# T H E B L O N D E S A L A D G O E S T O H A R VA R D
In 2014, Chiara Ferragni, a globe-trotting founder of the world’s most popular fashion blog The Blonde Salad, had to decide how to best monetize her blog as well as her shoe line called the “Chiara Ferragni Collection”. Ferragni considered changing the revenue-generating model by incorporating an online market place within The Blonde Salad, but which strategy would she need to achieve her aim?
THE BLONDE Story by Harvard Business School
Chiara Los Angeles Chiara Ferragni, one of the world’s most famous fashion bloggers, sat in the Los Angeles International Airport lounge on January 2014, waiting for her flight to Milan, Italy, where she met her team on a monthly basis since she moved to L.A. six months ago. Enjoying a rare moment of solitude, she glimpsed at her iPhone by force of habit. Ferragni had posted a photo of her airport look on Instagram half an hour earlier and was reassured to discover that it already received tens of thousands of “likes” from her followers. Ferragni founded her blog, The Blonde Salad, in 2009 together with her then boyfriend Riccardo Pozzoli, or Richie as she affectionately called him until this day. The blog’s popularity skyrocketed almost immediately allowing Ferragni to turn her passions for fashion, travel, and photography into a successful career. Five years later, Ferragni ran two businesses that generated $6 million revenue and employed 14 people: The Blonde Salad blog, which she and Pozzoli hoped to transform into a real lifestyle magazine, and the Chiara Ferragni Collection shoe line. Ferragni, selected among the 30 under 30 in Arts & Style by Forbes in 2015, emerged as an international celebrity and influencer attending fashion events all over the world. Ferragni was particularly thrilled to fly back to Milan because for the first time she would see The Blonde Salad’s brand new office that Pozzoli had been working on for weeks to make space for the growing team. At the same time, as her businesses expanded, Ferragni felt the weighty responsibility to make the right decisions for The Blonde Salad’s future. How to ensure the long term growth for her companies? Which was the right business strategy for The Blonde Salad? What would be the best way to manage and monetize The Blonde Salad and
the Chiara Ferragni Collection brands? She had thought long and hard about these questions in the past weeks. Ferragni looked at her phone once again and sent a quick Whatsapp message to Pozzoli asking him to pick her up at Milan’s Linate airport the next day, so that they could discuss these matters without further delay.
Origins of the Blog
In 2009, a 22-year-old Ferragni was a second year student of International Law at the Bocconi University in Milan, Italy, whose hobbies included fashion, travel, photography, and posting pictures of her daily outfits on popular social media platforms such as Flickr and Lookbook.nu. Ferragni remembered: Since I was a little girl, fashion has always been one of my biggest passions. My mother was my great inspiration as she used to work in the fashion industry. I loved going through fashion magazines, watching live streams of fashion shows, and trying different outfits. When I was 17, I started taking photos of myself and posting them on different social media websites so that I could see other people’s reactions. It was a “photography-diary” of my everyday life. Some of the photos would be a bit more artsy, with a concept behind them, others would be just about what I was wearing... Everybody was super interested in what brands I was wearing and where I was going, and so I would also answer questions in the comments sections. Her boyfriend Riccardo Pozzoli, one year her senior and a finance student at Bocconi whom she met on an Italian social network three years earlier, was impressed with the growing popularity of Ferragni’s posts on every single social platform that she used. Said Pozzoli:
# T H E B L O N D E S A L A D G O E S T O H A R VA R D
It is hard to explain why, but from the very beginning Chiara’s posts had high social media engagement. For example, Flickr was a website focused on professional photography. Yet, when Chiara posted a picture of herself wearing a new Zara sweater, she was getting ten times more comments than a professional photographer who would post a photo reportage after one month spent in Africa. At that time, we started understanding how sharing a look, an outfit was engaging people.
Ferragni liked to mix and match different brands and styles in her outfits, which she described as “effortlessly chic.” She explained, “If it ever took me more than 5 minutes to choose what to wear, it meant that the outfit was not strong enough.” From the early days, Ferragni was very fond of exceptional accessories in general and designer bags in particular, which she used to buy second hand or to borrow from her mother. Ferragni recalled: I used to spend all my money on accessories rather than clothes. My style was always about sparkly and glamorous details. I used to mix and match Chanel bags with Zara or H&M clothes. My followers always liked this because they could see how cool a cheap sweater can look when you wear it well. It was something they could really relate to. In autumn 2009, as part of his final year university studies, Pozzoli went to Chicago to complete a three-month long internship in the gardening industry. He was surprised to discover that social media was already playing a significant part in the US businesses. He said, “During my internship, I had to keep track of everything that was going in the social networks even for gardening products that seemed to be very far from image or branding.” Back in Milan, Ferragni started following some American fashion blogs and witnessed their increasing popularity. For instance, in 2009, 13-year-old Tavi Gevinson, an influential teenage blogger of StyleRookie.com, was already featured on the cover of Pop Magazine and invited to the front rows of the New York Fashion Week. In the same year, Michele Phan, one of the blogging pioneers who launched a make-up tutorial video blog in 2005 and by 2015 built a $120 million subscription cosmetics company, was making enough money to quit her waitressing job and become a full time blogger.
On one Sunday morning, Ferragni and Pozzoli were having their daily Skype call and the conversation turned towards the creation of Ferragni’s personal blog that the two had been discussing for a couple months already. Ferragni recalled, “It was just great to think that my followers from other social platforms would finally be able to come to a space that I created myself entirely.” The blog would be called The Blonde Salad and it would be organized around the different ingredients of the golden-haired Ferragni’s salad of interests: fashion, photography, travel, and lifestyle. Pozzoli remembered: On that Sunday I told Chiara, ‘Come on, now it is time for you to start your own blog.’ Then I bought theblondesalad.com from an American URL provider and I gave Chiara the access information. She entered her first post on October 12, 2009 and that was the day The Blonde Salad was born. Pozzoli advised Ferragni to post a 9AM daily entry on the blog to build loyalty among her followers. “Soon Chiara started receiving comments from many people in Europe for whom checking The Blonde Salad entered their daily morning routine together with reading the news before starting work,” Pozzoli recalled. “The blog became a part of people’s breakfast.” After just one month of blogging, The Blonde Salad’s readership had grown to 30,000 daily visits.
From Passion to Business
In early 2010, only three months after starting the blog, Ferragni received her first invitations to Milan Fashion Week. Said Pozzoli: Back then in the US the phenomenon of having fashion bloggers in the first row of the show was there for a couple of seasons already. In Milan, no one knew what a fashion blogger was. When journalists discovered that fashion bloggers were present in the show, they started looking for the top Italian fashion blogger and Chiara was the only one. All Italian media, including newspapers and TV, started asking for interviews. Ferragni was offered a couple of jobs on Italian television, but the duo thought that accepting these offers would go against their beliefs. Pozzoli commented: Chiara was interested in real fashion, not the show business. We were young students and it was not easy for us to say “no” to such proposals with high financial reward. But we decided to stay away because we knew that if we wanted to work in fashion, we could not sell Chiara as a showgirl. Soon the growing buzz around The Blonde Salad got the attention of various product brands, too. Benetton offered Ferragni to act as a judge in their online talent competition for Benetton’s new publicity campaign, which took the excited Ferragni to New York on her very first business trip. In April 2010, Fiat proposed Ferragni to drive their convertible Fiat 500 for six months and sponsored a ten-day trip around Europe for both Ferragni and Pozzoli. Online fashion retailer Yoox was among the first ones to
buy an advertisement banner on The Blonde Salad. Witnessing the growing business opportunities in Italy, Ferragni and Pozzoli decided to concentrate their efforts on building international awareness of The Blonde Salad. Pozzoli remembered: Both of us come from families that always used to travel a lot, so we were always very foreign-oriented. We started building our international exposure right from the beginning. To that end we were actively seeking invitations to the fashion weeks of New York, Paris, London, Stockholm, and we were paying for all the expenses ourselves. The international fashion weeks allowed Ferragni to create blog contents covering the new trends in the fashion industry, to showcase different outfits she wore to each show, and to expand her network in the industry. In addition, Pozzoli explained, “With every fashion week Chiara got more and more views from all around the world. One year later, Chiara was invited to all the international fashion weeks, which became part of her lifestyle.” In the beginning of 2011, Pozzoli graduated from his Masters degree, rejected several proposals to join big multinational companies, and decided to focus on The Blonde Salad as his main job. “Before that moment, neither me nor Chiara could have hoped for one moment that The Blonde Salad would become our full time job,” Pozzoli revealed. “But at that point I really started believing that this could become something interesting.” In March 2011, they founded The Blonde Salad (officially called TBS Crew S.r.l.), a company 55% owned by Ferragni and 45% owned by Pozzoli, and started to officially work together.
# T H E B L O N D E S A L A D G O E S T O H A R VA R D
Monetizing The Blonde Salad
In 2011, as The Blonde Salad reached 70,000 daily visits, Pozzoli’s main task was to further increase that number and to pursue active business development. He decided to hire Kiver, an Italian digital strategy agency, to revamp The Blonde Salad’s website and create its mobile version. In addition, Pozzoli and Ferragni signed an exclusive agreement with Publikompass, a media company specialized in selling advertising in Italy. While Publikompass introduced Pozzoli and Ferragni to the majority of their future client companies in various industries, other clients such as Dior Italy were among the first ones to contact The Blonde Salad directly to enquire about possibilities for cooperation. Pozzoli met many executives and marketing managers of potential client companies to convince them of The Blonde Salad’s value to their businesses. Pozzoli said, “It was a good time for us. Many of the luxury brands had only launched their e-commerce businesses in 2009-2010 and they were ready to push hard to increase their digital sales.” However, he added, “Back then, some of the companies did not even know what a fashion blog was, and others were interested in working with fashion bloggers, but considered it a short term trend.” In the very beginning, most of the business came from selling advertisement banners on the blog, but soon the duo realized that content engagement and product placement could yield much better results. Pozzoli explained: Chiara would tell a story about wearing a certain garment, having a trip, driving a car – just having a particular experience that she was living with the company – and would include a couple of companies’ website links in the text. It was no longer just a link, but a part of an experience that Chiara was sharing with the users. This proved to be very successful and attractive to the brands. In addition, The Blonde Salad found it easier to monetize the blog directly with the emergence of new platforms such as RewardStyle. RewardStyle acted as an intermediary between the bloggers and the brands by enabling bloggers to link out their clients’ e-commerce websites and ensuring that bloggers earned a commission on all the items purchased by their readers using those links. Consequentially, product placement and affiliate programs soon overtook standard advertising as the main revenue generating activity for The Blonde Salad. From the onset, Ferragni and Pozzoli were very selective when choosing the brands to work with because the stories Ferragni would tell about these brands had to reflect her own lifestyle. As Pozzoli pointed out, “We wanted to build value around The Blonde Salad’s brand and Chiara’s celebrity, not to be just another shop window.” Ferragni reflected: We knew that we had to think big, but slowly and carefully, and being selective has always been the key. For me it was about whether I like the brand, the product, and whether the proposed project is cool. If something didn’t feel natural to me, we would say “no” even if it meant bypassing a lot of money. I know my followers because I read their comments every day and they know me and my style. I always wanted to stay true to them and to myself. Pozzoli and Ferragni started to collaborate with many different brands in various industries, and building long term relationships was
their main objective. As Ferragni put it, “We wanted to be associated with certain brands and to build stories together – it is what we do best. That’s why we needed longer term relationships.” Pozzoli cited their project with Burberry as one of their most successful early partnerships. Pozzoli explained: In 2012, Burberry invited Chiara to attend two openings of their new stores in London and in Milan as well as the Burberry fashion show during the London Fashion Week. In addition to that, Chiara had to choose and wear five outfits from the Burberry collection, which I took pictures of in the streets of Milan. Finally, Chiara interviewed Burberry’s art director to mark the opening of Burberry’s store. All these contents were posted on The Blonde Salad. It was a real 360 degree project for us. The Blonde Salad received a five digit amount from Burberry that also included production fees for the whole project. “At that point I was still walking around Milan with Chiara and taking all the photos for the blog myself.” Pozzoli commented, “Today the fee would probably be four times higher because we want to deliver top-level content and we are working with professional photographers, light technicians, and make-up artists to achieve that.” The partnership with Dior Cosmetiques Italy was another experience that Ferragni and Pozzoli were particularly proud of. In 2013, Dior asked Ferragni to produce a video clip for Miss Dior perfume and invited her to participate in the Cannes Film Festival. Ferragni wrote a number of entries on her blog about her stay at the legendary Hotel Martinez on the Cannes Croisette promenade where Dior make-up artists and hair stylists prepared her for the red carpet. Reflecting on that experience, Pozzoli concluded, “It was a unique project for Chiara and especially for her followers, who might never see anything like that themselves, but who lived the experience through the eyes of Chiara.” The Blonde Salad also started creating limited capsule collections for various apparel brands. Ferragni would talk to the brands’ in-house designers to give them her artistic ideas and approve the samples. For instance, in 2012 Ferragni designed a colorful underwear and swimwear capsule collection for Yamamay, a popular underwear brand with 1000 stores mostly located in Italy and in Spain.5 With a price tag of under $30 per underwear set, 50,000 pieces sold in one season and the collection proved to be a huge commercial success. Similarly, Ferragni created shoe capsule collections for Superga in Italy and Steve Madden in the US in 2013 and 2014 respectively. While The Blonde Salad received fees for most of their brand partnerships, Ferragni was ready to also work on some positioning projects that would reflect her taste and story. For example, one such project was with Louis Vuitton, a luxury brand that Ferragni admired. Ferragni and Pozzoli believed that such partnerships enriched Ferragni’s image and helped to maintain a continuous communication with the brand. In such partnerships, the brands would often only cover the production fees. Pozzoli explained, “We want to build Chiara’s credibility and to show her image besides top brands. Every time Chiara was building beautiful stories and positioning herself with top brands, other premium or low cost fashion brands were asking us to reproduce the same stories.”
# T H E B L O N D E S A L A D G O E S T O H A R VA R D
great fan of fashion accessories, Ferragni always toyed with an idea to create not only limited capsule collections for other brands, but also a brand of her own. “I have always been fascinated by the bag and the shoe world more than any other accessories, ” Ferragni reflected, “But I also thought that it might be perfectly fine to have one or two bags in one’s wardrobe as they are more universal – and I felt that I would always prefer an iconic Chanel or Hermès bag to my own!” Ferragni believed that shoes, on the other hand, offered many more business opportunities. She explained: I love so many different shoe designers and shoe styles. Sometimes I go to a vintage market and I buy vintage shoes, and I love them more than any other designer shoes. And shoes change so much: you have party shoes, daily shoes, work shoes, holiday shoes... everybody buys new shoes once in a while. So when in 2011, an Italian shoe manufacturing company approached Ferragni and Pozzoli proposing to create a small shoe collection with Ferragni’s name, she was excited. Ferragni remembered, “They gave us a list of stores where the shoes would be distributed and I said, ‘This is so awesome! Let’s do it!” Ferragni and Pozzoli signed a two year licensing agreement, proposed by the manufacturers. Ferragni would give ideas for designing two pairs of shoes in different colors and the manufacturers would take care of everything else. She explained, “It was not an actual collection.
We didn’t even have a look book, we didn’t have any campaign... we were just excited to do it for fun and sell it in big good stores.” Soon after signing the agreement, Ferragni and Pozzoli realized the partnership would be difficult. Ferragni remembered, “Every time I gave them a design idea, they would say that they couldn’t make it, so they were actually making their own shoes with my name on them. It was really frustrating.” Reflecting on that experience, Pozzoli commented: We were very young and inexperienced at the time and we signed a licensing agreement without really negotiating. We did not take it seriously, as the shoe line only generated $100,000 annual revenue. It was something that we discussed on the plane during our trips for The Blonde Salad. Consequentially, we had distribution issues, quality issues...any issue that you can think of, we experienced it. In 2013, as the licensing agreement was about to expire, Ferragni and Pozzoli saw that despite all the problems they witnessed, stores were still asking for Chiara Ferragni shoes. The duo decided to concentrate their efforts on building a real business with a strong brand on their own. Pozzoli found an angel investor, Paolo Barletta, to provide them with the initial $500,000 they needed to restructure the business. In the spring 2013, they opened a new company called the “Chiara Ferragni Collection,” owned by Ferragni, Pozzoli, Barletta, and the sales manager Lorenzo Barindelli, who started working with the brand from the very beginning. Pozzoli signed a new licensing agreement with another Italian shoe manufacturer. The agreement stipulated that the Chiara Ferragni Collection would get 10% of revenue in royalties. Pozzoli pointed out: In reality, it is a hybrid royalty scheme. We are making all of the decisions regarding the Chiara Ferragni Collection, including those related to distribution. The manufacturer even hired the designer that I had suggested. This time around, we preferred to have all the control and give them the major part of profits in return.
Ferragni and Pozzoli decided to present their shoes as a small designer collection with a strong brand identity. Ferragni’s idea was to build the collection around the so-called “Flirting Shoes,” a pair of glittery ballerina shoes embellished with a blinking, flirting eye decoration. “Previously, whenever I saw the samples of our shoes, it would make me want to cry,” Ferragni remembered, “But this time they were so good that I could not believe my eyes! Right away the Flirting Shoes became really iconic and powerful. This is when I and Richie started to really believe in the brand.” By the end of 2013, the Chiara Ferragni Collection generated $500,000 revenue in only five months and reached $4 million annual revenue at the end of 2014. In July 2014, the collection was available on TheFerragniCollection.com online store, which generated $160,000 in sales in the first six months. The Chiara Ferragni Fall/ Winter collection of 2014-2015 consisted of 31 different shoe styles with a price range of $200-450 including ballerinas, sneakers, and boots. The Ferragni Collection was sold in almost 200 stores in 25 countries worldwide including the US where it was introduced in September 2014, three months after Ferragni moved her permanent residence to LA. Pozzoli confessed: Our arrival in the US market was on a smaller scale than we would have expected because we were simply too late. In Europe we started selling the 2014-2015 fall/winter collection in January 2015, but in the US the starting date of the season is December 1, 2015. We are producing in Italy, so it was really tough to prepare our samples one month in advance. We started looking for distributors at the end of the selling season for the actual season and all the biggest US stores had already spent their buying budgets. We were lucky to have closed a deal with the fifth biggest store in the US.
# T H E B L O N D E S A L A D G O E S T O H A R VA R D
In November 2013, Pozzoli and Ferragni hired 28 year old Alessio Sanzogni as Communications and Editorial Manager with a view of strengthening The Blonde Salad’s brand and Ferragni’s image. Prior to joining The Blonde Salad, Sanzogni was an e-commerce and ecommunications manager at Louis Vuitton Italy, where he worked since 2007 and, among other things, was responsible for the partnership between Louis Vuitton and The Blonde Salad. Sanzogni remembered, “I had been closely following the evolution of the blog for two years before joining The Blonde Salad’s team and during that time we became close friends with Chiara. At that point, I really wanted to work in something digital, innovative, and young.” Sanzogni saw that The Blonde Salad needed a real strategic shift to adapt to the changing environment. He explained: Chiara and Richie were always very professional and they knew when to say “no” to certain collaborations. However, my perception from the outside was that The Blonde Salad was sometimes presented too cheaply and some brand collaborations could have been avoided altogether. I felt that the quantity of advertisements and product placements on the blog was giving the impression that all content was paid for. I was giving them some strategic advice while I was still working at the Louis Vuitton, but after joining The Blonde Salad I really wanted to save Chiara from being perceived as someone without a strong point of view. The Blonde Salad website was completely relooked and organized as an online lifestyle magazine. Half of the contents were still about Ferragni’s activities, but another half was related to shopping tips, inspiration mood boards, and other editorial contents. “I wanted the website to be more and more inspirational for people because for me it was always about showing a positive story, and seeing beautiful things around us,” Ferragni said. “The team really managed to translate my language into awesome inspirational posts. Every time I look at the blog today, I am impressed.” Ferragni would use her social media accounts to post her daily looks and activities, but The Blonde Salad posts would now be planned several weeks in advance according to an editorial agenda introduced by Sanzogni. Pozzoli summed up, “We are investing more in contents that are not related to Chiara hoping that in one or two years The Blonde Salad will be recognized as an independent magazine with Chiara either as its editor in chief, or the art director, or maybe neither.”
At the same time, the three reviewed The Blonde Salad’s sales strategy. Sanzogni commented: Now we approached the brands stating what Chiara’s vision was. If the story of the brand was fitting Chiara’s story, we would do the project; otherwise, we were not interested. We decided to work with exclusive contents and with the type of contracts where the brand can have a final validation, but where we could express our ideas independently. We briefed the agents around the world that we were driven by positioning, not by profit. For Pozzoli, The Blonde Salad’s cooperation with Yves Saint Laurent (YSL) in September 2014 was a perfect example of an integrated editorial project that they were now seeking for. He explained: YSL launched a new “Black Opium” perfume, which was targeted to strong, fancy, rock and roll girls. They gave us a budget to write, direct and build a Hollywood-like production video in L.A. We posted this video on our blog and social networks, and we produced snapshots of the video that YSL posted on their accounts, too. In terms of Chiara’s celebrity management, we also organized an event in a department store in Milan where Chiara tried the new perfume with her fans. We also gave Grazia Magazine exclusive contents to write an editorial on this story. YSL included ad banners on the website which was a key channel for us. So basically this single project included creative contents, digital marketing, press coverage, and physical retail engagement. Finally, Sanzogni proposed to reorganize The Blonde Salad’s team, which then consisted of 6 project managers all of whom dealt with a separate client portfolios and directly reported to Ferragni and Pozzoli. Sanzogni remembered, “We turned the thing around and divided the roles by tasks: social media, editorial, logistics, personal assistance, commercial, advertising, and the public relations.” In the beginning, Sanzogni spent most of his time in Milan working with The Blonde Salad team and occasionally joining Ferragni on her work trips, but he realized that the team in Milan was too disconnected from Ferragni and proposed to shadow Ferragni as much as possible to support her in dealing with the clients, building a network, and ensure that their new strategy is implemented evenly across all company’s activities. Soon he spent more time travelling with Ferragni than in Milan. In November 2014, one year after Sanzognijoined The Blonde Salad, Ferragni and Pozzoli decided to name him as the General Manager of The Blonde Salad and the Chiara Ferragni Collection.
Looking into the Future
With the strategic shift from being a blog to becoming an online lifestyle magazine, the audience of The Blonde Salad changed significantly. Ferragni said, “In 2011, the main followers of my blog were young girls who were inspired by what I was doing. In 2014, fashion insiders, who previously looked down on bloggers, came to read the blog.” Pozzoli corroborated: Now we have a totally different audience. Three years ago, when Chiara was taking part in some fashion week, the blog visits would drop by 10%-15% because our audience was more interested in Chiara’s behavior than in fashion. In addition, we were not ready to seriously compete with other media covering fashion events. However, during the fashion weeks in September 2014, we already had a 15% increase in the visits because people following the blog now were really interested in fashion. Pozzoli and Ferragni believed that despite the investments made in 2013-2014, they needed to strengthen the editorial content of The Blonde Salad further. “We think that we are still missing a couple of people with editorial background who could really transform The Blonde Salad in a true lifestyle magazine,” Pozzoli said. “We need to continue working with the top photographers and video-makers to create unique contents, but all that comes at a cost.” In 2014, Pozzoli expected to close The Blonde Salad’s year with $1.3 million revenue and $300 to $400 thousand in profits. “It is still good,” Pozzoli said, “but we were used to a 50% margin before.” In 2014, The Blonde Salad already worked with such luxury fashion brands as Chanel, Hermès, Louis Vuitton, Burberry, and Cartier, as well as a host of companies in apparel, shoes, fashion, technology and automotive industries. In terms of future sales strategy, Pozzoli’s priority was to build exclusive long term partnerships with a limited number of brands. He remembered: In October 2014, I had a meeting with Gucci in Milan and they were really impressed with The Blonde Salad’s new contents. However, at the time, we had the banners of an Italian mobile operator all around the website. Gucci said that they would never want to see their contents with those banners on the same page. We were probably getting $30-40,000 for two or three days of those advertisements, which is always hard to refuse, but if we want to have Gucci on board, we have no choice.
# T H E B L O N D E S A L A D G O E S T O H A R VA R D
All these questions and possibilities were spinning in Ferragni’s head as her plane was taking off. She knew that she had a great team who cared about The Blonde Salad’s future as much as she did and on whom she could rely entirely. At the same time, she always trusted her intuition and made her own decisions because it was her story that mattered in this business and that earned her fan loyalty all around the world. Ferragni reached for her Louis Vuitton bag in the overhead locker and took out her tablet. She decided to use the flight time for typing all the ideas she had about monetizing The Blonde Salad lifestyle magazine, the expansion of the Chiara Ferragni shoe collection, and the merging of the two brands. She was already looking forward to submitting her thoughts to Pozzoli’s business mind the following day.
Design by Isabel Neg rete Villa Fotography by The Blonde Salad Illustrations by Isabel Negrete Villa Article by Harvard Business School
# T H E B L O N D E S A L A D G O E S T O H A R VA R D