#359 - Inside Bullish: Lessons from Backing Major DTC Winners (Peloton, Harry’s, Warby Parker)

Brent Vartan is Managing Partner and Co-Founder at Bullish, a unique hybrid combining a branding agency and a consumer-focused venture fund. With decades of experience in brand strategy, Brent and his team have been early investors and builders behind some of the most iconic DTC and consumer brands of the past decade, including Peloton, Warby Parker, Casper, Harry's, Hu, Bubble, and more. In this episode of DTC Pod, Brent shares his perspective on what it takes to build generational consumer brands from the earliest stages. He discusses Bullish's hands-on investment approach, the importance of brand strategy as a growth mechanism, and what differentiates brands that become household names. Brent also breaks down real playbooks from companies like Sunday Lawn and Nom Nom, providing founders concrete advice on what it takes to build brands worth talking about—and worth buying. Interact with other DTC experts and access our monthly fireside chats with industry leaders on DTC Pod Slack. On this episode of DTC Pod, we cover: 1. Bullish’s hybrid brand agency and VC model 2. What it means to invest as “first money” and why it matters 3. The difference between building a business and building a brand 4. Why customer lifetime value (CLV) trumps CAC and COGS 5. Product-market fit: moving from awareness to lifetime value 6. How Bullish supports brands like Harry’s and Nom Nom in their earliest days 7. Tactical advice for founders on capital raising and allocation 8. Building brands for acquisition vs. IPO 9. The playbook for becoming an acquisition target (what buyers actually want) 10. The underrated power of innovation and product launches 11. The role of cultural relevance in DTC brand building 12. Real-world examples from Sunday Lawn, Peloton, Bubble Beauty, and more 13. How great DTC brands focus on AOV, CLV, and brand loyalty 14. Pitfalls to avoid around capital structure and loss of momentum Timestamps 00:00 Introducing Brent Vartan and Bullish 03:49 Bullish’s track record and notable investments 05:22 What makes Bullish different 10:10 Investing as “first money,” how Bullish evaluates concepts 13:19 Patterns Bullish looks for in breakout DTC brands 16:09 Deep dive: Sunday Lawn’s growth and strategy 18:36 Positioning Harry’s and building a hundred-year business 21:04 Timelines, capital, and operational realities for breakout brands 23:37 Building for acquisition vs. IPO: how strategies diverge 28:57 What buyers are really seeking in DTC acquisitions 31:47 Nom Nom’s Mars acquisition and the power of niche audiences 33:59 The importance of cultural relevance and taking creative “shots” 35:32 Bubble Beauty: case study in innovation and customer engagement 38:27 Finding the right capital structure and maintaining founder equity 41:06 The risks of stalling momentum and overplanning 43:33 Where to allocate raised capital: innovation vs. marketing 46:20 Where to find Bullish, Brent’s socials, and their newsletter Show notes powered by Castmagic Past guests & brands on DTC Pod include Gilt, PopSugar, Glossier, MadeIN, Prose, Bala, P.volve, Ritual, Bite, Oura, Levels, General Mills, Mid Day Squares, Prose, Arrae, Olipop, Ghia, Rosaluna, Form, Uncle Studios & many more.   Additional episodes you might like: • #175 Ariel Vaisbort - How OLIPOP Runs Influencer, Community, & Affiliate Growth • #184 Jake Karls, Midday Squares - Turning Your Brand Into The Influencer With Content • #205 Kasey Stewart: Suckerz- - Powering Your Launch With 300 Million Organic Views • #219 JT Barnett: The TikTok Masterclass For Brands • #223 Lauren Kleinman: The PR & Affiliate Marketing Playbook • ​​​​#243 Kian Golzari - Source & Develop Products Like The World's Best Brands ----- Have any questions about the show or topics you'd like us to explore further? Shoot us a DM; we'd love to hear from you. Want the weekly TL;DR of tips delivered to your mailbox? Check out our newsletter here. Projects the DTC Pod team is working on: DTCetc - all our favorite brands on the internet Olivea - the extra virgin olive oil & hydroxytyrosol supplement Castmagic - AI Workspace for Content Follow us for content, clips, giveaways, & updates! DTCPod Instagram DTCPod Twitter DTCPod TikTok Brent Vartan - Managing Partner & Co-Founder of Bullish Blaine Bolus - Co-Founder of Castmagic Ramon Berrios - Co-Founder of Castmagic