Megan Masoner (MBA ’05)
After 10 years of running global recruitment at Electronic Data Systems (EDS, now Hewlett Packard), Megan Masoner (MBA ’05) decided to leave corporate America and start reFINEstyle.com, a new eBay-like auction site for high-end fashion consignment with a national reach.
Masoner began her career with EDS in business development working directly with the sales force and advanced through a number of key roles within the company. As a top performer within the human resource organization, she led 140 recruiters and leaders across the globe. Through these experiences, she recognized first-hand the power of effective teams and stellar talent. In 2009 she decided it was time to take the plunge and pursue her entrepreneurial passion. reFINEstyle.com was launched in early 2010.
The concept for reFINEstyle.com surfaced when Masoner noticed a void in the luxury apparel resale marketplace. She found that the current power players in the online auction format are not easy to navigate, and they are clouded with fake and replica product.
Merchandise sold through reFINEstyle.com is 100% authentic. Sellers are held to the highest standards and there is a zero tolerance policy for fakes or replicas.
A typical reFINEstyle customer is someone who loves luxury, but has a need to acquire luxury products - for a lot less. In today’s tough economy Masoner is finding that scoring a luxury find at a great price is a way for her customers to treat themselves. “Today it's about looking and feeling great, not just how much you paid,” she said.
When creating an account, shoppers provide their size and favorite designers, so during the shopping experience their preferences display first. “Custom preferences make shopping for designers you love, in your size, a breeze!”
Sellers can list their own items and retain 88 percent of the profits, or they can enlist a stylist to sell items for them and earn 70 percent of the profit.
“Consumers feel pride in helping to recycle -- make something ‘old’ ‘new’ again,” said Masoner. “Everyone benefits, because we are able to ‘reFINE’ something that could have been a potential discard, and make it a newly found treasure for someone else.”
At just six months old, reFINEstyle has experienced rapid growth. Today the site has about 8,000 unique visitors each month, and the energy and enthusiasm from customers has been exceptional. The company has been featured on Good Morning Texas and in The Dallas Morning News. reFINEstyle was conservatively launched to enable time for users to give feedback on their wants and needs. Given that current traffic is attributed to word of mouth specifically, Masoner expects the company to grow at an even faster rate once extensive national marketing and advertising efforts are introduced.
Masoner credits her MBA from Cox as a critical catalyst for her career. The entrepreneurial classes she took with Jerry White, director of the Caruth Institute for Entrepreneurship, served as not only an inspiration for helping her start reFINEstyle.com, but as a foundation that she has leveraged throughout the business start-up process.
“My MBA from SMU provided me with the tools, and more specifically, the courage necessary to start reFINEstyle.com,” she said. “Jerry White’s class was the full package. We were challenged to consider every aspect of starting a new business from end to end.”
Masoner’s goal is to become the largest luxury consignment auction house in the nation. The company is currently expanding its reach and will be recruiting an elite team nationwide in preparation for national expansion.