A fashionable Dragon enters the Den to make deals
Fashion mogul Joe Mimran is the Drag
ons’ Den’s newest Dragon. He also promises to be among the most dynamic as the reality show about entrepreneurship launches its 10th season.
The popular CBC series, which premieres Wednesday at 8 p.m., has received a major makeover, with three of the five Dragons new to the show.
Departing Dragons David Chilton, Arlene Dickinson and Vikram Vij have turned over their chairs to Mimran, brewery owner Manjit Minhas and Internet entrepreneur Michele Romanow.
The concept of the show is simple: would-be entrepreneurs pitch an idea to five judges and they decide whether to invest in the business.
It’s probably safe to say that few Canadian entrepreneurs understand the concept of branding as well as the Morocco-born Mimran. He was a driving creative force behind enduring brands that have loomed large over the Canadian retail landscape such as Joe Fresh, Club Monaco and Alfred Sung.
Dressed in a navy Burberry blazer, Thom Browne tie and custom pants, Mimran looked resort ready — his signature look — as he spoke with the Star.
What was the taping of the show like for you, working for the first time with the other Dragons?
It was like going on a canoe trip with four other people you never met before. But at the end of the four weeks you know them pretty well. When there’s a difference in opinion is when it gets the most interesting. We’re all very Canadian, of course. The first week I was very polite. It took me to the second week to get really in there to feel that I wasn’t offending a fellow Dragon.
But you know that’s what the producers want to see, they want to see a difference in opinion. And you do see that. When you see someone presenting a digital play of some kind, then you see the real divide between the new world and the old world, the new and old economy. Not that one is better than the other. But it is a paradigm shift. What surprised me the most was how intense the experience was.
The point of the show is to make that deal. Given your background can we expect a lot of fashion this season and did you end up blowing your budget on new ventures?
We really didn’t have a lot of fashion pitches. I did a number of handshake deals and we now have to go through due diligence process. You really don’t have any knowledge what’s coming behind that door. You have to make that decision in 45 minutes. Because it’s my first season for me I was probably a little more cautious than I would normally be.
You’ve stepped down from heading up Joe Fresh. But there was some controversy during the Pan Am Games in Toronto with the labels washing off. They had to recall 60,000 shirts. What does that say about quality control?
I’m no longer there. So I shouldn’t comment. But from what I understand the reflective quality washed off on some of the garments. It was an easy fix.
While the show is entertainment, it’s also something of a master class in entrepreneurism and some of these presenters are obviously lacking a business gene. What is the toughest thing for you to do when you’re dispensing advice?
You really want to give someone a hug sometimes. It’s heartbreaking to see entrepreneurs who do not have the skill set to make it.
It’s either because they are lacking financial know-how or some other knowledge. They may have spent their fortune on patents that are a waste of money before they’ve validated the idea.
They’ve fooled themselves into thinking they’re going to be a millionaire. There is a sadness to that. It reminded me of my early days and the struggles of being an entrepreneur. And you have so many hopes. I forgot the angst that I went through. It brought me back. I remember, building the Alfred Sung business, I didn’t know if I would make it through the day at times.
Did you get any input from Kimberley? (Kimberley Newport-Mimran, president of the Pink Tartan line, is Mimran’s wife.)
I had to be careful what I reveal even to my wife. We’re not allowed to reveal the outcome.
Although there was no question I would go home and say, ‘ You can’t believe what I saw.’ There were really some doozys.
So what would be your ultimate words of advice to a budding entrepreneur?
They are really all on the financial side. Get your financial information together. Be realistic. Get out there and try to get some sales. Test the market before you spend a fortune on patents.