Saye revises growth strategy and appoints new CEO

The Barcelona startup, known for its sustainable sneakers, is entering a new phase marked by the founders Marta Llaquet, Lizzie Sabin, and Damian Augustyniak stepping back from their operational roles. Founded in 2018, the company has appointed Alfonso Segura as the new CEO, succeeding Damian Augustyniak. According to FashionNetwork.com, Saye’s founders will remain shareholders of the company.

“We are going through a year of transition, marked by the official departure of the founders from daily operations and management. Saye has decided to professionalize the company by incorporating a new general manager with proven experience in the fashion sector,” the company explained regarding Alfonso Segura’s appointment last April.

Segura, a graduate of IESE Business School, has held various consulting roles in the retail sector and worked for fashion firms such as AWWG, Desigual, Mango, and Ermenegildo Zegna.

Under his leadership, the vegan sneaker brand aims to lay the necessary foundations to “initiate a phase of sustainable growth” focused on omnichannel strategy and international development. The company, which employs a total of 19 workers at its Barcelona headquarters, is currently focused on defining the details of its new strategic plan. Without losing sight of its “sustainable brand essence,” Saye intends to maintain its commitment to “proximity, product quality, and international expansion,” and to collaborate with other brands that share its values.

5 million euros in sales in 2023

Another current focus for the company is on margins. “Given that the online channel faces increasingly tight margins due to high price competition, elevated paid marketing costs, and high return rates, our efforts are directed at protecting our brand and ensuring profitability,” Saye pointed out.

Last year, the online channel represented 75% of the brand’s total revenue, while the physical channel accounted for a quarter of the sales.

During this period of changes, Saye experienced a contraction in its revenue, reaching nearly 5 million euros in 2023. This figure contrasts with the 20% growth and 6.7 million euros in sales recorded in the previous fiscal year. “Although sales have decreased, we have become more profitable. Our goal is to maintain this trend and start strong in 2025,” the company stated. Saye sells its eco-friendly sneakers, made from materials such as cactus, at prices ranging from 99 to 150 euros.

Open to new investors

Currently, the Barcelona-based brand has over 120 international sales points and is present on seven marketplaces, including Madewell and Urban Outfitters in the United States. In terms of revenue, the German and U.S. markets are the most significant for Saye, which the brand attributes to their sustainability sensitivity and high purchasing power. Looking ahead, the company aims to grow in North America, Nordic countries, Latin America, the Middle East, Japan, and Australia. Regarding the domestic market, Saye’s executives indicate that while it is not their main market, it has “great growth potential, both from the local community and tourism.”

The company, which financed its growth through two crowdfunding rounds on Kickstarter and Indiegogo, maintains an equal share distribution among its three founding partners. When asked about the possibility of opening up to new investors, the entrepreneurs do not rule out the option in the future.

“We do not rule out the possibility of seeking new strategic partners to accompany us in executing our ambitious strategic plan for 2025-27,” they declared.