Earlier this month, Mejuri, a Canadian high-end jewelry start-up brand, announced the completion of a $5 million Series A round of financing. The London-based venture capital firm Felix Capital is also the investor of the lifestyle brand Goop founded by British luxury e-commerce company Farfetch, Hollywood actress Gwyneth Paltrow and the German fashion website Highsnobiety. Other participants include: Real Coupon Code for Shein Ventures, Incite Ventures, BDC Capital Women in Technology Fund, and Dash Ventures.
Mejuri was founded in 2015 by Noura Sakkijha and Maj Masad and is headquartered in Toronto, Canada. The brand is dedicated to providing cost-effective, fun-designed high-end jewellery to millennials, with the slogan “Whenever you go, making high-end jewellery a daily routine”.
Mejuri's jewellery is crafted in 14K gold and sterling silver, and the inlaid high quality stones are mined by suppliers through formal channels. Mejuri has specialized jewelry processing factories in Toronto, Canada and Seoul, Korea, and they also employ experienced craftsmen and gemologists. At the beginning of the company's establishment, only $1 million was initially raised as the start-up capital. Today's sales are now 400% year-on-year. In 2017, Mejuri sold 150,000 pieces of jewelry.
Mejuri's main target consumer group is the millennial Newchic Coupon Code generation. The company communicates with consumers through social media, email and SMS. This marketing method has enabled the brand to quickly acquire a large number of loyal consumers. The data shows that 35% of the brand's monthly sales are contributed by repeat customers.
Currently, Mejuri sells goods only through direct sales. Since there is no middleman to earn the difference, consumers can purchase high-quality precious metal jewelry at a very favorable price. In order to ensure the freshness of customers, Mejuri launches new products every Monday. Mejuri brand rings range in price from $69 to $299 depending on materials and design process, and necklaces range in price from $59 to $299.
Mejuri has been focusing on expanding online exposure, increasing the number of social media followers and developing online e-commerce platforms. The funds will be used to develop physical stores. In July of this year, Mejuri opened its first store in Toronto, Canada, and the current store in New York is also in preparation.
Sasha Astafyeva, director of Felix Capital, said that Mejuri's marketing on digital media has been very successful, and the company already has a stable customer base, and Felix Capital will help them accelerate their growth in the future.
Noura Sakkijha, co-founder and CEO of Mejuri, said that although the funds Coupons for Zaful that were previously available were small, the effective use of funds was one of the company's greatest strengths. The US monthly subscription to fashion e-commerce Stitch Fix founder and CEO Katrina Lake is her role model. Katrina Lake has grown into a current public company with just $40 million in financing. She said that funding is important for the company's development, but through hard work, small amounts of money can make the company grow rapidly.
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