{"id":32068,"date":"2019-02-14T17:26:06","date_gmt":"2019-02-14T22:26:06","guid":{"rendered":"https:\/\/www.wework.com\/creator\/creator\/?p=32068"},"modified":"2020-04-17T16:12:00","modified_gmt":"2020-04-17T20:12:00","slug":"the-long-time-retail-executive-building-a-new-entrepreneurial-legacy","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/the-long-time-retail-executive-building-a-new-entrepreneurial-legacy","title":{"rendered":"The retail executive building a new entrepreneurial legacy"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">It\u2019s not every day that the assistant who welcomes you to a meeting is furry and walks on all fours. But on the day I meet Marigay McKee inside her bustling WeWork space on Manhattan\u2019s Park Avenue, McKee\u2019s 4-year-old black border terrier named Sutter greets me just before her owner. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s a warm welcome, but I\u2019m really here to catch up with McKee, whose two-decade-plus career as a corporate retail executive changed course in 2016 when she decided to launch her own luxury consultancy, <a href=\"http:\/\/www.mmluxeconsulting.com\/\">MM Luxe Consulting<\/a>, and later, venture-capital firm <a href=\"https:\/\/www.fernbrookmgmt.com\/\">Fernbrook<\/a>. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">No stranger to the demands of a busy schedule, the British expat worked as the president of Saks Fifth Avenue for just over a year,<\/span> <a href=\"https:\/\/wwd.com\/business-news\/retail\/metrick-in-marigay-out-at-saks-10107373\/\"><span style=\"font-weight: 400;\">leaving by 2015 due to cultural differences<\/span><\/a><span style=\"font-weight: 400;\">. Before that, she spent 15 years as chief merchant at iconic London department store Harrods. (Fun fact: During her time at Harrods, McKee makes a cameo on the U.K. version of <em>The Apprentice<\/em>\u2014season one, episode four, should you be interested.) Those roles are part of the reason McKee welcomes the move away from 14-hour workdays to those perhaps slightly shorter, with more flexibility, and on this particular day, dog-friendly workspaces. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">At first, MM Luxe brought her to \u201csmall-scale endeavors,\u201d as McKee describes them, in the beauty and fashion retail worlds. Eventually, she landed larger, more lucrative accounts, like the<\/span> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-24\/hudson-yards-adorned-with-art-to-last-beyond-anyone-s-lifetime\"><span style=\"font-weight: 400;\">$25 billion Hudson Yards<\/span><\/a><span style=\"font-weight: 400;\"> redevelopment project, which includes commercial and residential properties.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s fitting that our conversation is taking place inside a glass conference room, acting as a sort of reverse fishbowl; we see other WeWork members jaunting from their offices to take phone meetings and coffee chats in the lively kitchen area. The commotion is just the kind of energy rush she lives for these days. (It also happens to be a place better suited to take meetings than her townhouse, where she started MM Luxe. In 2018 alone, MM Luxe met with 200 companies inside WeWork and invested in 11 of them.) <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">\u201cI said to my team\u2014they\u2019re 25, 26, and 27, \u2018Let\u2019s go to this building on Fifth [Avenue,]\u2019 which is tiny and very expensive, and they said, \u2018Let\u2019s go to WeWork,\u2019\u201d McKee remembers. By 2017, the MM Luxe team (and soon after, Fernbrook) would set up shop in there. \u201cI love being able to work with young people, surrounded by young people, where someone will knock on the window and ask me to give them advice,\u201d she says. \u201cFor me, 50 is the new 30. I lead a younger life now than I did 20 years ago.\u201d <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">How so? For one thing, she\u2019s spent the past six years adding to a list of athletic accomplishments that would make anyone feel lazy, including trekking through the Himalayas and climbing Mount Kilimanjaro and Everest. She\u2019s an avid SoulCycler, has traded in her morning scones for organic granola, and insists that transcendental meditation is a requisite for her mental health. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">She\u2019s also a fan of any number of shorthand mnemonic devices and acronyms to help her keep track of to-do tasks and decide in whom and what she\u2019d like to invest. There are the five \u201cP\u2019s\u201d she manages at Fernbrook: \u201cPeople, positioning, pricing, place, and of course, product.\u201d <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">There are also the \u201cE\u2019s\u201d and \u201cS\u2019s\u201d of retail: \u201cexperience, environment, and emotion,\u201d plus \u201cselection, service, substance, special, and streamlined, together with a solid digital backdrop.\u201d Finally, the five \u201cH\u2019s\u201d of people in whom she decides to invest: \u201chard work, humility, honesty, and sense of humor. Oh, and humble, too.\u201d <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">These are the kinds of principles McKee, who said she wanted to go into business for herself after spending decades serving the needs of billion-dollar companies in which she wasn\u2019t figuratively invested, applies to her work today. Taking the plunge toward self-employment would be daunting for anyone, but McKee says she had three or four clients ready to work with MM Luxe before she even left Saks, making the transition from corporate to startup life frictionless. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">After MM Luxe found its footing in early 2018, McKee decided her consulting work, generally limited to the retail world, also limited what she could have an impact on. McKee\u2019s husband, an investment banker and lawyer, planted the seed. \u201c\u2018Marigay, you\u2019re generating cash and you\u2019re doing well, but you\u2019re not creating wealth,\u2019\u201d she remembers him saying. \u201cI thought, he\u2019s right. I need to do a fund where I can invest in all the young brands and young talent that can\u2019t afford to have me as a <a href=\"https:\/\/www.wework.com\/ideas\/what-is-a-consultant\">consultant<\/a>, but where I can be a free consultant to them if I invest in their brand.\u201d<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Although McKee has broadened her scope as a venture capitalist outside the retail world (Fernbrook invests in everything from vegan caf\u00e9s to artificial intelligence), her retail consulting work allows her to keep her finger on the culture. McKee believes the traditional department store won\u2019t totally die off, though it will need to be reinvented; and while retail will move primarily online, brands will need to exist in the physical world (see the three \u201cE\u2019s\u201d for the reasons why). Concept stores that are \u201cdestinations\u201d will flourish, she says, and stores that exude a private-club feel will be better off than those that don\u2019t. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If MM Luxe is her firstborn, Fernbrook, she hopes, will solidify her legacy. McKee co-manages Fernbrook with Bill Detwiler, her partner, and the two are raising a round of seed funding to support their portfolio of a little over a dozen companies.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">\u201cI\u2019m in the middle of raising a $50 million fund, and that just sounds so grownup to me,\u201d McKee says. \u201cI never even thought I was grown-up enough to go on a board,\u201d noting that she serves on two in New York City: cultural center The Shed and the Lesbian, Gay, Bisexual &amp; Transgender Community Center, commonly called The Center. \u201cWhen they asked me, I thought, \u2018Am I old enough to do this?\u2019\u201d<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Age notwithstanding, McKee has not only reimagined where she sees herself going\u2014with at least another 10 to 15 years building Fernbrook, she says\u2014but how she plans on getting there.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">\u201cGone are the days someone works in an office from 9 until 6 for 30 years, takes their two-week holiday every year, and goes to the same supermarket,\u201d McKee says. \u201cVariety is the spice of life, and life is getting more spicy.\u201d<\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>For luxury consultant and venture capitalist Marigay McKee, &#8217;50 is the new 30&#8242;<\/p>\n","protected":false},"author":1765,"featured_media":35064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[1444,1547,39218,39221],"class_list":["post-32068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight","tag-career","tag-member-spotlight","tag-small-businesses","tag-entrepreneurs"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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