How Icon Amsterdam Rebuilt Profitability By Abandoning Discount Culture
After A Near-Bankruptcy In 2022, Founder Samuel Onuha Redesigned His E-Commerce Model Around Data Discipline, Retention Metrics, And Long-Term Brand Equity.
Courtesy Press Office.
Written by Malana VanTyler
As brands across Europe prepare for another record-breaking Black Friday, ICON Amsterdam is taking a contrarian path. Founded by Dutch-Nigerian entrepreneur Samuel Onuha, the menswear label once thrived on the same algorithms and discount cycles that now define the e-commerce race.
But after a near-collapse in 2022 when ad costs surged and return rates peaked, Onuha made a decision few founders dare to: shut down expansion, pause new launches, and rebuild the company from its fundamentals.
That pivot placed ICON Amsterdam at the forefront of a growing post-Black Friday movement: a shift away from short-term volume toward sustained brand credibility and operational control.
“Black Friday Became A Symbol Of Everything We Wanted To Move Away From,” Says Onuha. “We Stopped Trying To Win It And Started Trying To Earn It.”
Across the global DTC market, profitability now hinges less on acquisition than on retention. Studies from Shopify (2024) and The Economist Intelligence Unit (2025) highlight how direct-to-consumer brands are prioritizing customer lifetime value over flash-sale turnover. In Onuha’s case, this meant replacing promotional dependency with constant product iteration, fine-tuning fit, reducing returns, and refining supply-chain predictability.
“Heavy discounting rewards impatience,” he adds. “Real value is built quietly through fit, consistency, and trust. Speed without structure is suicide.”
Rather than competing for attention during a single week of markdowns, ICON Amsterdam now invests in what its founder calls micro-learning: continuous observation of customer behavior to guide design and production. It’s an approach increasingly echoed across the fashion-tech ecosystem, where brands are merging data insight with design sensibility to stabilize growth.
From left to right: at Galleria Vittorio Emanuele II in Milan, and at the Icon Amsterdam headquarters in Dubai during a creative strategy session.
Photo credit: AMD Digital Press Office.
This mindset reflects a wider industry correction. Analysts from Fast Company and BoF–McKinsey note that the next phase of e-commerce will be defined by discipline, not disruption, a move away from hyper-scaling toward sustainable, purpose-driven business models. As consumers grow fatigued by relentless promotions, loyalty and craftsmanship have become the new competitive currencies.
“Black Friday will always exist,” says Onuha, “but the smartest founders are the ones planning for the 364 days after it.”
