Conversations with Entrepreneurs

Meet Megan and Chace from Lose the Labels London (LTL London)

27th September 2022

Viral, innovative and creative; LTL London is a reputable online handbag store delivering internationally. They have a growing following online, now reaching 48M views on their video campaigns and as a result have seen an increase in sales.

We wanted to know more about CEOs, Megan and Chace, so we sent them each a few questions and this is what they had to say. 

 

 

1) We’d love to hear about your journey before starting LTL London.

CHACE: I played for Tottenham Hotspur until I was 18. My business partner Megan worked in the financial services, specifically banking before we embarked on this journey together. My dream was to be a footballer but when I realised that wasn't happening, I changed the goal posts and started dreaming about how I can have my own successful business. Business allows me to still compete daily. I am 30 now and started LTL London when I was 25. Between getting released by Spurs and starting LTL London I learned all that I can about working from anywhere in the world on a laptop. Megan has a passion for handbags, especially designing them so the combination has worked well. We came up with the idea, did some market research and then started LTL London. We haven't looked back since. Although building a business from scratch has been extremely hard, it has been the most rewarding 5 years of my life. Long may it continue. 

MEGAN: Before starting our business, I worked in Financial Services within Wealth and Investment Management for Barclays HQ Canary Wharf & Lloyds in Mayfair. I started when I was just a young 18-year-old with no experience, fresh out of Sixth Form and I had no clue what I was doing. Within 12 months of starting, I went from an admin position to leading a team of 28 people on a high-profile project and over the next 5 years I continued to climb the ladder. As a very young woman in a senior position, I faced a lot of tough challenges that I had to overcome and ultimately, I feel this gave me the strength and courage to launch my own company. After 5 years within the Financial Service industry, I decided it was time to begin a new chapter in my life which was LTL LONDON. 

2) In one sentence, what is your business?

CHACE: A disruptive handbag brand that provides the world with fashionable pieces at an affordable price.

MEGAN: Our business is the connective tissue that combines luxury with affordability and ultimately provides people with a sense of luxury they could otherwise not afford.  

3) Tell us about what prompted you to start LTL London and what problems you’re solving?

CHACE: Well, I would say every woman in the world owns a handbag, but most can't afford the handbags on the catwalk per se'. We have bridged that gap. With the rise of technology and social media, the ever growing need to have what the next person has is more widespread than ever, but most can't afford it. We don't want 99.9% of the world to feel left out. It's a niche market. My market research over the past 5 years has shown me that most women do not have a brand they go to for their handbag. Another gap that we want to bridge. We want LTL London to be a global brand. It’s the latest fashion at affordable prices with the customer's experience at the forefront of what we do. Quality over quantity. 

MEGAN: In my early life I grew up in a very low-income household. My Mum was a single parent trying to raise me as best as she could on a very low income, and we often struggled to get through the month. I had close friends who had the total opposite lifestyles to me; their parents were wealthy, and they could afford far more "luxuries" than I ever could. I would often watch my friends unbox beautiful handbags or luxury items their parents would buy for them and although I was happy for them it began to resonate with me from a young age that so many people will never get to enjoy that "luxury" experience unless they are very well off or lucky enough to come from a family who has a good financial income. I began to realise that this created a two-tier society, and I did not like the fact that a person didn't get to enjoy that same luxury experience unless they were part of the 1% wealthy population. Ultimately this led me to become very motivated in creating a company that could combine both luxury and affordability and offer people of all household incomes the opportunity to have that luxury experience that I never could growing up. I feel that most handbag companies are either very fast fashion or very high end and there are very rarely many "in-between" handbag brands, so that is where we come in to solve this issue.  

4) What differentiates LTL London to its competitors? 

CHACE: There aren't many doing what we do however the customer experience is most important to us. We have ordered handbags from companies that sell them within our price range and the packaging the handbags arrived in wasn't anywhere near the quality of our packaging. In a world drowning in fast fashion, product sustainability and quality are extremely important to us. 

MEGAN: We are a company that truly connects with our customers and as a Director I love to be deeply involved with what is happening on a customer level. We have built a very strong community of people who love our band, everything we stand for and want to be a part of the journey with us. We put a lot of time and energy into ensuring people feel as though they are part of the journey, and their voices and opinions are always heard. We really listen to what the customer wants, and we take their feedback on board heavily.

5) What is something about your business you're proud of?

CHACE: We started with nothing and no guidance. 

MEGAN: I am proud of the fact that we have faced many challenges that we have always overcome. The Pandemic, the Cost-of-Living Crisis and many more economical obstacles that have been unexpectedly thrown our way over the past two years were a big challenge for two newbies in business but we’re overcoming all these challenges.  

6) What’s been your biggest challenge in the business and how have you overcome it?

CHACE: Like all businesses we face challenges daily, however, I would say the biggest challenge has been finding excellent trustworthy suppliers.

MEGAN: The Pandemic was a very hard hit for us at the beginning. We had many supply chain issues with stock including some of our stock being stuck at a port for over 3 months because of the lockdowns. To overcome the issue, we quickly evaluated all of our stock levels and channelled our focus and energy into stock that was far more accessible, easier to sell and would not face supply chain issues. It was a tough adaptation at first but something that was necessary in such challenging times.  

7) What are your goals for the future of LTL London?

CHACE: To become an established brand globally. If you need a handbag you go to LTL London.

MEGAN: For LTL London to expand further. We have a very big customer base in the United States so opening a Warehouse in the States would be great for our USA customers as they would receive their parcels much quicker than shipping overseas which is what we currently do.  

The end goal is to become a household name that is known for providing high end, luxury items with affordable pricing.  

We are delighted to bring you this opportunity and excited about LTL London's future and their expansion. If you haven’t already invested in LTL London, click here.

Risk Warning

Past performance and forecasts are not reliable indicators of future results. Your capital invested is not covered for compensation in the event of a loss by the FSCS. Tax treatment will depend on the individual circumstances and may be subject to change. Please see our Risk section before making an investment decision.

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Risk warning

Past performance and forecasts are not reliable indicators of future results. Your capital invested is not covered for compensation in the event of a loss by the FSCS. Tax treatment will depend on the individual circumstances and may be subject to change. Please see our Risk section before making an investment decision.

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