Vanessa Simmons and Lola Banjo are making travel fashionable and luxurious with Silver & Riley

Travel and luxury should go hand-in-hand. A great flight equals the perfect seat, fashionable yet comfortable attire, and stylish luggage. With this in mind, founder and creative director Lola Banjo created a company that people can’t stop talking about. Silver & Riley, a luxury brand specializing in travel and fashion accessories that include leather bags and silk scarves that deliver style and functionality.

Before building the multi-million-dollar business, the Brooklyn, New York native was determined to solve a problem she personally experienced. "The idea came to me actually on a cold flight. I was flying back home from Minneapolis to New York. At the time, I was an intern consultant at Accenture. It was a really cool flight, and I asked the flight attendant for a blanket. She said that it was only provided for first-class customers. And that sparked something in me. I was like, 'Everyone should have travel conveniences and not just a select few.' So, I said I was going to launch a travel blanket company. That's where the whole travel idea came from, and I started researching travel blankets," Banjo exclusively told REVOLT.

From there, she decided to expand her idea into more products and ensure that when someone else is traveling, they have everything they need. As her formulating progressed, the founder was very intentional about the materials she used. With the necessary research, Banjo decided on Italy being the home for her distributor so customers could truly have a taste of luxury at a fraction of the cost.

"You can feel very proud about wearing the product, not just because of the quality of the material, but also what the brand stands for. I wanted to really present that to us (customers). I knew it was not going to be perfect right off the bat, but I was going to get better as it went along. I made sure that when I was sourcing manufacturers, I was asking questions like, 'Where's your tannery? What kind of leather production process do you use? What kind of animal hide goes into this?' I also asked, 'What does your factory makeup look like? How many women do you hire? How many women are in management? What are some of the ethical standards that you bring to the table? What are the founders' beliefs about things like racial dynamics or even equality?" Banjo explained.

She continued, "I travel there just once about every other month. I sit down with my partners, approving prototypes, going to the tannery, picking out the zippers, and picking out the metal components. There's a lot that goes into it, but also just building those relationships because it's long-term. I don't own the factory currently. That's something I pray for in the near future."

Outside of making sure the production of the bags is top tier, Banjo has been scaling her business since its inception. According to the creative director, the pandemic really hit hard on the label, especially Italy. Without being able to receive products, process pre-orders, and having to cancel planned events, Silver & Riley lost about a quarter million dollars in 2020. But with determination, prayer, and the power of community, the luxury brand was able to make a comeback.

"Sometimes when you're down, God is going to send messengers or angels, whoever it is, to help lift you up. I'm finding proof of that in the communities that support me and my family and friends that support me. I started seeing an uptick in customers that were coming back to the brand. Now, we have a 45 percent repeat customer rate, which is like crazy, right? In retail, the average benchmark is 17 percent to 20 percent. But, we have thousands of customers who keep coming back to Silver and Riley."

The entrepreneur added, "We are a seven-figure brand currently. The goal is to get to eight figures. And I know it can happen. Whether it's this year or another year."

An old African proverb says, "If you want to go fast, go alone; but if you want to go far, go together." In one’s professional and personal life, the power of collaboration is much greater than competition. According to Forbes, many businesses have seen the benefits of partnerships both creatively and financially. For example, 95 percent of Microsoft's commercial revenue comes through its network of partners, which encompasses around 7,500 partners per month. These relationships also create more opportunities to reach bigger audiences. This is where Vanessa Simmons comes in.

Vanessa is a mother, entrepreneur, and daughter of Rev. Run of the infamous Hip Hop group Run-DMC. Over the years, she's made a name for herself through various accomplishments, in the fashion industry included. In 2007, Vanessa launched the multi-million-dollar sneaker brand Pastry alongside her sister Angela. Nearly two decades later, she and Banjo are taking the fashion industry by storm with Silver & Riley.

"I had the opportunity to collaborate with Silver and Riley in September of 2022 on a photo shoot. The entire experience was amazing. One thing that I really took away from the photo shoot was how detailed and intentional Lola was with her brand and everything that she offered. So, when the opportunity presented itself to do a deeper partnership, I jumped at the opportunity. I felt like it was the perfect segue to get back into fashion. The bags and everything they develop are amazing and made with the best quality. And just being able to be back behind the scenes, getting to see the production of it all, you know, everything I'm learning that's going to help me evolve as a businesswoman," Vanessa told us.

Banjo added, "Can I just say Vanessa is a boss, first of all? Amazing. When I first launched the brand and engaged with someone in PR, they asked me, 'If you were to have a dream person to work with, like a dream celebrity or brand ambassador, who would it be?' And immediately I said Vanessa. I had never met her. It's crazy because I know that this is God's work. She's my dream collaboration." With Vanessa's expertise in running a global brand and Banjo's skills in engineering and design, the pair are pushing Silver & Riley to newer heights.

Another goal for the brand is not only to gain more revenue and a larger audience, but also to give back to other Black women entrepreneurs. With the need for more venture capital funding in Black-women-owned businesses, Silver & Riley is committed to supporting and encouraging other go-getters to chase their dreams. The company's website mentions that they provide a program called Buy 1, Give 5. This initiative aims to support women entrepreneurs in the U.S. and emerging areas. With 5 percent of the brand's net sales allocated to Buy 1, Give 5, 50 percent is distributed via entrepreneurship grants. The other 50 percent is given to a partner organization that promotes female entrepreneurship in developing economies.

"As a kid, I watched my mom support other women entrepreneurs in her community, even ‘til today. She passed away when I was a teenager over 20 years ago. People still tell me, 'Oh, your mom helped me build my business, or she helped me invest in this, or she helped me do that.' So, when I started the brand, I wanted it to be really intentional about how we give back. We give back 5 percent as grants and support women's organizations that teach business literacy to women in developing nations. That is something that I cannot wait to grow, to be bigger," Banjo reflected.

She concluded, "We (women) have so many great ideas and I know how hard it's been for me to start the business. I also know I'm fortunate because I did have a career that supported my ambition. You know, not everyone wakes up and says, 'I have $100,000 to invest in the brand right off the bat.' That's not everyone's story. So, I don't want the lack of funds and capital to kill dreams. If I can just do one little bit and support women in their journey, then I'll feel like I've done my part as a woman, as an entrepreneur, and as a human being. That is my goal. I cannot wait to be giving $100,000 grants and million-dollar grants. When I can grow this fund to be like $50 million, that is where we can really support huge initiatives for women in our community and beyond."

Learn more about Silver & Riley here.

]]>