Michelle Mone is a recognisable figure, not only due to her statuesque presence, but also because for almost two decades she has graced every type of media platform available. As well as making regular appearances in newspapers, magazines and online, Mone is a familiar face on television, featuring in shows such as The Apprentice and The Agenda, alongside UK Prime Minister David Cameron. As testament to her influence and growing status, Mone’s latest television cameos involve a high-profile campaign with Cameron to shrink the gender gap, which follows on from the support she lent to the British Government during the Scottish independence referendum in 2014.
Defying conventions and expectations is something that Mone has become adept at during her career, through sheer determination and a remarkable gift for marketing. Despite her prominence in the world of business, as the founder of lingerie company Ultimo, the former model does not only go against the grain in terms of her glamorous appearance; she has also achieved success against the odds from the very start. Growing up in the Glasgow’s East End and leaving school at 15 to help support her family, Mone only had natural talent at her disposal. “It was quite a deprived background, but I was always very ambitious”, she said. “I’ve no idea where I got it from; [I have] a working class background and there are no businesspeople in my family.”
Michelle Mone CV
BORN
1971, Scotland
EDUCATION
Honorary Doctorate, Paisley University
EXPERIENCE
1990: After attempting to enter the modelling industry, for which she left school at the age of 15, Mone got a job at Canadian beer company Labatt, using fabricated qualifications on her CV
1996: Having amassed a large amount of debt developing the concept, Mone launched MJM International with her husband Michael, and started developing the stylish, supporting Ultimo bra
1999: Shortly after the birth of her third child, Mone launched Ultimo, using the clever marketing ploy of paying a group of actors to pose as cosmetic surgeons opposing the bra’s release
2013: After an acrimonious split from her husband, Mone bought him out of the company, then subsequently sold her own stake down to 20 percent and bought fake tan firm UTan
PR master
Showing an entrepreneurial spirit from a very young age, Mone started her first business at the age of just 10, employing older children to distribute newspapers in the area. Her professional career formally began at the Canadian beer company Labatt, in an administrative role. “I set myself a goal that I wanted to be running the whole of Scotland within a few years and I managed to do that”, Mone noted. Misfortune struck when she was made redundant at 24, but she used the opportunity to shape her future: “I decided to invent a brand and start a business.” Inspiration came one evening, when she had the idea to create a breast-enhancing, yet comfortable bra. She then spent the following three years working with a chemist to adapt a gel pad, amassing £480,000 of debt along the way.
Eight months pregnant with her third child and determined to sell the invention to a leading retail store, Mone travelled to London and refused to leave Selfridges until she met with a buyer. Then came a pivotal moment in this story of success; Mone used her innate ability to attract media attention. For Ultimo’s launch, she hired a group of actors to play plastic surgeons protesting against the gel filled bra, inciting interest from major broadcasters and bringing Oxford Street to a standstill. Most remarkably, the stunt cost just £500 and achieved an astonishing £43m worth of publicity.
By 2010, 14 years after the Ultimo brand was created under the group MJM International, the company’s turnover was £10.2m. This success can be largely credited to excellent marketing; since starting the group in 1996, Mone has achieved over £1bn worth of press coverage, which she attributes to good planning and just having a knack for it. “I just know how to do the whole marketing and PR game, the social media game as well”, said Mone. Alongside regular outings in the media spotlight, Mone’s product was worn by Julia Roberts in the worldwide box office hit Erin Brockovich, and was even mentioned by the actress during her Oscar acceptance speech. The US market soon came calling.
New beginnings
Mone’s ability to propel the reputation of a brand and her knowledge of business has made her one of the UK’s most sought-after public speakers. She has also caught the attention of those outside the British Isles, and was recently signed by Tony Robbins, the world’s most successful motivational speaker. The entrepreneur is now touring the world with Robbins’ group, teaching the masses the secrets of success. “You’ve got to be authentic; don’t try to pull the wool over anyone’s eyes. Never over-promise and under-deliver – that’s what I’ve found out in my career and that’s what gives you a good reputation”, Mone explained. “If you’re in it for a quick buck, you won’t last long.”
Coinciding with her latest undertaking, the CEO decided to take a step back from Ultimo last year, when she sold 80 percent of the company. Despite Ultimo’s continual expansion, which sees it opening new stores this year, Mone felt that it was time to turn to a new focus. “Although I still love the brand and still sit on the board, I just felt that it was time to hang up my bra in terms of being the CEO. I wanted to write my book, My Fight to the Top, which went to number one in March.” Through telling her inspirational story in an autobiography, Mone continues a career-long trend of garnering priceless publicity and winning over the public.
Mone may have moved away from the brand that launched her success, but that is not to say that she has relinquished the business world. The entrepreneur is now exploring the beauty industry, through the recent acquisition of self-tan manufacturer UTan. “I’ve kind of conquered the lingerie industry, and now I’m really enjoying the beauty industry”, Mone claimed. The venture is quickly developing into another success story; at present, the range is sold across the UK and sells out on television shopping channel QVC within minutes each week. Mone is now eyeing up the US and Australian markets, with potential business partners having already shown their interest.
Mentor to the masses
As well as speaking to hundreds of people in audiences around the world, Mone meets with individuals and companies on a one-to-one basis, under the umbrella of a company aptly named Michelle Mone Mentoring. In the sessions, she offers advice on anything related to business, from finance to shipping, and, of course, there are lessons on marketing and PR. “I’m loving mentoring people and seeing their lives turning around”, Mone said. “I used to always chase the money and think that the more cars and houses you get, the more happy you get, but it’s the total opposite.”
Aside from practical advice on how to run a business, Mone also offers insight into how to be an effective leader, which she believes comes from attaining health and personal happiness: “I think why this is different is that my programme is ‘healthy mind, healthy body, healthy business’, and that’s what I truly believe. I’ve lost eight stone, I train two hours a day, and I’ve come through the worst time in my life to now be the happiest I’ve ever been”, Mone said, in reference to a recent battle to keep Ultimo following a divorce from her former business partner. “You can’t do your best in business and in your career if you’re miserable inside.”
In terms of what advice she gives to aspiring female entrepreneurs, Mone looks to prescribe the conceptual, along with the pragmatic: “Make sure that you’re really passionate about the product or the idea, because you will have to take risks down the line.” The self-made multi-millionaire also touts thorough research, knowing the competition, and the importance of acquiring a design register or patent where relevant. “The secret is just don’t give up at all; you’ll always find a way. There are many horrible things that have happened in my business, like a distributor running off with £1.4m – you just learn to deal with it and move on.” It is this tenacity that saw her turn MJM International around after profit losses in 2013, which also coincided with a capital injection of £24m to buy out her ex-husband. One thing is certain from Mone’s proven track record and the advice she offers: no challenge is too great and no trial can bring her down.
Insatiable appetite
As with many entrepreneurs and leading businesspeople, Mone’s ambitions have no limit and her definition of success is far from static. “Success means everything to me, but although I have my OBE from the Queen and lots of incredible things have happened, I don’t feel that I’ve made it yet – I’ve got a long way to go.”
She was recently voted one of the most influential entrepreneurs in the world by self-help company Success Fastlane, alongside the likes of Oprah Winfrey and HTC co-founder Cher Wang. Yet still, she knows she can achieve more: “It’s really cool, but I think there are bigger and better women out there than I, but I’ll gladly take it.” Modesty, she believes, is an important aspect in maintaining success in the long term: “The secret is to keep your feet firmly on the ground and never become complacent. I wake up every morning with the fear of failure in my stomach, and that’s what keeps me going. I’ve never had a sick day and I never will – that’s what I hope.”
The next stage in Mone’s career looks set to be more varied than ever, using her influence and experience to help others, while maintaining a strong footing in business and politics. She plans to do more work with the government, grow UTan and her motivational business, and remain open to other opportunities that may come her way. Despite recently being offered 24 different board positions, she has not yet taken any. “I wouldn’t just sit on a board for the sake of it; I’d need to feel that I can actually contribute and make a big difference, otherwise I wouldn’t do it.”
Mone’s story is a compelling one and her case is testament to the power of both purpose and advertising. Her natural talent for engaging with the press and using all available tools at her disposal illustrates how crucial a robust marketing strategy is, and what can be achieved through the media. “Leaving school at 15, I never thought I’d been doing some of the things that I’m doing. It just shows you, it doesn’t matter where you’re from, what education you managed to get, or if you’re from money or not – anyone can do it if you have determination and a can-do attitude.”