I’ve just finished Boo Hoo, the story of the rise and fall of boo.com, written by its CEO, the Swede Ernst Malmsten. I think he was too nice to everybody in the book, himself included. Basically, it was nobody’s fault, he says, just bad luck with the timing of the dot com collapse. He never ever questions the basic business premise–that people are eager to buy such a non-commodity as a fashion item over the internet. Gap clothes, yes, they are a commodity, and I could see myself order another 2 pairs of khakis size 34, or The Great gatsby from Amazon, especially as it is cheaper, or a ticket to Sweden. But a North Face jacket, with no discount? Never. I’d have to try it on, and I can do so down the road. Meanwhile, the entire opposite sex and Felix actually relish the tactile shopping experience.

I remember encountering boo.com through the Industry Standard articles and dismissing it then for precisely those reasons. Ernst seems not to see any difference between catalogue vendors such as L.L. Bean (online or otherwise) which peddle practical goods to rural types, and his target customer, the New Yorker who can pop around the corner to Urban Outfitters at 7pm on a Sunday.

Meanwhile, I learned yesterday that the 3rd partner, Frank, also wrote a book, alas only in Swedish, telling his side of the story, one in which Ernst is portrayed much less flatteringly. Another great reason to learn Swedish, ja?

If I had millions I don’t think I would have invested in boo.com. But then, this was way back in 1999; they hadn’t even invented blogs then. (To be fair though, sighs.com has existed since 1995, making it the world’s first blog way before the term was coined, replete with last articles at the top and all. Wouldn’t want to take anything away from the people responsible for sighs.com)

[Thu, Sep 19 2002 – 14:05] Charles Kenny (www) (email) I’m within one inch of Stefan’s waist size. Must go on diet.

I agree that Malmsten was far too nice to himself, Kaja and the nutty investors. The one benefit –convenience of not having to go to the store– was obviously going to be outweighed for most people by the lack of the shopping pleasure and the annoyance of waiting a week for an article only to have to return it because the spangles were the wrong color. As much to the point, their complete inability to concentrate on not spending huge amounts on irrelevancies while getting the core business up and running, and their investor’s stupidity in allowing that to continue, was incredible (Kaja’s manic obsession with launching a free online magazine in thirty editions for thirty countries with no attempt, even, to get advertising revenues, stuffed with very expensive writing talent, makes Slate look like a good idea).

[Thu, Sep 19 2002 – 16:11] Matthew (www) (email) after a week in which eurof became greek orthodox, or an orthdox greek, that’s all you have to write about?