Summary by TwinMind · 1h 19m 59s
Summary by TwinMind · 1h 19m 59s
Pret & Itsu Founder: How I Built TWO Billion Dollar Brands At The Same Time!: Julian Metcalfe | E173
Pret & Itsu Founder: How I Built TWO Billion Dollar Brands At The Same Time!: Julian Metcalfe | E173
The Diary Of A CEO
The Diary Of A CEO
Early Life and Childhood Trauma
- Mother committed suicide on Boxing Day when Julian was 7 years old
- Parents were divorced; lived with mother along with brother and sister
- Father was distant, cold, aristocratic - "old-fashioned"
- Father remarried briefly when Julian was 10-11, ended badly for all children
- Describes childhood from age 7-16 as "messy"
- Created loneliness and feeling of not being "whole"
- Never felt as "jolly" as other children at that age
- Mother was Ukrainian immigrant, "wild and wonderful"
- Added complexity to character, shaped relationships with people and work
Relationship with Authority and Education
- Sent to "really old-fashioned schools" from age 7
- Schools were "terribly badly run" with "bad things going on"
- Developed serious distrust of authority early on
- Felt completely let down by people in power on every level
- Still has issues with authority figures today
- Believes people in charge of young children should nurture them, not put them through "meat grinder"
Personal Development and Self-Worth
- Decades of feeling "completely unworthy" and "unlovable"
- Struggled with self-esteem through teens and 20s
- Didn't learn what affection was - still doesn't call parents "mum and dad"
- Witnessed parents' dysfunctional relationship (mother screaming at father for hours)
- This shaped his view that relationships with women meant being "trapped in prison"
- Avoided committed relationships until age 27
- Would pursue women but immediately dissuade them when they wanted commitment
- Took until age 25 to understand this pattern
Business Philosophy and Approach
- Believes transparency is "everything" - most important characteristic for 40 years
- Values long-term thinking over short-term profits
- "90% of success is understanding how human beings work"
- Focuses on relationships with customers, staff, and product over numbers
- Finds numbers "awfully boring" compared to product and relationships
- Believes in giving away products to exceed customer expectations
- Introduced "Joy of Pret" button on tills to track giveaways
Pret A Manger Journey
- Started in 1986 with co-founder Sinclair Beecham
- "Had no idea what I was doing" - importance of naivety
- Built through "endless moments of magic, bizarre creativity and confidence"
- Sold for approximately £2 billion
- From 1 store grew to 76 stores, then hundreds
- Built on "magical approach to respect, love and obsession about creating pride and trust within the team"
- All food completely fresh - no sell-by dates, nothing stays until next day
- Used van to deliver unsold food to homeless people even when making no profits
- Implemented employee voting system for new hires - current staff vote yes/no on napkins
Key Business Innovations
- Employee-driven hiring: Current staff spend day with candidates, vote at 4pm
- Transparency with finances: Shows all team members complete business financials quarterly
- Giveaway culture: Encouraged staff to give away 5-6 products daily to anyone
- "Joy of Pret" tracking system to identify managers being too restrictive with giveaways
- Focus on real ingredients: Real orchards in Itsu rather than fake ones
- 5-star health and safety record across all locations
Motivation and Drive
- Wanted to make difference, be relevant, be admired
- Wanted people to think "he's serious, he's on to something, he matters"
- Desired to create important relationships with people he worked with
- Wanted to see people flourish around him
- Passionate about creative process: design, food, taste, look, feel
- "Really love and passionately creative"
Relationship with Failure
- "I love failure, I fail every day, I don't care about it, just get on with it"
- Views failure as "just a damn journey"
- Pret was "series of hundreds of failures" with "moments of glory and bravery"
- Believes you must be "prepared to fail over and over again"
Itsu Development
- Started in 1997 while still at Pret
- Began when Japanese marketing head asked for help opening affordable Japanese restaurant
- Built 76 stores as 100% private company
- Never wanted to be minority owner again after Pret experience
- Now 40% plant-based menu, entire menu under 500 calories (most under 400)
- Focused on affordable nutritious food for cities
- Three major reinventions over 20 years
Personal Life and Family
- Currently with partner Brooke for 15 years
- Has 7 children total: 3 biological, 4 step-children
- Two children work with him in business
- Discovered daughter Celeste when she was 19, he was 45
- Daughter's mother contacted him after 20 years to reveal truth
- Celeste now works on board and leads brand marketing
- Drove to Bristol University to meet her, "knew immediately" she was his daughter
Leadership Philosophy
- Believes in hiring people much better than yourself
- "Listen until it hurts"
- Values nurturing people over being selfish
- "It's incredible what people can do if you trust them and nurture them"
- Dislikes "very ambitious people" who think short-term (3 years vs his 30-year view)
- Prefers "slow and beautiful growth"
Health and Fears
- Admits to being hypochondriac, scared of death
- Refers medical concerns to stepdaughter studying medicine
- Has "cried wolf so many times" about health issues
- Says "there's no time to fear, all time to hope"
Current State and Happiness
- Describes himself as "not unhappy" rather than explicitly happy
- Gets up Monday mornings excited to "race to work"
- Surrounded by people he "loves, admires and trusts" both at work and home
- Feels "very privileged and lucky"
- Has "food, warmth, love, everything"
- Acknowledges cost of his work style: doesn't spend enough time nurturing relationships with loved ones
- Accepts this trade-off without regret
