Shares of JOANN Inc. jumped nearly 5% on their first day of trading after the arts and crafts retailer raised $130.8 million in an initial public offering. The fabric and craft retailer is led by CEO Wade Miquelon, MBA ’89.
The company is listed on NASDAQ under the symbol JOAN. It announced its intention to go public in a Securities and Exchange Commission filing on February 16.
Although the company suffered from declining revenues before the pandemic, a rise in at-home crafting and sewing has prompted a 38% growth in sales since May 2020.
Miquelon told Forbes magazine that the pandemic is not the only contributor to the spike in sales. He said the company has been able to play into “solid trends” of “more do-it-yourself, a lot more personalization, and major movements on market exchanges like Etsy and Shopify” that have been building over the past few years.
He also mentioned JOANN’s success in offering curbside pickup, supporting its online purchase options. According to Marketwatch, the company announced IPO terms on March 4, indicating its plan to offer 10.9 million shares at between $15 and $17 a share.
Although JOANN’s recent growth has been impressive, according to Crain’s Cleveland Business, the question for potential investors could be whether Joann can can successfully convert growth to net income, whether the market will keep growing, and whether the company will continue to drive down its debt.
However, JOANN’s transition into public offering is an opportunity for investors to gain a foothold in the craft and sewing market. Hopefully, consumers and investors alike will be able to capitalize on the recent rise in sales for JOANN, and enjoy reconnecting with at-home projects like sewing and crafting during this isolated time.
The company had 855 retail locations as of January 30 and a database of more than 69 million customers.
Russ Shaw, BSBA ’85, was one of three people the Queen of England recognized as a commander of the British Empire in 2021. Shaw received the honor for his contributions to technology and business in London. Here, he describes how his Olin education helped him get there.
My Olin education covered four years, receiving a BSBA and majoring in accounting and receiving minors in economics and Spanish. I also participated in a number of extracurricular activities, with a particular highlight being a student representative to the Washington University Board of Trustees.
I certainly used the knowledge gained in my coursework in many aspects of my career. Some of the standout courses for me were macroeconomics, statistics, finance, marketing and a great course in leadership during my senior year.
My days are never the same as founder of Tech London Advocates and Global Tech Advocates. I meet with many startups, scale-ups and investors across many tech hubs around the world. I talk to journalists and do media interviews frequently, and I am in contact with various UK government agencies.
Many tech hubs
Through Global Tech Advocates I have travelled to many tech hubs both large and not-so-large, meeting amazing entrepreneurs with great visions and aspirations. I have hosted tech events spanning from San Francisco and New York to Shanghai, Bangalore, Tokyo, Singapore, Paris, Bogotá, Madrid, Shenzhen, Milan, Stockholm and, of course, London.
A key part of my role is to put the spotlight on critical issues that impact tech ecosystems. This includes issues around talent, diversity & inclusion, digital skills, infrastructure and access to funding.
I was honoured to be recognised by the Queen in her New Year’s Honours list as a Commander of the Order of the British Empire (CBE). This is one of the highest levels of recognition in the United Kingdom by Her Majesty. The CBE has been awarded for service to business and technology. I was honoured to meet Queen Elizabeth several years ago when she and Prince Philip hosted a technology reception at Buckingham Palace.
In terms of advice as students embark on their careers, I always say that there are two components that are integral to any career journey: reputation and network of contacts. Both need to be nurtured and developed throughout a career. I also encourage students to travel and see the world, to keep expanding their horizons and to be open to new ideas and ways of thinking.
At the 2021 edition of WashU Olin’s popular “She Suite” event, panelists celebrated the achievements of St. Louis women in business and provided insight on how to advocate for equality in the workplace environment.
At the event, held virtually on March 8, International Women’s Day, moderator Staci Thomas, professor of practice in communications, introduced a panel that included Anne Anderson, MBA ’02, Khalia Collier, Erin Harkless Moore, BSBA ’05, and Marcela Hawn, MA ’11.
The women shared testimonies of success and failure, lessons learned in the workforce and advice to aspiring professionals.
While their expertise spanned industries, all panelists spoke about the hesitation and pressure they felt during the application process. According to a LinkedIn Business study, women feel they need to meet 100% of the job qualifications before applying to a job. Meanwhile, men will usually apply if they meet 60% of the qualifications.
“Women fall victim to perfection and minimization when thinking about advancement,” said Harkless Moore, investment director at Pivotal Ventures. “Do not be shy about advocating your experience and how it applies to your work.”
“Women do not ask enough during negotiations,” said Collier, vice president of community relations at St. Louis CITY SC and owner of the St. Louis SURGE women’s professional basketball team. She stressed the importance of aiming for the extraordinary. “Tell your whole story. Be bold. Be confident.”
Even on the hiring side, Hawn, senior vice president and chief communications officer at Centene, said she roots for the female applicants who do not shy away from negotiations in the interview process.
While there certainly has been a huge push towards gender equality in the workplace, the panel agreed that there is still a long way to go. However, these women already use their influence for good.
“It is up to each woman individually to use the chair that she’s sitting in to help progress gender equality further,” concluded Anderson, vice president of the Chemicals America division at Shell Chemical.
Arnold B. Zetcher and his wife, Ellen, have made a commitment of at least $8 million in outright and estate gifts to advance Washington University in St. Louis’ effort to adopt a need-blind admissions policy
In recognition of the gift, the university will rename the South 40 House on the South 40 residential area of the Danforth Campus the Arnold and Ellen Zetcher House.
Zetcher earned a bachelor’s degree in business administration from Olin in 1962. He is retired chairman, president and CEO of Talbots Inc.
When the COVID-19 pandemic and resulting economic downturn caused internship cancellations, WashU Olin and the Center for Experiential Learning stepped up to provide summer learning opportunities for students while supporting St. Louis-based businesses. We’ll be sharing their stories on the Olin Blog. Today, we’ll hear from Akio Yahiro Korte, MBA ’21, who worked on competitive landscape analysis for Capacity.
Over the 2020 summer, I worked on the CEL summer project, a seven-week consulting opportunity to help a client with their business needs. In my case, the client was a privately held startup company that wanted help with its competitive landscape analysis. Capacity, our client, was really excited and passionate about sharing information with us, so we could give them the best recommendations possible.
This project sharpened my project management, planning and coordination toolkit. From a technical perspective, this project has refined my competitor analysis and marketing skills. I also helped the team using my finance background when appropriate.
Our team lived on a weekly cycle. Weeks started with a one hour class on Monday. Client meetings occurred every Wednesday afternoon. Client meetings were earmarked for one hour, but we always went over due to great client engagement.
Since team members were working virtually across three different time zones, we sporadically set up team huddles to address timely needs. Typically, a team member would spend several hours a week working on a specific function (think deep diving a competitor’s entire marketing strategy).
From a team leader perspective, it’s always great to work with new and diverse teams. I worked with a healthy blend of graduates and undergraduates sprinkled with different business disciplines (finance, entrepreneurship, consulting, marketing). I worked with five other students—and I was thoroughly impressed with each of them.
Particularly thinking about the undergraduate students on my team, there were people who hadn’t had previous work experience. So for the first time, they were talking directly with business owners and leaders—and they really stepped up to the plate, asked detailed questions and shared their expertise. It was a huge win for those students—it wasn’t an experience you could get anywhere else.
Client interactions were a big win. Capacity went above and beyond by letting us talk with different business leaders. Even though this was a marketing project, we talked with leaders in finance, sales, and execution. We even got the opportunity to talk directly with the CEO, David Karandish, BSCS ’05.
Not only is David a WashU alum, he also sold the parent company to Answers.com before starting Capacity. David had some very cool stories to tell, everything from writing a text-to-speech app around his high school years to being on “The Apprentice: Martha Stewart.”
In addition to answering questions to help the team with the CEL project, he had some parting words of wisdom for future leaders: keep morale up by being transparent, keep one foot in present reality while keeping another in future potential (be the bridge between the two realities). We were honored to spend this time working closely with the client, learning from their perspective and providing recommendations.
This has been a very interesting experience from a project management perspective. The project’s scope shifted several times, another team merged into mine, not to mention working virtually across different time zones always poses unique limitations. But the team successfully adapted to meet these challenges head-on. This resilience is a hallmark of the quintessential Olin business student.
This is the second successful team project that I have led while at WashU. Given the great experiences both projects and teams have been, I am contemplating doing at least one more this coming academic year.
Snacklins, a company that produces plant-based alternatives to pork rinds, nearly tripled its sales in 2020 in the highly competitive snack food industry.
Fans of NBC’s “Shark Tank”might recognize the brand from its appearance on the show in 2019, when founder Sam Kobrosly walked away with an investment from Mark Cuban.
Since the onset of the global pandemic, Snacklins has continued to pursue industry success, undergoing a major rebrand to create a more interactive, internet-accessible brand. The effort to differentiate Snacklins and draw consumer attention was led by Olin alum and Snacklins Marketing and E-Commerce Manager Jeremy Sherman, BSBA ’15.
Consumers seek products online
Sherman and his team noticed that the pandemic pushed consumers to seek out products online. They struck out to create a brand that offers both a great product and an interactive, fun and personable online experience. They decided to launch a complete rebrand, selling the same product using a new website, new packaging, new flavors and bigger bag sizes.
The key to the rebrand, Sherman said, was to “create a whole personality around” Snacklins.” The goal was to make its product “not just fun to snack on, but to interact with.” The company had to be innovative, while incorporating its core personality and spirit in its new marketing campaign. To do this, the Snacklins team kept a simple and bold design and introduced engaging new features on its website, including a game called SNAC-MAN .
Snacklins has been recognized for the success of its rebrand, earning a feature in Forbesmagazine.
Sherman credits Olin’s influence with allowing him to consider himself a “business generalist, with the ability to think about economics, operations, supply chain and marketing.”
Olin provided him with a valuable foundation of business knowledge, he says. He credits his Introduction to Entrepreneurship class for arming him with the ability to understand the mechanics of entrepreneurship, especially how to transform a vague idea into a complete business plan. The creativity and entrepreneurial spirit he acquired during his time at Olin still guides his work today, he said.