During his tenure as CEO, the company has grown to over 300 employees, has assisted an estimated 3.5 million individuals living in poverty through Cotopaxi's impact work, and as of 2022, reached a landmark milestone, doubling sales from 2021 and surpassing . It was confirmation to me that when you stand behind your values, and you choose whats right, there is oftentimes great benefit that comes from that.. Guaranteed for Good. Ellie Wheeler Board Member 2015. Davis Smith as a young missionary serving in Bolivia from 1997-1999. Cotopaxi has experienced remarkable growth over the last nine years and is proof that doing good and doing well are not mutually exclusive, Smith said in a press release. Davis Smith, CEO, Cotopaxi, speaks at the 2022 Concordia Annual Summit in New York in September. Mormons believe that the Book of Mormon confirms information found in the Holy Bible. Best known for their bright colors, Cotopaxi doesn't just make goodgear, they make gear for good. We stand behind our products, which is one of the reasons we've received more than 20,000+ 5-star reviews. But the irreverence and jubilee embodied by the brand its Questival adventure scavenger hunts draw tens of thousands of loyal followers all across the country belie Smiths very serious adventure pursuits. Despite the quick success, both men still felt pulled to a greater purpose. Cotopaxi's Davis Smith Built a Brand That Puts People First - YPO Davis Smith grew up in developing countries around the globe. In Brazil the workday is typically longer than the average workday in the United States, with many people working until 7 or 8 p.m. His family lived in Sao Paulo just 5 miles away from his office, but it wasnt safe enough to walk, and in rush hour his commute could take up to two hours. Contact Information Website www.cotopaxi.com Ownership Status Privately Held (backing) Financing Status Venture Capital-Backed Primary Industry Clothing Other Industries Internet Retail Accessories Primary Office 74 South Main Street Salt Lake City, UT 84101 United States Cotopaxi Timeline 2020 2021 2022 2023 But the irreverence and jubilee embodied by the brand its. After describing his and his wifes decision to each, Smith received many positive responses. There is indeed a better way of doing business which is putting people and the planet first. According to a study conducted in 2002, in the year 1820, 84 percent of the worlds population lived in extreme poverty. His time abroad instilled in Smith a desire to help people, and after returning from an LDS mission in Bolivia, Smith read an article about a man named Steve Gibson. Davis and Asialene Smith looked back on other influential events which have proven helpful for this new stage of life they are entering into. Enter your email to receive updates on our LDS Living content, 2022 LDS Living A Division of Deseret Book Company, New leaders for 129 missions have been announcedfind out who and where theyre serving, Gear for Good: How Cotopaxis founder got the idea for his one-of-a-kind business, Countdown to Conference: Daily quotes from last conference to prepare you for April 2023, There is room for my brown paper-doll family: 2 gospel truths I learned as a young girl that carry my faith, Questions Worth Exploring: A new speaker series from Deseret Book. Theyve sold their goods in Japan before through a wholesaler, so hopes are high for a shop opening in Japan someday. The history of the Mormons has shaped them into a people with a strong sense of unity and commonality. Gear For Good: Outdoor Start-Up Cotopaxi On Why Millennials - Forbes The Dominican Republic is one of the most poverty-stricken countries in Latin America. Copyright 2023 Deseret News Publishing Company. We werent selling any merchandise yet, but the participants painted the Cotopaxi logo onto their own bags, hats, and clothing to make original Cotopaxi goods. Gravel Routes in Wirdum, Groningen - Gravelmap Founder & Chief Executive Officer at Cotopaxi . After graduating from BrighamYoung University and Wharton, Smith made the decision to spend his life starting businesses that give back focusing particularly on issues related to children and poverty. Davis holds an MBA from the Wharton School and an MA in International Studies from the University of Pennsylvania. Yet Cotopaxi is part of a wave of successful start-ups who are proving that fundamentally realigning the balance between profit and philanthropy can generate win-win relationships for everyone involved . He stated, While we may not be great at a lot of things, we love the gospel, we love the Lord, and we cant wait to love these missionaries., Asialene Smith added a personal desire for the missionaries they will soon meet. What these trends speak to more broadly is the modern ascent of the digital native vertical brand. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for food. Some of my earliest memoriesare seeing children my age, 3 or 4 years old, that were completely naked on the sides of the street, and you cant have that experience as a child and not have it shape who you are.. Doing Capitalism Differently -- One Backpack But once I got settled in, I loved it, she said, explaining that it was wonderful.. I knew I was not smarter or harder working or more ambitious than anyone around me. Often when hes traveling and donning Cotopaxi gear, fellow members of the Cotopaxi club come up to him and mention how much they appreciate the brand and its mission, not knowing that hes the man behind the llama. This is the average lifespan of someone living in a developing country. Whatever your cause its expected these days that you give back as a business. And Smith followed that adage, choosing to organize Cotopaxi as a benefit corporation which includes legal obligations to accountability, transparency and purpose. While the companies were successful, he still had not zeroed in on that elusive combination of business and altruism. Davis created Cotopaxi-a brand committed to making capitalism better-a decade ago. Yet, he was able to force a smile now and then as he softly began to tell us about his brand. Davis received a BA degree from Wharton School and a BA from Brigham Young University. But it also meant being exposed to extreme poverty. Those classmates eventually founded American eyewear retail brand Warby Parker, a USD521 million business, so they knew what they were talking about. For Smith, this meant adventures with his dad like building their own raft and fishing for piranhas while floating down the Amazon River or camping on an uninhabited island, surviving off fish they had caught themselves with spears. Davis Smith: First of all, we love the city of San Francisco. He initially considered starting a nonprofit but decided that the best way he could help was by building another business. Broadly speaking, consumers who buy outdoor gear and apparel are also well traveled, understand the impact (good and bad) of their purchasing decisions, and love a good story. In 2021, the company helped more than 1.2 million people living in poverty the first year they were able to break one million. Ethically Made. He also holds a BA in International Studies from Brigham Young University. They prefer start-ups born from a personal passion. Go help those who will never become customers, those you can never benefit from.. The result was what Smith remembers as a really special culture. However, an unexpected byproduct was that because of its commitment to family, the company was able to attract a tremendous amount of senior talent, women who wanted to work for a company that cared about women," he says. Courtesy, Cotopaxis Bengal waxed jacket. That Smith chose the outdoor gear and adventure apparel space to seed his pay-it-forward, Millennial-styled corporate philosophy makes perfect sense. For Cotopaxi, the factories arent just subcontractors. If you watch enough Shark Tank a few trends quickly emerge. Heres what they have planned, Why the Christian flag can fly on this government flagpole, Breaking the fast: Eid ul-Fitr is an occasion of peace, The unique stories and struggles of Latino Muslims, The Black church, religious freedom and gay rights. Cotopaxi reports the entire executive leadership team, including Stephan Jacob, Cotpaxi co-founder and chief operating officer, will remain in place under Huangs leadership. Building Cotopaxi with Davis Smith - An REI Co-op Publication Cotopaxi, an innovative outdoor gear business targeting millennials, focuses on profit and social impact. Fax: 202.887.9021. Your product has to tell a story that resonates, Cotopaxi is part of a wave of successful start-ups who are proving that fundamentally realigning the balance between profit and philanthropy can generate win-win relationships for everyone involved. Our brand cant do it alone, but if we can get other leaders around the world looking for ways they can make a difference, well change the world., Mary Mack is a writer and digital content strategist. They launched their first apparel collection six months later. When I reflect on how I found the gospel, I realize that my familys experiences informed two important pieces of my testimony. With its roots planted in Salt Lake City, Smith began once again to build Cotopaxi, his new business. Cotopaxi , an e-commerce startup that also emphasizes making the world a better place, has raised $6.5 million in Series A funding. Among the newly called mission presidents for 2023 is President Davis M. Smith and his wife Asialene, who have been called to preside over the Brazil Recife North Mission. One of its best-selling products is a jacket that is insulated with llama wool sourced from people in Bolivia, where Smith served his mission. You may also like: Gear for Good: How Cotopaxis founder got the idea for his one-of-a-kind business, While this move may not make sense financially or professionally, it is perfectly aligned with our familys values, Smith wrote. But then I realized then more than ever how strong Cotopaxis mission to fight poverty was. After the first Questival, the company began giving out backpacks to the participants, so they could experience the world of Cotopaxi even more. I was just lucky to have been born into a situation that provided me with opportunities others didnt have. It was also about sacrifice.. In the same 2018 story, Jacob said there have been easier, cheaper directions to take at nearly every juncture of building Cotopaxis products and market reach, but the company has stuck to the harder path which, as it turns out, may also prove to be the most sustainable and successful option. Davis is currently the founder and CEO of Cotopaxi, an outdoor gear and active lifestyle brand - with a social mission at its core. In 2014, he launched Cotopaxi, an outdoor gear company with two fluffy llamas as mascots and an expressed mission to do good in the world. Together with his team, Smith has built the Do Good mission into everything Cotopaxi does. Cotopaxi: Managing Growth for Good - Harvard Business School When Smith was a toddler, his fathers job supervising construction for The Church of Jesus Christ of Latter-day Saints took his family to the Dominican Republic, Puerto Rico and Ecuador. I hope that they wherever they are when they start their missions, that they know it doesnt matter where they are, they can learn more, and they can grow., Subscribe for free and get daily or weekly updates straight to your inbox, The three things you need to know everyday, Highlights from the last week to keep you informed. Luke Vernon Board Member Jan 2017. So most of them add their own custom stitching, pockets, or customized design accents. Back when Davis lived there, many children his age ran around naked.My family wasnt rich by any means, but I realized how blessed I was and just how many opportunities I had compared to those children who didnt have any clothes on their backs. I couldnt have built that when I was 24. Confidence in what he wanted to create made it easy for Smith to pitch his idea to investors.