Fraser Smeaton co-founded MorphCostumes with his brother and a friend in 2009 in Edinburgh. It began as a side hustle specialising in a particular kind of striking, head-to-toe party costume made of Spandex, the “Morphsuit”. An immediate success, the co-founders quit their jobs and the company turned over £1m in its first year.

However, by 2014 it was clear the company was becoming a victim of its own success. The product was no longer novel and the business was in real danger of going under. In this episode of the Business Leader Podcast, Fraser Smeaton explains to Dougal Shaw how they were able to reinvent themselves to find success all over again, in a new guise – with lessons for others.

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