Matt Mueller: From Tailor-Made to TaiLOR-Made…Leveraging AI to Drive the Made to Measure Business with Knot Standard

Ken interviews Matt Mueller, Founder and CEO of Knot Standard, the leader in premium custom menswear in the United States. Matt has been one of the most pivotal figures behind tech innovation in menswear over the last decade, creating the unique, AI-powered Style Wall and Fit App for Knot Standard, and holding numerous other patents. He has a 25-year record in global business and technology, having worked with firms such as the Advisory Board Company, Gannett, Harvard, and Dubai Holding. Beyond his professional successes, Matt is the extremely proud father of his five young children, and holds a degree in Finance from the McIntire School of Commerce at the University of Virginia where he is also a Guest Lecturer. When he is not simultaneously working on Knot Standard or advising new startups, Matt and his family enjoy traveling around the globe.Key Takeaways of the Podcast Include:1.    Matt, the CEO of Kot Standard, is a pioneer in tech innovation for menswear. He has over 25 years of experience in global business and technology, and has played a pivotal role in developing AI-powered style solutions for menswear.2.    Kot Standard started as an online-only custom clothing brand based in Dubai. They focused on providing confidence through well-fitting, custom-made clothing. Over time, they expanded their offerings and entered the brick-and-mortar space with successful store openings.3.    Technology has been a crucial component of Knot Standard's success. They developed in-house measuring apps and integrated ordering and supply chain systems, which enabled them to efficiently produce custom clothing without the need for extensive inventory.4.    During the COVID-19 pandemic, Knot Standard introduced virtual appointments, which turned out to be a critical move for their survival. These virtual appointments, along with their technology-driven approach, allowed them to adapt and thrive in a challenging retail landscape.5.    Knot Standard's innovative business model is now being extended to partnerships with established brands. They have partnered with retailers like Brooks Brothers and Nordstrom, leveraging their technology to offer custom clothing solutions within existing stores. This approach minimizes inventory risks and provides a new revenue stream for the partner brands.6.    Knot Standard is exploring international expansion, considering opportunities in global markets. They believe that their technology-driven, custom clothing platform can be successfully replicated in various regions around the world.7.    Business Growth: In the last 18 months, Knot Standard has experienced significant growth, particularly with partnerships like Nordstrom and Brooks Brothers. They now cover about $25 million in annual orders, with half of that coming from their online platform and the other half from physical stores.8.    Revenue Sources: Approximately 25% of Knot Standard's revenue comes from software and wholesale installations. This is a significant portion of their overall business, and it is expected to grow in the coming years.9.    Store Performance: Knot Standard's own stores have been performing exceptionally well, with an average four-wall EBITDA of 32%. This is significantly higher than industry averages, indicating the success of their approach to retail.10. Funding and Investment: Knot Standard has raised approximately $35 million in funding to support their growth. Their lead investor is a group called Provenance, which recognized the value of the brand's loyal customer base and high-end purchase behavior.11. Competition and Differentiation: Knot Standard sees its competition as not just ot...