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36 Krypton learned that the jewelry design brand “Vow” received about 30 million yuan in Series A financing, which was exclusively invested by Nut Capital, and Yuze Capital served as the exclusive financial advisor. This round of financing will be used to enhance brand potential, expand nationwide stores, recruit design talents, promote market channels, and supplement operating funds.
Vows was established in 2014. It targets post-95 fashion women. It cuts in from wedding jewelry, mainly acquires customers online, and uses offline as the core transaction scenario to increase the conversion rate, and uses “segmentation + light customization” products The model provides wearable jewelry, gift jewelry, wedding jewelry, and maternal and child jewelry, covering the jewelry purchase scene of women aged 20-40. Founder PFYU believes that young women’s jewelry consumption concept has changed from “showing off oneself” to “pleasing oneself”, and Vows hopes to become a jewelry design brand respected by new women.
PFYU told 36 krypton,China’s jewelry market has entered a growth period and is expected to exceed one trillion in 2024, but the pattern is still fragmented, with CR 10<20%.The industry chain of the jewelry industry is relatively transparent. Brand premium lies in product differentiation and segmented design. The high experience demand of jewelry determines the existence of offline stores. Offline is an important channel for brand exposure and cultivating user loyalty.
Vow store map
The vows do not want to be defined by a certain style, and hope to include a variety of styles into the brand. The team has more than 60 jewelry designers born in the 1990s, and about 10 are in the headquarters.The other designers act as design consultants in various stores, instead of traditional salespersons, directly serve users. Product design involves multiple links: fashion trend research and collection, customer preference survey, hand-painted design + 3D modeling, multi-version iteration of user reviews, and thousands of styles of planning.The designer communicates directly with the user 1 to 1 to understand the customization needs, and is responsible for the whole reception and after-sales services.
Co-founder Neil told 36Kr that at the beginning of the brand’s establishment, there were not many universities in China that opened jewelry-related majors. Most of them focused on jewelry appraisal, the design profession was relatively backward, and the talent pool of jewelry design industry was not perfect. Vows cooperates with Shanghai Fudan Academy of Vision and other institutions to develop a jewelry designer training program. In 3 months, students will be trained as commercial designers, and more than 100 talents will be trained. This project will be awarded the Shanghai Cultural and Creative Fund in 2020. Support.
The offline stores of Vows are about 150-200 square meters. On average, there are 1-2 stores in a city. The logic of store expansion will not increase the number of stores in the city, but will increase the area of stores and the design of space. Neil believes that the consumption of jewelry by modern women is “safari-style” consumption, so offline scenes are indispensable.With reference to Gentle Monster, each store has different themes and installations. Design courses, mini art exhibitions, theme activities, etc. are introduced into the store, so that the store has the functions of checking in and exploring space.
Picture of the winning products
At the end of the supply chain, Vatican pledges to first cooperate with factories with luxury goods supply experience, score factories every quarter, and maintain 5-10 in-depth cooperation. In terms of craftsmanship, the “rotating inlay” and other craftsmanship of the Vow have obtained national appearance patents and are used in the “rose fountain diamond ring”. In 2020, the Vow products won the Silver Award of the Italian A’DESIGN Design Award and the Winner Award of the French DNA Design Award.
PFYU believes,The jewelry market and the jewelry market are two independent markets. The jewelry market is nearly one trillion in size, while the jewelry market is only 100 billion. Women will buy jewelry, but they still choose jewelry at important moments.The purchase scenarios of the two are different. Jewelry consumption has changed from functional consumption to meaningful consumption. Users pay more attention to product design and brand values.
The Vow also cooperated with the international ophthalmology charity “ORBIS” (ORBIS) and the Shanghai Xinao Bright Charity Foundation to launch the “Lighter Project” charity project, to support the Chinese children’s vision health project in the next five years and help more The child treats eye diseases and sees the light again.
As for the team, the founder PFYU has 13 years of experience in Internet product management, product operation and visual design, as well as 8 years of entrepreneurial experience, and his design works have won international awards. Co-founder Neil has 10 years of experience in the consulting industry and the Internet industry. He has successively held management positions in Yi Media, Focus Media, and China Ping An. In 2015, he founded the online trial website TryMe.