Meet Taylor & Hart, the startup that uses blockchain and custom design to create unique jewelry

Taylor & Hart began when a friend of ours wanted to design a ring for his girlfriend. He was looking for something completely unique, just like his partner. After realizing how many complicated steps it took to create a custom ring, we knew the industry was ripe for disruption.

Taylor & Hart was founded on the belief that an engagement ring should be as unique as the love story it symbolizes, and anyone should be able to design something extraordinary.

Tell me about the business – what it is, what it aims to achieve, who you work with, how you reach customers and so on?

We specialize in making customized engagement and wedding rings, in the most seamless and stress-free way possible. Our aim is to create a ring that is just right for our customers by listening carefully to their stories and inspirations and bringing them to life in a design – whether it comes from a secret detail or a completely bespoke design that has never been seen before . Each of our customers works in collaboration with one of our personal design consultants, either in our physical showrooms or via virtual design consultations (or both!) to create the perfect ring. We do what it takes to turn the remarkable nature of love into a ring that will last a lifetime.

Our use of innovative technology guarantees the authenticity of our products, such as blockchain which enables tracking at every step of the diamond’s journey. This gives our customers visibility into their diamond’s provenance and enables transparency in the global diamond supply chain. In fact, we were the first jewelery brand in the UK to create an engagement ring with a blockchain-tracked diamond. As consumers increasingly seek informed alternatives, this allows our customers to buy with confidence.

From the beginning, we have been committed to making bespoke fine jewelery more accessible from a price point of view, whilst ensuring sustainability and transparency throughout our offering. We have a wide selection of lab-grown diamonds and fair metals, which have become increasingly popular choices in recent years.

We are digital first, and reach our customers primarily through digital platforms and word of mouth. We get lots of word-of-mouth referrals from customers who are happy with our attentive service – in fact, the word ‘moon’ in a keyword search over-indexes in our reviews because so many people use the phrase ‘over the moon!’

How has the business developed since launch? When was this?

The business has certainly evolved over the years. We launched back in 2013 in true startup mode and have experienced all the challenges you’d expect. Now with the benefit of all the hard work and learning, we are scaling our premium, unique offering and driving growth while maintaining our core values, quality of service, quality of design and quality of craftsmanship. Although we have experienced impressive growth, we have never wavered from our commitment to offering a sincere and practical approach to engagement ring design.

Our team has also expanded worldwide to 70+ hard-working and creative thinkers in five countries.

Tell us about the work culture at Taylor & Hart

We are a team of innovative thinkers. We pride ourselves on excellent service, design and craftsmanship, and we all deliver to serve these pillars. With half of the team based in Sofia and half in London, we work hard to foster a transparent and fun culture. We’re on Slack all day and consistently encourage back-and-forth visits to collaborate and get to know each other in real life.

How are you financed?

We first started the business, and then raised some capital from friends and family when we felt we had proof of concept. We have since raised two further formal rounds of funding, welcoming LaunchHub VC, The Garage Soho (the investment vehicle of Sir John Hegarty, co-founder of renowned branding agency BBH), and Active partners (one of the UK’s leading consumer investment firms having worked with brands such as Rapha, LEON and Soho House).

We are currently raising an expansion to our final round to further support branding and international expansion. We are also currently crowdfunding on Seedrs.

What has been your biggest challenge so far and how have you overcome it?

Like many businesses, one of the biggest challenges we have faced was during the Covid pandemic. On a personal level, everyone on our team, including myself, struggled psychologically with the limitations and suffering going on in the world. For the business, not having the certainty of knowing the right strategy going forward and not being able to provide clarity to our team when everyone was really worried about their job security and their future was painful.

We quickly adapted and expanded our online design customization services and virtual consultations, and the business actually came out stronger. During the two “lockdown years” 2020 and 2021, we saw a 190% increase in contactless e-commerce, which led to a 43% year-over-year revenue growth. Our virtual approach to ring design during covid has endured and we now offer virtual consultations alongside or instead of visiting our physical showrooms. However, we were happy to return to the in-person consultation once the restrictions were eased – there’s nothing quite like seeing the craftsmanship of ring design in real life.

How does Taylor & Hart respond to an unmet need?

The jewelery industry has always been and continues to be an incredibly opaque market. We’re democratizing the way customers can design custom engagement rings and doing it in a more sustainable way. We’ve broken down the steps involved in creating a truly unique ring and made it an enjoyable and stress-free experience, resulting in a piece of jewelery that feels like it’s a true representation of a couple’s love and commitment.

What is in store for the future?

We continue to improve our services to customize designs online, choosing everything from styles and precious metals, to choosing the signature pearl (or gemstone hidden in the band) that is most meaningful to our customers. We are exploring more opportunities for pop-up experiences, such as the in-store trunk show we had at Fortnum & Mason this year, and we have some exciting collaborations with a range of up-and-coming designers to showcase our capabilities and expand to new target groups. We are also very excited to soon be launching a jewelry line from lab-grown diamonds.

What advice would you give to other entrepreneurs or future entrepreneurs?

One thing I would have done differently, and I would advise any new entrepreneur, is to find balance and take care of yourself. It’s very tempting when you start bootstrapping to work 20 hours a day, but it’s not sustainable. When mental health wasn’t discussed so openly 10 years ago, I remember how devastated I was at the beginning of my business because I didn’t think about my mental health and work-life balance. Having children forced me to have a better balance, but luckily I recognized years before how important it is to take care of yourself. The more you take care of yourself, the better you are as a practitioner in your business.

And finally, a more personal question! What is your daily routine and the rules you live by at the moment?

I currently live in Sofia, Bulgaria. I’m up at 7, our twin girls come in and wake us up, which is amazing – and we have breakfast together and then I drive them to school.

I come back home, get on my bike and ride to the office, which is a very pleasant ride. I have coffee often, two or three in a day. The first thing I do is check email, especially at the moment when I’m fundraising.

Then I usually have two types of work. Either focus time where I have major initiatives that I am driving forward, or I am in meetings with colleagues where I get progress updates for various parts of the business.

I usually finish at 05.30 or 6 and leave to run the school trip, have a couple of hours with my girls and have dinner together. My wife and I take turns putting them to bed and then we relax or do a bit of work in the evening. Honestly, I really like my job. It comes from a place where I’m really passionate about what I do, and it’s easy to take a few more hours to focus on a challenge or new initiative.

Nikolay Piriankov is the founder and CEO of Taylor and Hart.