By All Means

Claire Powell is CEO of J.W. Hulme, the century-old leather goods brand based in St. Paul, Minnesota. She didn’t start it; she was brought in to resuscitate it. J.W. Hulme road the wave of the heritage movement—enjoying national media buzz around its history of U.S. manufacturing, but that hype didn’t add up to profits. Unable to succeed as a vertically integrated manufacturer that relies primarily on catalog and online sales, Powell found herself in the challenging position of having to change the business model. “We ended up having to make a really difficult decision,” Powell says. “Are we a manufacturer? Are we a retailer? Are we a brand? Who are we? Ultimately, a business has to sustain itself. It was really a fork in the road moment.” In 2018, J.W. Hulme, which is owned by a private equity firm, stopped manufacturing and outsourced production. Around 30 employees were laid off, and only a small marketing and sales team remain. “I’ve had a lot of difficult conversations over last year,” Powell says. “I’