Fashion and Jewelry Industries Lead the 2023 50 Fastest Growing Women-Owned and Led Companies Ranking
The Women Presidents Organization and JPMorgan Chase announce the businesses on this year's ranking at Annual WPO Entrepreneurial Excellence Forum
LAS VEGAS, Nevada, May 11, 2023 /PRNewswire/ -- The Women Presidents Organization
(WPO), in collaboration with JPMorgan Chase Commercial Banking, today released the 16th annual ranking of the 50 Fastest Growing Women-Owned/Led Companies. Topping this year's 50 Fastest list are, for the first time, three product-based companies in the fashion apparel and jewelry industries, followed closely by companies focused on staffing, technology, food and beverage, and consumer product goods, among others.
2023 Ranking Characteristics
As part of the application process for the ranking, women business leaders report on their growth journey and share their business outlook for the year ahead.
From January to December of 2022, the businesses recognized on the 50 Fastest generated a combined $9.4 billion in revenue and collectively employed nearly 20,000 people. Reflecting on how they built their businesses, for the first time in the ranking's history, the majority (54%) of honorees say they utilized external capital, such as bank loans, lines of credit, or credit cards, to launch their businesses. Historically, 50 Fastest honorees have primarily used personal resources to self-fund their operations.
Heading into the second half of 2023, honorees are keeping a close eye on how the economy may impact their business strategies. Fifty-four percent reported that uncertain market conditions and inflation are their top concerns for the next six to 12 months. Even so, this year's winning companies indicated that they remain focused on growth, with a strong majority planning to invest in people and talent (88%), technology and innovation (86%) and marketing/advertising (62%).
"The entrepreneurs on this year's ranking are industry innovators, job creators and community leaders," said Thelma Ferguson, Vice Chair of JPMorgan Chase Commercial Banking. "Womenowned and -led businesses are a driving force in our local and national economies and we are proud to join the WPO to support and celebrate their many achievements."
This year's top three fastest growing businesses are:
ZYIA Active (Draper, UT): An active lifestyle brand with a mission to inspire and uplift individuals by making activity a fun and essential part of life. In addition to being the fastest growing company, CEO Erin Bradley is one of the youngest entrepreneurs on the list, having launched ZYIA in 2017 at the age of 32.
Fresh Clean Threads (La Jolla, CA): A direct-to-consumer apparel brand that empowers men to look and feel their best in their premium quality basics. Fresh Clean Threads has more than tripled their revenue over the past two years, success which CoFounder and President Melissa Parvis attributes, in part, to their ability to leverage relationships to scale effectively.
Ring Concierge (New York, NY): A luxury jewelry brand offering bespoke bridal and fine jewelry. Led by CEO Nicole Wegman, Ring Concierge has driven its growth by strategically utilizing social media, resulting in a 1,200% increase in revenue from 2018 to 2022.
"It is an honor to recognize and celebrate the accomplishments of this brilliant group of women leaders and the companies they have guided to such rapid growth," said Camille Bums, CEO of the Women Presidents Organization. "On top of their impressive revenue growth, it's exciting to see so many women thriving in traditionally male-dominated fields, all while creating jobs and stimulating overall economic prosperity."
To qualify for the ranking, businesses are required to be privately held, woman-owned or -led, and must have reached annual revenues of at least $500,000 in each of the past five years. Applicants were not required to join or be members of the WPO. All eligible companies were ranked according to a sales growth formula created by the WPO that combines percentage and absolute growth. The top 50 were selected by the WPO for the list.
More about this year's 50 Fastest:
Average honoree age: 49
Average years in business: 17
84 % started the business
98% provide health insurance
96% provide bonuses
64% do business globally
The 50 Fastest companies will be recognized at the WPO Entrepreneurial Excellence Forum on May 11, 2023, in Las Vegas, Nevada. Winners will receive a complimentary brand audit from WPO member company, Zilker Media and a complimentary transaction readiness consultation from WPO member company, Brown Advisory.
The full list of honorees is available at: https://www.women-presidents.com/news-events/50-fastest/
ABOUT WOMEN PRESIDENTS ORGANIZATION (WPO)
The Women Presidents Organization (WPO) is a non-profit membership organization where dynamic and diverse women business leaders around the world tap into collective insight with exclusive access to entrepreneurial equals, innovative ideas, and executive education. WPO members have guided their business to generate at least $2 million USD in gross annual sales ( or $1 million USD for a service-based business). Each WPO chapter serves as a professionallyfacilitated peer advisory group for members where they can harness the momentum of their successes and cultivate new strategies that will take them even further. Learn more at women-presidents.com.
ABOUT JPMORGAN CHASE COMMERCIAL BANKING
JPMorgan Chase Commercial Banking is a business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3. 7 trillion and operations worldwide. Through its Middle Market Banking & Specialized Industries, Corporate Client Banking & Specialized Industries and Commercial Real Estate businesses, Commercial Banking serves emerging startups to midsize businesses and large corporations as well as government entities, not-for-profit organizations, and commercial real estate investors, developers and owners. Clients are supported through every stage of growth with specialized industry expertise and tailored financial solutions including credit and financing, treasury and payment services, international banking, advisory services and more. Information about JPMorgan Chase Commercial Banking is available at www.jpmorganchase.com/commercial
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