Online jewellery retailer Taylor & Hart, has had a successful 2018 so far, something the company attributes to a growth in international sales and being reactive to consumer trends.
This year, the e-tailer, which renamed from Rare Pink to Taylor & Hart, has doubled the size of its sales team and remains on target to achieve over 100% year-on-year revenue growth.
International sales have been a big part of this with 31% of sales coming from outside of the UK and 26% from the US alone.
The company also says adapting and reacting to consumer trends has been vital too.
Chief executive officer, Nikolay Piriankov, explains: “It’s been important to adapt to consumer trends. We’ve seen a significant increase in demand for gemstone engagement rings so we’ve invested time to develop a strong supply of gems that has allowed us to make some spectacular custom pieces. There has also been a clear ‘Royal Wedding Effect’ with Trilogy’s being a lot more popular following Meghan Markle’s engagement to Prince Harry.”
He continues: “It’s not just customer tastes that we’ve had to adjust to but also their wallets. Compared to last year we’re seeing 10% less customers pay using finance options, choosing instead to buy outright. This seems to support the current consensus that UK consumers are becoming a little more cautious about how they spend their money. Regardless we continue to see more and more customers choosing to personalise their engagement ring in some way (now over 60%).”
The bespoke jewellery market lies at the heart of Taylor & Hart, and the company continues to find new ways for consumers to capture themselves or the personal they love in the jewellery they wear.
Now the online jeweller has found its niche, it is now focused on sustaining business.
Piriankov reveals: “We’ve spent the last few years figuring out a product-market fit and now that we believe we’ve found it, we want to make sure we can grow in a sustainable way. We just closed a funding round and we want to use the funds to grow to a healthy bottom line which makes us a scalable business with healthy cash flows.”