Who doesn’t love a beautiful piece of jewellery? But buying something that is pricey and will only be worn maybe a few times a year, plus the worries of keeping it safe can be discouraging. So, why not co-own it instead? That’s how Cynthia Morrow had the idea to launch Covett, a smart ownership model for luxury jewellery. We talked to her to find out more about the business model, how to target early adopters and the challenges of scaling a company that is changing the market mindset:
Project M: What motivated you to launch the brand?
Cynthia Morrow: I was interested in launching a business in the sharing economy that would have low capital requirements. Years ago a friend of mine and I were going to share our diamond jewellery and that idea has stayed with me. When I originally started I was going to launch a company that delivered the co-ownership of luxury goods but I realised I needed to focus, so I decided to start with my true passion which is jewellery.
Project M: What are the biggest challenges you have faced so far?
Cynthia Morrow: Covettism is a mindset shift; people have to understand that they can actually have more by owning less. So it’s going to take a while for people to get the concept. Which leads to the biggest challenge, which is finding early adopters because the concept is new and really only about 10% of the population are early adopters. We are focusing on building awareness and spreading the word right now. We have a handful of early adopters, but we must really grow those numbers in the coming months.
The second challenge is finding the right people to connect and partner with, especially on the jewellery side. We are constantly looking for people with unique offerings of very high quality.
Project M: What advice would you share with those thinking about creating a business?
Cynthia Morrow: Sounds cliché, but just do it. We are following the Lean Startup Model, which allows you to focus on doing what you need to do without spending a lot of effort and money on things that aren’t important for the stage you are in. I highly recommend it.