six shops during that time.

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<v Julie Deane>Half of the landlords totally reasonable and you know, did the right thing.

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<v Julie Deane>And then some of the landlords know no rent reduction we are pressing for how can you still pay your rent when you have no customers, when the shop can't even be open, right?

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<v Julie Deane>So you know, that was a very, very stressful time.

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<v Julie Deane>Over 100 people on furlough, yeah, you know, and it was a really, really stressful time and I think it was during that time that I thought I'm going to hold things steady, I'm going to get through this, but after that I need time away.

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<v Julie Deane>I need time to recover from just all this constant, you know, and the pandemic ended up being, you know, years of lockdowns and disruption and tourist traffic behaving differently, you know, and it just everything changed.

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<v Julie Deane>And so when I was approached, you know, just over a year ago, by a French group that had deep pockets, that wanted to set up a luxury group, but they loved the fact that we had British manufacturing because the factory that I'd set up, knowing nothing, I have been incredibly fortunate in having ahead of manufacturing that the loveliest, loveliest man who knew everything there was to know about manufacturing, and I never had any worries about the fact that because of this man, you know, and we won British manufacturer of the year, we won every award going and that was, you know, his expertise showed in that factory.

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<v Julie Deane>That made us a very attractive proposition, because then we could be manufacturing for other brands within the group.

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<v Julie Deane>And so I was adamant that if they were to take over, I wanted people's jobs to be safe and the British manufacturing to be safe, and so I'd said no to everybody where I didn't feel that that was going to be the case.

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<v Julie Deane>But with them, you know, yes, people, there were no job cuts, there were no job losses and the manufacturing in the UK was valued, and that was really, really important to me.

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<v Julie Deane>So that's why I decided look, I need to step away from that.

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<v Julie Deane>In the year before that, I'd been on blood pressure monitors 24 hours a day on three occasions.

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<v Julie Deane>You know that's how stressful it was.

00:19:36.615 --> 00:19:39.881
<v Julie Deane>And so I just thought enough's enough.

00:19:39.881 --> 00:19:45.299
<v Julie Deane>I'd done this to make sure that Emily and Max had a great education.

00:19:45.299 --> 00:19:48.210
<v Julie Deane>And I'd done that, you know, and so much more.

00:19:48.210 --> 00:19:50.193
<v Julie Deane>You know my family was secure.

00:19:50.193 --> 00:19:50.955
<v Julie Deane>I was secure.

00:19:50.955 --> 00:19:53.300
<v Julie Deane>My mom, she was secure.

00:19:53.300 --> 00:20:20.905
<v Julie Deane>She said you know, you've made it so I don't have to worry about turning on the heating, you know, and that's what this cost of living crisis has done for so many, and so I'm incredibly grateful to Cambridge Satchel, this incredible brand that you know I created with my mom standing beside me, and it gave us enough security that I could say these are the right people.

00:20:21.227 --> 00:20:25.638
<v Julie Deane>I'm going to step away and I need to look after myself.

00:20:25.638 --> 00:20:37.689
<v Julie Deane>I need to feel healthy, I need to take the pressure off, and that's, you know, a really tough decision, because this brand was my third child.

00:20:37.689 --> 00:20:39.795
<v Julie Deane>You know I sort of worried about it.

00:20:39.795 --> 00:20:43.627
<v Julie Deane>No detail was too small for me to get involved in.

00:20:43.627 --> 00:20:50.630
<v Julie Deane>I would make sure the tone of voice was right that all of the photos, the photo shoots, that bag wouldn't be seen there.

00:20:50.630 --> 00:20:53.742
<v Julie Deane>This person isn't wearing the right clothes for that bag.

00:20:53.742 --> 00:20:55.269
<v Julie Deane>You know absolutely everything.

00:20:55.269 --> 00:21:14.240
<v Julie Deane>I knew it inside out, but it was, you know, sadly had become such a source of stress and that was largely because of what's been going on in the world, which has become a very scary place and the even after the pandemic.

00:21:14.240 --> 00:21:16.630
<v Julie Deane>You know the price of energy when you're a manufacturer.

00:21:16.630 --> 00:21:28.630
<v Julie Deane>The energy bills for the fact were absolutely enormous and to safeguard everybody's jobs, it was the right time for me to say look, I have got to step away.

00:21:30.493 --> 00:21:34.423
<v Emily Blumenthal>How do you now reflect on the brand?

00:21:34.423 --> 00:21:40.979
<v Emily Blumenthal>I mean, we were talking about how, since you left and I just noticed it too the logos change.

00:21:40.979 --> 00:21:43.787
<v Emily Blumenthal>The DNA of the product is not yours.

00:21:43.787 --> 00:21:55.163
<v Emily Blumenthal>Are you able to look at it like a divorce, like a child who's gone their own way, or are you able to emotionally separate yourself and saying it did what it had to do?

00:21:55.163 --> 00:21:56.490
<v Emily Blumenthal>I'm sad looking at this, but that chapter is close.

00:21:56.490 --> 00:22:00.130
<v Emily Blumenthal>How are you able to contextualize that, Because it is no longer yours?

00:22:01.954 --> 00:22:02.215
<v Julie Deane>No.

00:22:02.215 --> 00:22:12.769
<v Julie Deane>And when the rebranding happened and the bicycle which I really honestly believe, that was just such an authentic Cambridge symbol you get rid of the bike.

00:22:12.769 --> 00:22:24.035
<v Julie Deane>That was the point I had to unsubscribe from the email and stop looking at that was the point that I just thought this is not mine.

00:22:24.035 --> 00:22:28.259
<v Julie Deane>Now I can't put myself through this because I'm not going to be able to do it.

00:22:28.259 --> 00:22:33.017
<v Julie Deane>I'm looking at things which weren't my decisions and I have no say over anymore.

00:22:33.338 --> 00:22:35.247
<v Julie Deane>But it is very much like a child.

00:22:35.247 --> 00:22:54.866
<v Julie Deane>I mean, cambridge stature will always be in my heart, my brand always, but I think that it's going through a very big change that would never have been my choice and so I think that the kindest thing.

00:22:54.866 --> 00:23:02.565
<v Julie Deane>And I wrote a LinkedIn piece about it and just said you know, I can't be that person that's saying, well, I don't approve of this and I don't like this and I don't.

00:23:02.565 --> 00:23:07.365
<v Julie Deane>You know, they have bought that and it's theirs now to do what they think is right.

00:23:07.365 --> 00:23:09.465
<v Julie Deane>Do I agree with the direction?

00:23:09.465 --> 00:23:19.378
<v Julie Deane>No, it's not the Cambridge satchel that I created, but you know, I need to just not look and think what's next for me, what is but right?

00:23:20.060 --> 00:23:27.144
<v Emily Blumenthal>I know people to still walk down the street and see someone wearing the satchel you created and still find joy.

00:23:27.144 --> 00:23:28.146
<v Emily Blumenthal>Does that stay?

00:23:29.422 --> 00:23:33.865
<v Julie Deane>Yes, because those bags last for decades and you know the bags that.

00:23:33.865 --> 00:23:38.520
<v Julie Deane>When I see a satchel, that was the bag that my mom and I brought back.

00:23:38.520 --> 00:23:41.566
<v Julie Deane>You know that is our bag.

00:23:41.566 --> 00:23:48.127
<v Julie Deane>You know that is a fantastic, fantastic thing and it is very much like a child.

00:23:48.127 --> 00:23:54.292
<v Julie Deane>If they needed help, advice, anything, you know I would always be there to help.

00:23:54.292 --> 00:23:56.865
<v Julie Deane>I could never turn my back on Cambridge satchel.

00:23:56.865 --> 00:24:13.951
<v Julie Deane>But I cannot bear to read the emails and the tone of voice and look at this you know new year for it because I think it would just spoil my feelings and my memories of what we created.

00:24:13.951 --> 00:24:25.113
<v Julie Deane>It's kind of like if you go back to a place that was really special to you when you're a child, you've got to do that, knowing that it's probably evolved and moved on and changed.

00:24:25.113 --> 00:24:31.573
<v Julie Deane>And if you see it this different way, maybe that will taint your fond memories of it.

00:24:31.573 --> 00:24:35.190
<v Julie Deane>So it's that kind of decision that has to be made.

00:24:35.859 --> 00:24:39.950
<v Emily Blumenthal>Julie, honestly it has been a pleasure and beyond.

00:24:39.950 --> 00:24:44.349
<v Emily Blumenthal>Thank you so much for sharing a journey of the Cambridge satchel with us.

00:24:44.349 --> 00:25:03.224
<v Emily Blumenthal>Listen, if there's a movie that's going to be made, I'm going to be behind it and I'm going to be chasing you down with the camera, along with all the stuff that's growing in your garden behind you, and the Welsh that you're learning right now, because I don't know what I need to eat in Welsh, but I'm sure you're going to tell me because now, with the lessons you're taking.

00:25:03.224 --> 00:25:06.946
<v Emily Blumenthal>But thank you so much for being part of Handbag Designer 101, the podcast.

00:25:06.946 --> 00:25:08.210
<v Emily Blumenthal>You an absolute gem.

00:25:08.590 --> 00:25:22.088
<v Julie Deane>Well, thank you, and thank you for giving me the opportunity, because the one thing I would say is, with all the ups and downs, with all the roller coasters, where else would I have got the opportunity to do such incredible things?

00:25:22.088 --> 00:25:27.449
<v Julie Deane>And so to anybody who is standing looking thinking should I do this?

00:25:27.449 --> 00:25:31.626
<v Julie Deane>Yes, you should, you know, absolutely yes, you should.

00:25:31.626 --> 00:25:37.728
<v Julie Deane>And just take every challenge one at a time, because they don't all come at once.

00:25:38.348 --> 00:25:38.890
<v Emily Blumenthal>Okay, down.

00:25:38.890 --> 00:25:40.531
<v Emily Blumenthal>Oh my God, Thank you, julie.

00:25:40.531 --> 00:25:41.513
<v Emily Blumenthal>Thank you so much.

00:25:41.513 --> 00:25:44.306
<v Emily Blumenthal>Thank you, thanks for listening.

00:25:44.306 --> 00:25:49.710
<v Emily Blumenthal>Don't forget to rate and review, and follow us on every single platform at Handbag Designer.

00:25:49.710 --> 00:25:50.551
<v Emily Blumenthal>Thanks so much.

00:25:50.551 --> 00:25:53.222
<v Emily Blumenthal>We'll see you next time.