A woman in business: Fiosa Mindibayeva, founder of CHARMSTORE, on how to build a successful brand without an investor and increase sales by 100% in one year

In modern realities, import substitution is everything to us. In the last six months, local brands have rapidly gained momentum, weight and importance. We follow all industry players closely and tell you the best ones.

The heroine of our fashion interview today was the founder of the CHARMSTORE Fiosa Mindibayeva brand. In just four years, he managed to open more than 10 stores in major Russian cities, taking his business to a serious level and making all Russian fashionistas dream of bright cardigans, asymmetrical tops and short jackets.

Fiosa, like no one else, feels the trends and knows what a modern girl wants. We talked to him and learned how to create a successful brand without investors, increase sales 100% in a year and overcome all difficulties.

How did the idea of ​​creating a brand come about?

It was a secret childhood dream and turned into a job of a lifetime. For as long as I can remember, I’ve always been interested in fashion, and I’ve spent all the money I earn passionately on trending things. Therefore, when the question arose of what I wanted to do, no other option even appeared.

I still remember the first 50,000 rubles that I invested in the production of tops. At that time we only produced 150 pieces and within a few days I had them sold. Can you imagine, only a few days and completely sold out! This was a sign for me that I was moving in the right direction.

CHARMSTORE appeared in 2018, and by 2022 it already has many stores in Russia. What do you think is the secret of success?

In the product itself, it is understandable, of high quality, and most importantly, accessible to the main audience of Russia. Well, let’s not forget the hard work and sincere belief in our work. No matter how difficult the road is, in no case should you stop. This is my main rule that helps achieve such success.

During these four years, you worked without an investor. Tell us how we can run a successful business without anyone’s support?

As trite as it may sound, the most important thing is to relentlessly focus on the business and reinvest all profits into the business. This is the only way to maintain the pace of development at your own expense. You also need to be able to wait and not give up under any circumstances.

Now five CHARMSTORE stores are open in Moscow. Where are you planning to move to next?

Just forward! (Laughs.) But seriously, we plan to travel around the major cities of Russia and open a CHARMSTORE in each of them. Meanwhile, the number of buyers has doubled this year, ie 100%. Such a large increase is due to the scaling of the business that started this year. We planned everything and focused on the result.

What challenges did you encounter in the brand building process?

There are many difficulties. They are, of course, still there. I will highlight three of the main ones. The first is the search and creation of a team. It’s important to find people with similar values ​​and pace. Secondly, the production possibilities in Russia. Unfortunately, they are very limited – quality is lame and finding a good production that does not miss deadlines is quite problematic. This is the problem that all small brands face in the first place. Third, raw materials. There is very limited choice in Russia and large volumes are required to reach direct deliveries from factories. A kind of vicious circle ensues.

Do you think someone who opens their own clothing brand should be a creative person with a clear talent or a virtuoso entrepreneur?

The ideal option is when these two important components are harmoniously intertwined in one person. Then there is every chance of success! It also depends on what you’re doing. Commercial product or designer? Second, it requires endless creative flow and talent. Being a virtuoso entrepreneur with a commercial product is more important.

But in general, I think entrepreneurs have more chances. You can find talented people in your team and get a great symbiosis. Most often it is a union of successful partnerships, in which one person is creative and the second entrepreneur. This, in my opinion, is the perfect combination for success.

If you could go back in time and change one thing about brand development, what would you do?

I think I would have taken things more seriously. The first two years passed with various initiatives. I would come back to be more consistent, clear and active as part of getting started.

A successful brand is not only beautiful collections, but also the right marketing communication, logistics and much more. Let’s share a few rules for those who want to create their own brand.

For me, the success of the brand rests on three pillars. I call them the three “P” rules: product, production, sales. When you work well on three components without missing a single component, everything adds up. Often, young brands focus on only one, maximum two, so a full cycle will not work. Someone focuses on the product and does not work on the content, images and packaging, for example. And without it, it is impossible to make a quality sale. Someone does all of the above, but does not work on sales. So it’s the marketing, logistics, back office that makes these sales happen. It is important to invest equally in all three “Ps”. Financially included. Often, the budget is spent only on the product and there is not enough money to generate marketing and sales.

What is the main problem of the fashion industry in Russia?

Unfortunately, this is still a production capability. We have no finished products and raw materials. We have to bring everything from abroad, and it is always a long time, a lot of money and a very long production cycle, because we always need to have large working capital, otherwise we cannot grow. I sincerely hope that everything in the country moves towards correcting this problem.

What is fashion for you?

First of all, it is an opportunity to express yourself. It is a way to reflect your inner world. I see fashion as another support point for a person. As an opportunity to feel happier, more loved, and more beautiful.