They Can See Clearly Now: Co-Founders Launch Inclusive Eyewear Brand
Florence Shin (left) and Athina Wang, co-founders of Covry, launched an inclusive eyewear brand.
Florence Shin and Athina Wang want you to know they are absolutely not sick of each other.
The co-founders and creators of Covry, a brand of handcrafted eyewear they launched in 2015, have been besties since high school class of 2009, in Cherry Hill, New Jersey, as the two most interested in fashion in their larger group of friends.
“The co-founders of @shopcovry, a brand of handcrafted eyewear they launched in 2015, have been besties since high school. #FemaleEntrepreneurs”
“We are pretty good with separating business and fun times,” says Wang, “so we don’t talk about Covry when we hang out.”
After high school, Wang headed to the West Coast to attend the Fashion Institute of Design and Merchandising, while Shin stayed east to attend the Fashion Institute of Technology in New York. They both graduated in 2013 and ended up working in the fashion industry at two separate companies, a block apart.
“We would meet at lunch time and talk about Covry,” Wang says.
To be clear, Wang says, Covry is a made-up word because “we liked the word cove and it sounds soothing, made up words are easier to trademark and people don’t have bad associations with the word.”
The idea behind creating a line of sunglasses, then eyeglasses, then prescription eyewear was that most eyewear designs do not fit “features common to Asian ethnicities, such as low nose bridges and high cheekbones.”
“The idea behind creating a line of sunglasses and eyeglasses was that most glass designs do not fit “features common to Asian ethnicities.” @shopcovry #innovation”
Working on designs that would be inclusive of more facial shapes for more than two years, Shin and Wang launched a Kickstarter campaign to fund the research necessary to design, create and test different fits. They raised $53,000 and were able to start working with manufacturers. The line is sold direct to consumers online.
“We went into test market and tripled our goal,” says Shin, who works with the branding and marketing, while Wang works with manufacturers.
Covry’s Elevated Fit® “was designed for our specific needs, but they are not made just for Asians, we are not excluding people, we are including,” Shin says. “We selfishly wanted to make glasses for our faces that were comfortable to wear.”
After working hard to launch, Shin says, “We said, OK, we’re clicking that launch button and we had an amazing response.”
According to Report Buyer, “The global eyewear market size is expected to reach USD 215.30 billion by 2025, at a growth rate of 7.6% over the forecast period. Surging demand for premium and personalized eyewear is expected to drive the growth.”
Report Buyer reports, “Advancements such as 3D printed eyeglasses, electronic focusing glasses, and Augmented Reality (AR) glasses have enabled manufacturers to introduce multiple categories of eyewear products best-suited for buyers. Vendors are making huge investments in R&D to introduce innovative products that meet the functionality and design needs of customers.”
For Shin and Wang, without a background in eyewear specifically, their experience in fashion, merchandising and manufacturing definitely was key.
“For Shin and Wang, without a background in eyewear specifically, their experience in #fashion, #merchandising and manufacturing was key. @shopcovry”
“We definitely had to research, our best friend was Google,” says Wang. “We had to learn about the eyewear industry and did not realize that eyewear was considered medical equipment, we thought it was a fashion accessory.”
Their first import of glasses sat in storage at JFK Airport in New York until they could sort out the fees and FDA approval and licensing for the product.
“You definitely need to research before you import anything,” Wang says. “Even on things you don’t think would ever come up, do research. We didn’t know how to trademark. So look at every detail to research.”
““You definitely need to research before you import anything,” Wang says. “Even on things you don’t think would ever come up, do research.” #BusinessAdvice”
Starting out with just three styles of glasses, Covry now offers over 20 styles, with price points of $85 to $150, with the average around $100. New offerings this year include anti-fog lenses and other surprises Shin is not ready to unveil.
As young women looking to engage with vendors and manufacturers, Shin says they encountered dismissiveness and bias. “They were very dismissive because of our age and because we are women,” she says.
“As young women looking to engage with vendors and manufacturers, Shin says they encountered dismissiveness and #bias. #WomenInBusiness @shopcovry”
Because they started small at first, factories that were dealing with brands making 30,000 pairs of glasses per day were not interested in their business.
“Our goal is not to be a billion-dollar company,” Shin says, but they do plan on moving into more stores and to within five years have their own brick and mortar Covry site.
“I would say this satisfies our creative, fashion passion,” Shin says. “We see trends and try to incorporate that into styles and colors, and our marketing materials.”
And while Covry was not VC-backed, but was crowdfunded, the rates of success for women entrepreneurs are low when VC-backed..
“And while Covry was not VC-backed, but was crowdfunded, the rates of success for #women #entrepreneurs is low. #Startups”
“Despite recent progress, the baseline facts about women-founded startups remain startling. Just 2.5 percent of all venture-capital-backed startups have an all-female founding team. Only 9 percent of the venture capitalists investing in tech startups are women. And even today, only slightly more than one-fifth of all American VC investment goes to startups where at least one of the founders is a woman,” reports City Lab.
“To put this in context, in the United States, women make up more than half (52 percent) of the highly skilled creative class; comprise more than one-third (36 percent) of business owners; and make up 30 percent of all high-tech employment,” according to CityLab.
Wang’s advice to entrepreneurs looking to launch a product or idea is to not take on the first vendor you meet. “Don’t take on their pricing, look around, learn as much as you can, find out as much as you can so you be fully consistent on your orders.”
“Wang’s #advice to #entrepreneurs looking to launch a product or idea is to not take on the first vendor you meet. #Startup @shopcovry”
Being a small team of about five employees and additional contract workers, Wang says it allows them to be nimble and respond quickly to customer needs and suggestions. With most of their customers based in New York and California, Shin says growth has been about 20 percent per year since the launch.
Working together every day and also spending time as friends has been a good thing, both Shin and Wang say.
“This has brought us closer together. Before this all started, we never planned to start a business together. We enjoy each other’s company and communicate well. We work in different parts of the company and we have different strengths, “ Wang says.
She adds, “We separate business and friendship.”
