MAKING MILLIONS
Icebreaker’s Jeremy Moon
Jeremy Moon told his bank he needed a new kitchen, but instead used the $25,000 to launch a business. Twenty-four years later, he has sold it for almost $300 million. The deal with US retailer VF Corporation was announced in November but the sale price was not revealed until Monday.
It is unclear why Moon, the founder of merino wool clothing firm Icebreaker, decided to sell the business, however, the $100m he got from the sale could have been a factor.
On Icebreaker’s website, Moon said the Icebreaker journey started with a ‘‘chance meeting’’ with a merino sheep farmer in 1994. Starting out was hard, he said. ‘‘Those years were pure belief and perseverance. Giving up never entered my mind for a moment. At the time, synthetics were king and wool was a non-contender.’’
But now, merino clothing was ‘‘seducing wearers all over the world’’, he said.
Like most things in life, the good things were unplanned, Moon said.
He was just 24 when he launched Icebreaker, after his then-girlfriend, who hailed from America, told him about her experience staying on a merino sheep ranch at Pohenui Island.
She convinced him to meet the farmer, who gave him a t-shirt made from merino wool.
He tried it on and never gave it back.
‘‘Over the next few days, my love affair with that t-shirt blossomed. We became inseparable. I went running and mountain biking in it, wore it under my shirt to work, wore it out at night, I even slept in it.
‘‘[When] the American girl returned home, the t-shirt became my mistress.’’
Merino clothing was the opportunity he had been looking for, he said.
‘‘My gut was on autopilot and this felt like my future. I quit my job in market research, remortgaged my house, telling the bank I needed to install a new kitchen, to raise $25,000.
‘‘With this, I purchased the concept behind the prototype garment. It didn’t feel risky. It felt like I didn’t have a choice.’’
Everyone who wore the product was amazed and he was convinced, Moon said.
‘‘My guiding mantra was ‘this will work if I don’t screw it up’.’’
He was going at it alone, so he sought a lot of help.
Moon wrote a business plan, found eight investors through his friends’ parents who were willing to stump up $200,000, and formed a board of mentors who had passion and experience.
In 1995, Icebreaker launched. By the end of that year, the clothing was being sold in 14 outdoor stores around New Zealand.
‘‘When I started Icebreaker I was 24, broke, and had absolutely no idea what I was doing.
‘‘These [outdoor stores] were the first to take a risk on a young guy with a dream, a Datsun [Nissan], a suitcase full of merino base layers, and an endorsement from Sir Peter Blake.’’
Moon quickly became a leading figure in the sustainable business movement, and was made a Member of the New Zealand Order of Merit in 2008 for services to business.
He also chairs the New Zealand Government’s Better by Design group, attends the invitation-only TED conference in North America, and is a leading speaker on sustainable business practices and the role of design and innovation in business.
Although Moon does not currently feature on the National Business Review Rich List, he could be a newcomer this year. The Rich List starts at $50m.
With Icebreaker changing hands last month, the spotlight is on VF Corporation and how it plans to grow the business.
In 2016, Icebreaker was exporting more than $200m worth of clothing every year to 44 countries.
Moon, who is in his late 40s, will remain in a part-time role as the company’s ambassador.
Icebreaker chairman Rob Fyfe said Moon was unable to comment yesterday, as he was taking a few days off ‘‘to deal with the wide range of emotions he will be experiencing at this time’’.
‘‘As I’m sure you can appreciate, Icebreaker has consumed Jeremy for the last 23 years. Having shared that journey with him for the last five years, I can attest to how all-consuming the journey is.’’
Handing over the reins of Icebreaker was ‘‘like watching your only child head off into the world’’, he said.
‘‘Knowing that while their heritage, values and personality will always be shaped by their upbringing, new forces and experiences are going to influence the shape and direction of your offspring going forward. That is both exciting and very emotional.’’
‘‘When I started Icebreaker I was 24, broke, and had absolutely no idea what I was doing’’.
Jeremy Moon, left