Jeremy Moon: How Icebreaker went from $10M to a $300M brand

Founders often think they can tidy things up when it’s time to sell. In practice, the value is won or lost earlier—depending on how much complexity, weak infrastructure, and preventable errors are allowed to accumulate.In this episode of 2 Commas, I sit down with Jeremy Moon, founder of Icebreaker, to unpack what it takes to build a global brand from New Zealand and then execute a successful acquisition. We cover international expansion, why the “New Zealand advantage” is often a myth offshore, and why hiring local teams matters more than most founders expect.Jeremy also breaks down scaling and profitability, how brand shows up in gross margin, and what changed when he brought in Rob Fyfe as CEO to professionalise the business. We get into exit planning, sale readiness, the M&A process, and how to position a company so it attracts premium buyers and stronger valuation multiples.