Saye shrinks his forecasts and redefines the strategy to diversify his portfolio

Saye reduces positions. The start up Barcelona from sneakers manufactured from vegetable fibers has reduced its annual and medium-term forecasts, since its diversification plan “has not finished squaring”, as explained by the co-founder and CEO of the company, Marta Llaquet, to Modaes.

Previously, the company’s expectations were to register sales of 8.5 million euros by 2022 and 20 million euros by 2025. Now, Saye expects to invoice seven million euros in 2022 and fifteen million euros in 2025.

Founded in 2018 by Marta Llaquet, Lizzie Sabin and Damian Augustyniak, Saye was born specializing in footwear made from recycled organic waste. The 89 model was the first he launched and, for now, it is still his best-seller.

In recent months, the company’s strategy has focused on reducing dependence on this model by launching collections with a slightly higher price to reposition the brand and try to replace the purchase of its flagship product with other “recurring” products. “Unable to validate the strategy we had, next year we will launch new models of shoes that will be closer, aesthetically, to the 89 model,” said the businesswoman.

Saye’s roadmap for the coming year also goes through testing the market and landing at street level in cities like Barcelona through pop up stores. Later, the company will also consider opening pop-up stores in European cities such as Berlin or Paris, where the start up it already has a stronger presence.

Since the beginning of the year, Saye has worked to strengthen its activity in Spain. On a national scale, sales have gone from representing 3% to 10% of the total turnover and, on an international scale, The United States has been gaining traction to concentrate 25% of sales. At the moment, Germany is positioned as the key market for the company, with a weight of 30% of its income.

Saye has restructured his team over the past year. “Now we have seven departments and each one is led by a manager”, explains Llaquet. The company’s workforce has thirty employees, a structure “that should last about six months”details the directive.

In the short term, consolidating its turnover thanks to the multi-brand is another of its objectives. The company’s retail network has 250 points of sale and its forecasts also included increasing this number to 350, although “now its strategy will be to grow hand in hand with larger retailers to sell more.”

At the moment, all the founders of Saye share their capital and they do not plan to open the door to external investors soon. Until now, the company has been financed with two rounds of financing through the platforms of crowdfunding Kickstarter and Indiegogo.

Leave a Comment

Your email address will not be published.