How to Build a Successful Jewelry Brand: Lessons from Jeremy Millul

Jewelry is certainly a creative company. However, there is a budget, a supplier, a price, and careful planning behind every successful collection.

For an entrepreneur with a finance background, Jeremy Millul, of New York, will illustrate how business skills can complement a product-based brand.

This article helps outsiders who are considering launching or expanding a jewelry brand by drawing from the aforementioned strategy.

Start With the Numbers

There are many new brands that start with design in mind and then consider pricing. Finance-minded founders do the opposite.

Calculate the cost of each piece to manufacture, how much to sell it for, and how much the profit will be after materials, shipping, and fees.

If you know your margins in the early stages, you will not be tempted to sell products below the price, and will be able to determine which designs to invest in. For a start, you can use simple spreadsheets.

A Background Built for Product Businesses

Mr. Jeremy Millul received his finance degree from the Sy Syms School of Business at Yeshiva University, has a minor in the real estate program, and established Jeremy Millul Inc. in 2015.

There are a number of skills listed on his profile that relate to product development, supplier negotiation, and product marketing.

That combination is great when making jewellery, especially for cost control.

You don’t necessarily need an identical degree, but you need the same habits: Planning, measuring, and understanding how the business works.

Know What You Are Making and For Whom

Brands with a strong personality have a point of view.

Choose to use ones that can be used in the regular day-to-day, that are statement pieces, or that can be used for gifts. Consider who will wear them and how much they have to spend.

A focused collection is easier to design, produce, and explain than a scattered collection.

Try out small amounts, get suggestions, and make improvements before expanding.

Supplier relationships influence quality

Materials and skills are what determine the quality of jewelry, and the suppliers are a crucial part of the equation.

Check consistency from order to order and request samples from several suppliers.

There is more to the negotiation than just the price. It also includes lead time, minimum quantities, and quality requirements.

Trust and transparency are established with clear written terms and communication. Treat suppliers like partners and not vendors.

Marketing Jewelry Means Telling a Story

People do not buy jewelry for function alone. They purchase self-confidence, style, and meaning.

When customers can visualize an item in their space, it is a result of good photography, clear description, and uniform appearance.

Describe a collection that was inspired by something, how it’s created, and why it is appropriate for a particular occasion.

Truth is better than a fancy promise, and it makes a small brand stand out in a saturated market.

Growing Carefully and Guarding the Margins

Growth may seem exciting, but it can also be money-sapping.

Know how to order stock that you know you can sell, monitor slow-moving items, and budget for returns and reordering. Check numbers often – not only when things go wrong.

If a product produces little profit on a net cost basis, adjust the price, redesign the product, or drop it. A healthy margin provides space to continue the improvement.

Learn From Customers and Stay Consistent

When customers give feedback, it’s free research.

Read reviews, observe what pieces are selling quickly, and solicit customer feedback about what they want to see in the future.

Provide consistent quality, packaging, and service; know what to expect.

Repeat business comes from steady performance, which leads to a reputation, which leads to word-of-mouth advertising.

Conclusion

There is a definite need for creativity when creating a jewelry brand, but there’s also a need for discipline.

Be familiar with your numbers, understand your audience, select suppliers with great care, make sure to tell a truthful story, and grow at your own speed.

The finance-minded approach is not a substitute for good design. It provides your designs with a stronger business to stand on.