Luxury jewellery brand Taylor & Hart was on track to deliver a record performance in 2020, but now is learning to adapt to a new growth plan post Covid-19.
Speaking exclusively to Professional Jeweller, Nikolay Piriankov, chief executive officer at Taylor & Hart, said that the brand was on track to excel its 2019 turnover of £5.3m by ‘two-fold’ by the end of 2020, before the pandemic put paid to a number of years of impressive growth for the company.
“The last couple of years were very successful for Taylor & Hart,” Prirankov says. “We have more than doubled our monthly revenue, grown to a team of 50 across five countries. More significantly, to continue to ensure customers have the best jewellery experience possible, the design team has tripled.
“Last year we had a turnover of £5.3 million and we were expecting to excel this figure two-fold by the end of 2020.”
Despite a strong start to the year, with the launch of a new showroom in London and its own workshop space, Taylor & Hart was not immune to the challenges that impacted the industry amid the coronavirus lockdown. However, the company has evolved its business model to meet the demands of the ‘new normal’, introducing virtual and live chat engagement ring consultations and planning a brand ‘refresh’.
“Our main focus was the safety of our team members and, of course, our customers,” he adds. “That is why we introduced our virtual and live chat consultations that are as educational and engaging as those in our showrooms. We also continued to communicate via phone, email and WhatsApp. We’ve decided to also use this time for strategic planning and a brand refreshment- a very exciting project that we can’t wait to share with everyone very soon. We’ve also been expanding with a sales representative in South Africa and some new key operations roles in the company.”
Taylor & Hart also introduced a new diamond search function as countries around the world were affected by the pandemic, allowing customers to reserve their preferred diamond for a deposit.
Piriankov explains: “Once India entered the lockdown we had a bit of a challenge with the diamond supply chain but we managed to adapt fast. We came up with a new diamond search function on our website that showed only diamonds from countries like Russia and Canada, countries different from India. That is why we also gave our customers the option to reserve their diamond, no matter the country, and lock in the price for 30 days, with the option to cancel any time by paying a fully-refundable 10% deposit. We wanted to ensure people were getting the diamond they wanted, at the best price point available, no matter the circumstances.”