From Chance Encounter to $1 Million Side Hustle: How Two Entrepreneurs Turned Family History into Multimillion-Dollar Brands

**How They Started a Multimillion-Dollar Brand and Side Hustle** *Source: https://www.entrepreneur.com/starting-a-business/how-they-started-a-multimillion-dollar-brand-and-side-hustle/481854* ## Unique Entrepreneurial Connections ### A Fortuitous Meeting - Entrepreneurs Aaron Luo and Carmen Chen Wu discovered a shared background during a chance encounter. - Their grandparents were business partners in Spain, which strengthened their bond rooted in a shared Chinese-Spanish heritage. ### The Birth of Caraa and Mercado Famous - **Caraa:** A luxury handbag brand founded in 2015, reaching over $50 million in sales. - **Mercado Famous:** An artisanal Spanish charcuterie business launched in 2022 that surpassed $1 million in its first year. ## Building Caraa ### From Finance to Fashion - Aaron, with a decade of corporate finance experience, leveraged his skills to establish a strong operational backbone for Caraa. - Carmen's background includes luxury fashion design and hands-on experience with handbag craftsmanship. ### Innovation in Design - The founders aimed to disrupt the handbag market by incorporating practical features into luxury designs, such as organization and lightweight materials. ## Growing the Side Hustle: Mercado Famous ### A Passion for Spanish Cuisine - The idea for Mercado Famous arose from a desire to offer premium Spanish charcuterie at honest prices in the U.S. - After two years of research, they partnered with a family farm that upheld traditional methods. ### Balancing Two Brands - Despite challenges, synergistic operations allow 90% of team resources to support both brands. - Prioritization of people and processes has guided their successful scaling of both ventures. ## Overcoming Challenges ### Scaling Insights - Lessons from Caraa were readily applied to Mercado Famous, emphasizing product quality over merely flashy marketing tactics. - Their focus on storytelling and customer engagement has proven successful in both the fashion and food sectors. ## Future Aspirations ### Brand Evolution - Aaron and Carmen continue to divide their time between Caraa (60%) and Mercado Famous (40%), nurturing both as they grow. - Their revenue goals: Caraa aims for sub-$20 million, while Mercado Famous looks for under $5 million in revenue. ## Key Advice for Aspiring Entrepreneurs - Start with passion, not just financial motivation. The path will be challenging, and passion fuels perseverance during difficult times.