Davie Fogarty is perhaps Australia’s most well-known young retail mogul, thanks to the viral success of his sleepwear brand, The Oodie. Now, with $600 million in sales, a coaching business, a Shopify course and a seat on Shark Tank Australia, he’s on his way to becoming a household name.
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Davie Fogarty may have only recently become a familiar face, thanks to his stint as an investor on Australia’s Shark Tank TV show. However, his sleepwear brand, The Oodie, has been a well-known product since its inception in 2018.
The viral wearable, hooded, sherpa-lined blanket came to Fogarty after years of launching products online, with his entrepreneurial track record dating back to primary school.
“I would jump the fence at midday, bake cookies, then come back to school at the end of the day and try and sell them to teachers,” Fogarty says. “I always wanted to be rich.”
By the time high school rolled around, Fogarty had launched a clothing business, which failed, followed by another six or seven failed businesses – iPhone cases, headphones, gym clothing. But he did find some success with Instagram pages. His first real win was selling a page for $30,000 right out of school.
“It wasn’t until I failed at a café business that I realised that while my desire to be successful was there, my skill set wasn’t,” he says. So, Fogarty took a social media gig with a watch company and contemplated giving up on his entrepreneurial dream.
“But, because I had that first win – that $30,000 – I was irrationally optimistic like all entrepreneurs are. I just thought, ‘There’s going to be a bigger win around the corner’.”
Fogarty was on Facebook one night doing what he calls ‘the scroll method’: searching through forums and groups to find potential products. He recalls that, in one group, a mum was talking about making weighted blankets for her child with autism.
“I thought, ‘That’s a great idea’. I did a bit of research and couldn’t find them on any Chinese or Australian supplier site. So, I knew it was very early that it could work.”
That weighted blanket business generated $10 million in sales in its first year. The Oodie followed shortly after.
“It’s about finding a product that isn’t saturated and is relatively early. It has a solution, but not a brand awareness. There aren’t any brand competitors, but people are looking for a product – these are the easiest products to scale,” he says.
Today, Fogarty, whose personal net worth is estimated at about $150 million, claims The Oodie has generated more than $600 million in sales. He says he’s excited to take that to $1 billion.
Outside of The Oodie, Fogarty is behind a coaching business, Daily Mentor, which he says is set to achieve $10 million in sales in its second year. That business currently coaches 300 e-commerce brands that rake in more than a million dollars in revenue, and helps them overcome growth challenges. He’s also set to launch a free Shopify course, which has been through beta testing.
How does he do it all? The Adelaide resident says managing his diet is key – and recognising his limits.
“I used to have an almost invincible mindset; that everything I did was magic,” he says. “I had a lot of mishaps, made a lot of mistakes and burnt a lot of money, which knocked me around. I’m not bulletproof – I know that now, and it’s caused me to step back, stop and rebuild. I have ADHD, and so lack of focus is my biggest weakness and something I have to work on every day.”
Fogarty says The Oodie will continue to grow into new categories and take on legacy players. Look out for sleep and slippers. When it comes to Daily Mentor, watch for live events.
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