Our monthly Masterclass event for the South Yorkshire group of Connect Gazelles took place on the 21st May atThe Quadrant business centre. Martin Penny amused us with his stories of the ups and downs that he has experienced in his business life so far: from asbestos to hair irons to handbags.
There aren’t many people who haven’t heard of the brand ‘ghd’ and there aren’t many women who don’t own a pair of ghd hair irons! Martin Penny co-founded Good Hair Day (ghd) in 2001 with two friends after being given the rights to a revolutionary hair styling iron. And the rest is history! Martin started his presentation discussing the incredible success of ghd and the key to its success.
The company achieved spectacular growth first in the UK and then in 15 countries round the world. By the time Martin sold his stake in the business the company had achieved sales of £150M and profits close to £30M. Martin highlighted the four key factors which were vital in the success of ghd:
Product
Brand
Price
People
Martin said: “Having a great product is important and ours was the best on the market. The ghd hair irons sold themselves!” Martin admits that he got very lucky with ghd: he was in the right place at the right time and describes himself as an accidental entrepreneur!
Branding was also key for ghd and Martin and his partners knew that they wanted to brand ghd just like a fashion advertisement. This was a vision they shared with Propaganda, who worked with ghd to create the unique brand. Martin said: “It was a once in a lifetime brand, but we worked hard. Hard work is important.”
After selling his stake in ghd, Martin and two partners started Jack French London a handbag design company in 2012 on the simple premiss that a woman can never have too many handbags; something he had already discovered was also true for hair irons.
Martin stated that the biggest challenges he experienced was taking ghd over to the USA and this is still one he is facing now with his new venture. One of the most effective changes in Martin’s life, both in his business and personal life, was thanks to a training course with Dale Carnegie Training – who are one of Connect Gazelles’ affiliates. Martin said that the course allowed him to see things differently and look at how he treated people. We can’t endorse Dale Carnegie enough – they offer fantastic courses and have kindly agreed to deliver discounted training courses for members of Connect Gazelles. Click here to see information on our ‘Leadership Skills for Yorkshire Business course’.
Martin’s final point for the entrepreneurs in the room was: “Don’t mess things up! Too many entrepreneurs get over-confident.”
Martin’s honesty and personality made for an excellent Masterclass. He and 60 other of Yorkshire’s top entrepreneurs have selflessly agreed to give time to deliver Masterclasses, take part in panels and provide mentoring for members of the Connect Gazelles. Click here to see the impressive list.
Next month we have Robert Brocklesby, Owner of Brocklesby Ltd and Simon Gray, Founder and MD of Boost Drinks Ltd as the speakers for our June Masterclasses. Take a look at our events calendar for more information.
