The mission and culture at the heart of my company, Capelli New York (CNY), have always defined our principles—but diversification has been our strategy for success. We’ve diversified in order to build a unique name and become a one-stop shop for major fashion brands. When it comes to product, flexibility is key, and a wide range of offerings is what sets a business apart from the pack. Over my 30-year career, I’ve identified three essential steps to diversification that have been instrumental in CNY’s growth into a dynamic force in the industry.

1. Create an Ambitious Portfolio

Offering a wide range of products to consumers has helped CNY build a reputation with vast networks of customers. In 1990, CNY only manufactured and sold hair accessories. But as our competition grew, we learned to adapt our products and portfolio proactively to diverse, emerging needs, across a wide spectrum of categories and price points. Selling related products and partnering with different fashion brands has allowed us to dramatically expand our reach. As of early 2018, the company partners with large retailers ranging from fashion houses like Badgley Mischka to hybrid brands like U.S. Army and CoverGirl Active—letting us create and connect with a diverse range of merchandisers and consumers. Our 2014 acquisition of Ballet Jewels, a leading supplier of private-label costume jewelry, also expanded our reach across multiple fashion product categories.

2. Expand Internationally

CNY operates globally across North America, Europe, and Asia. Our sales offices are spread across the U.S., Germany, Shanghai, and Hong Kong, and our manufacturing centers are located in China and India. In addition, we established a design studio in London. Why so many locations? One major reason is that it allows us to identify new trends before they go international, and develop the products and distribution systems to reach more customers.

3. Provide Multiple Distribution Channels

While other companies in our industry tend to sell to one channel, we sell to many—and it’s a big part of how we differentiate ourselves from the competition. In addition to developing uniquely CNY styles, we also cater to high-end brands. As a result, we’ve been able to secure a wide range of domestic retail partners including department stores like Macy’s and Lord & Taylor, mass market stores like Target and Walmart, mid-tier outlets such as Boscov’s, online retailers like Amazon and Zulily, and specialty stores like ULTA Beauty, Payless Shoes, and Modell’s Sporting Goods.

With a commitment to diversification comes a near-unlimited potential for expansion. As CNY has diversified across categories within its own industry, we’ve been able to integrate our creative and business processes for maximum impact. My key advice is to be flexible adapting to ever-changing markets. If your company relies on emerging trends, don’t hesitate to spread your resources a little thin and cast a wider net, because in the end, diversification will give you a more stable footing as you grow.