Rea and Carson Ride Onesies to Riches

Moving further into 2024, there appears little let-up in the UK cost of living crisis. Rumoured energy price decreases on the horizon provide some cause for optimism, but it is no surprise that many spend time thinking about how to make the most of their spare cash or boost their income via methods such as those outlined at searchforexbrokers.com.

Of course, this issue is nothing new, and the situation wasn't much better in the early 2010s. The majority accepted the state of affairs and ploughed on with the famed British spirit. Others took matters into their own hands…

Enterprise Begins at Exeter University

Let's journey back to 2012: Picture Psy and his inimitable Gangnam Style sweeping the globe, Jennifer Lawrence making her first appearance as Katniss Everdeen, and the television debut of Honey Boo Boo. Amidst this cultural whirlwind, two enterprising Exeter University students, Chris Rea and Tom Carson, were laying the groundwork for a new trend.

As Chris Rea embarked on his second year of studying business management, he noticed a gap in the market for high-quality yet affordable fashion tailored to university students. This realization dawned as a response to the overwhelming popularity of onesies in 2011, where the choices extended to budget stores like Primark or upscale brands.

However, at 20, Rea encountered a common obstacle among university students: limited funds. To overcome this challenge, he teamed up with his hockey teammate, Tom Carson, and brainstormed a solution.

Making Hay with Maintenance Loans

In January 2012, at the onset of the second term, the creative duo received their maintenance loans - each totalling a modest £1,250. Opting to back their idea to the hilt, the pair invested the entire £2,500 into their budding venture, which became the clothing brand Y1 (Young Ones).

With a sharp eye for youth trends, Y1 quickly gained popularity across university campuses nationwide, propelled by their initial bulk purchase of 200 onesies.

During their inaugural year, Rea and Carson generated £96,000 in revenue and a profit of £36,000. Yet, unbeknownst to them, their entrepreneurial journey was far from reaching its peak, as they were about to achieve a significant milestone in their second year of operation.

Duo Refuse Dragon’s Den Offer

In September 2013, aiming to expand their custom onesie business, Rea and Carson made an appearance on the hit BBC television series Dragons' Den.

Despite initial nerves, Carson closed the pitch by emphasizing that they were not merely a onesie company but a fresh and exciting clothing brand poised to set trends for young people in the UK and globally. They even invited the Dragons to try on their designs, resulting in a memorable moment of Duncan Bannatyne donning a onesie.

During the pitch, Deborah Meaden expressed concerns that bringing a Dragon aboard could compromise their image as the struggling student brand. However, despite an offer from Bannatyne, Rea and Carson ultimately declined, realizing it would entail giving away too much of their company and opted to maintain their independence.

The Only Way is Up

Despite spurning Bannatyne’s advances, Y1 flourished, growing to achieve an annual revenue of £2.5m and a profit of £475,000. Conceived as a student clothing brand, Y1 has evolved into one of the UK's top custom "stash" brands, offering personalized clothing for clubs and societies.

Making the most of their background on the international hockey scene, Rea and Carson have successfully branched out into the hockey market - earning kit supply contracts with 47 clubs over five years.

Now 32 and seasoned in the business world, Rea uses his experience to provide advice and guidance to young entrepreneurs, particularly those in university, advocating for starting a business during their academic years to mitigate risks and expenses.