Crafting a Travel Brand for Enduring Generational Influence: Monos Aims High

Jump on board the travel resurgence as leisure travel bookings soar to a whopping 31% surge in March 2023 compared to 2019, according to Mastercard's Travel Industry Trends 2023 report. The demand for face-to-face meetings is also back, and leisure and business travel are growing at brisk paces.

This flourishing travel is a boon for airlines, with Delta's CEO recently declaring travel as a top priority for consumers, though the industry still grapples with keeping pace with the growing demand. Yet, it's not just airlines that are reveling in the travel boom; it's also premium luggage brands such as Monos.

Monos, a Canada-based travel and lifestyle brand established in 2018, offers high-quality, functional, and aesthetically pleasing travel gear at competitive prices. With rivals like Away and Béis on the scene, Monos aims to build a sustainable brand for the long haul.

In a recent chat with Retail Dive, Monos CEO and co-founder, Victor Tam, shared that the brand has embarked on the next step in its evolution – physical retail. Monos' first brick-and-mortar location opened earlier this month in Vancouver, British Columbia, with plans to open additional stores, including one in Toronto next year.

While Monos is primarily a direct-to-consumer company, it has also ventured into wholesale through a partnership with Nordstrom—a strategic move geared towards building brand awareness rather than pumping up volume sales.

Asked about the wise move of bringing in external capital despite bootstrapping his businesses throughout his career, Victor Tam, the Monos CEO, acknowledged it as a valuable learning experience. In January 2022, Monos secured a $10 million investment during a Series A round, which later grew to $30 million in a Series B funding round in September. Despite having all $40 million of investments on hand, the company hasn't used a single dollar, as it's been consistently profitable and cash-flow positive. Interestingly, direct-to-consumer competitor Away raised $100 million in a Series D funding round in 2019 but faced setbacks due to the COVID-19 pandemic, leadership reshuffles, and strategic options, including a potential sale.

Refusing to be swayed by the fierce competition in the travel space, Monos remains steadfast in its commitment to delivering eco-friendly solutions and ensuring a dedicated, invested leadership team to nurture the brand's long-term potential. "Our goal is to build a generational legacy brand that makes a meaningful difference in people's lives," Tam shared.

The environment is becoming a significant focus in the travel industry as more individuals seek eco-friendly solutions for their trips.
The surge in leisure travel bookings has also spiked interest in premium luggage brands like Monos, which offer sustainable options.
The climate change discourse is permeating various sectors, and even the retail industry is being forced to reconsider its environmental impact, such as Monos.
With the pandemic subsiding, the space for travel and exploration is once again opening up, offering businesses and entrepreneurs a fresh opportunity.
The trade industry is witnessing a revival as international travel picks up momentum, opening doors for cross-border exchanges and partnerships.
The rising trend of leisure travel has impacted various sectors, including the home-and-garden industry due to an increased demand for stylish and functional travel accessories.
The personal-finance industry is experiencing a shift in priorities as consumers allocate more funds towards travel and leisure activities post-pandemic.
The technology sector is playing a crucial role in facilitating travel, with AI-powered solutions streamlining booking processes and enhancing the overall travel experience.
The sports industry is preparing to capitalize on the travel boom, with major events attracting spectators from across the globe.
Government policies are being reviewed and revised to accommodate the travel resurgence, with a focus on safety and economic recovery.
Amid the travel boom, the investing landscape has shifted, with more venture capital flowing towards promising travel-related startups like Monos.
Entrepreneurship in the retail sector is witnessing a boost as brands like Monos expand their physical footprint and venture into new markets, capitalizing on the travel and lifestyle trend.