About this project
The development of the easily interchangeable watchband happened quite by accident. The brand’s genesis started in 2012 as an option for the Casio “G-Shock” customer who wanted a comfortable, colorful, value priced option as a replacement band for the one that comes with the G-Shock watch. The initial reaction was genuine excitement as early sales exploded. The Slingshox Brand was born.
Over the next couple of years, while working on the project part time, Brett Pulli shipped approximately $20K in goods while trading in a rather restricted marketplace. The customer was waiting for what was next while Slingshox struggled to stay afloat. The information and experience that was developed during this journey proved invaluable when it came time to develop Slingshox’s little brother....or sister, JoyJoy!
JoyJoy! was originally developed as a cute, young girls, juniors, missy’s line of interchangeable wristwatches focused on the “3 C’s” color, cool and cute. The brand launched in August of 2014. Unexpectedly, JoyJoy! developed strong following with the Surf and Ski crowd, Boutiques, and some Department Stores. Current vertical markets can include, Surf Shops, Tween Boutiques, Department Stores, Military Tactical, Athletic Footwear Specialty, Team Sports, and limited Big Box retailers. The brand has a serious growth opportunity for online sales as well.
THINK IT AND WE CAN MAKE IT
The JoyJoy! watch heads are water resistant to 30 meters, run on three year batteries, tell time/date/ military time, have an alarm and also a 7 color LED light setting. JoyJoy! are developing for delivery, five base color heads and 84 different watchbands. The brand hits a power zone price of $35.00 for an assembled watch and $15.00 for each additional band.
AFFORDABLE FUN AND FASHION
We have had limited selling at retail on the East Coast with great results. JoyJoy! is ready to go national and even global. We have two major problems....inventory and packaging. The $20K ask is to be used to pay for already reworked and sourced, made in the USA, packaging and new product components. We do assembly here in Maryland, USA. When up and running full time, we anticipate creating 10 jobs per $600K in sales.
Our margins are so strong that we can anticipate taking the restart money to bring in new prints and our 2.0 watch. Additionally, we are adding wet/dry bags and t-shirts for both sales and promotions. We intend to reinvest in inventory and people immediately as our expanding sales force continues to get traction.
NEW PRODUCTS; APPAREL AND OTHER ACCESSORIES
LICENSING AND PRIVATE LABEL
We are also looking at licensing agreements with major sports and entertainment groups as well as large corporations. We are also capable of customizing and creating limited editions for companies, groups, events and clubs. There is no limit to the Joy that we can spread as long as our product stays authentic.
BUNDLE OF JOY!
Our final new project that has already been developed and is ready for market is our "Bundle of Joy" Do It Yourself paint package. This is the perfect, event based pack where an individual artist or a group of girls at a birthday party can make tehir own one of a kind watches. We provide the supplies, you provide the vision.
Our Strengths Include:
· Reinvention of a known and accepted tool for everyday living.
· Exclusive Patents make us the one of a kind and “Original Interchangeable Watch”.
· Proof of concept through success with Nordstrom and authentic independent shops in the East.
· A revolution in an industry that is bankrupt of new and exciting ideas.
· Strong management teams with financial, operational, design and marketing expertise and experience.
· US Patent protection insures that we cannot be knocked off.
· Low cost to stock and warehouse inventory.
· Quick turn times on factory orders allows for better inventory control and cash flow.
· Quick turn times and low minimums on SMUs and private label orders.
· Excellent quality control with current return rates at .012% of sales.
· Strong price point resulting in high impulse buying at retail.
· Limitless number of opportunities for sales and promotional placement.
· No segmentation issue proven by Nordstrom and Surf Shop's sales performance.
· Strong margins with goods being delivered with 70% average margins on existing business.
· Professional and driven commissioned sales force in place.
· Limitless content library for new product development.
Risks and challenges
Our Weaknesses Include:
• Limited market penetration beyond “Mom and Pop” surf and Nordstrom.
• Limited on hand inventory
• Limited professional staff to aid with business development and business operations
• No advertising or marketing financing in play
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