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