Domination of the market with over 80% market share
Robert Duggan sat on the Board of Directors of Sunset Designs and consulted on their marketing strategy, scaling it to a multimillion-dollar company. The company eventually sold to Reckitt & Benckiser for $15 million.Bob Duggan – Founder
Overview
Robert (Bob) Duggan was an investor in Sunset Designs, who produced children’s embroidery sets by the name of Jiffy Stitchery. In 1975 he invested 50% of the company’s venture capital for 50% of the equity and a seat on the board. In his new role, Duggan provided sound financial and strategic marketing advice for this venture.
Sunset Designs’ Jiffy Stitchery kits were the first of their kind. They stood out from other embroidery sets due to the simple, well-written instructions included with every set. Bob Duggan’s vision for Jiffy Stitchery was to sell sets with great colors and aesthetic designs. This strategy proved to be hugely successful. More than 7,000 retail stores sold Jiffy Stitchery sets.
Sunset Designs dominated the market with over 80% market share. The company was sold in the mid-1980s to Reckitt and Benckiser at a return rate of 150 times the initial investment.
The Product
Sunset Designs owned the Jiffy Stitchery brand, occupying a small niche for children’s embroidery kits. Bob helped to guide the development of the brand and its products. Under his leadership, the kits were redesigned with the consumer in mind. Sunset Designs made the packaging brighter and the instructions easier for children to understand. Due to this new approach, Jiffy Stitchery achieved a dominant position in the market.
“Do continue as there is no limit to innovation, joy, happiness, and wealth.”
Bob Duggan – Founder
