Latest / Imagine If with Doone Roisin | Health, Wealth & Wisdom for Women (formerly Female Startup Club Podcast) / How Olivia Landau, Founder of The Clear Cut, is revolutionising the jewellery industry one engagement ring at a time

Transcript

How Olivia Landau, Founder of The Clear Cut, is revolutionising the jewellery industry one engagement ring at a time · Imagine If with Doone Roisin | Health, Wealth & Wisdom for Women (formerly Female Startup Club Podcast)

0:00
This is Olivia Landau for Female Startup Club. Hey everyone, welcome back to the Female Startup Club podcast. I'm Doon Roshin, your host and the founder of Female Startup Club.
0:21
On the episode today, I have Olivia Landau, CEO and founder of The Clear Cut. And if you're new to this corner of the internet, the Female Startup Club podcast takes a deep dive into each female entrepreneur to understand how they built their business, what learnings and advice they have for other female founders, and in particular, what they attribute their success to.
0:42
Olivia's business, The Clear Cut, is a direct-to-consumer jewellery biz that's completely disrupting the industry. They've literally flipped it on its head through marketing, Zoom call appointments, and their supply chain. She's a diamond expert, a GIA graduate gemologist, and a fourth-generation jeweller. We learn about how she and her now-husband, Kyle, came to start the biz, the accelerator program that gave them the structure they needed to scale, and what's working for them in marketing right now.
1:11
And while I've got you here, if you're looking for more nifty tips and tricks, you can tune into my Instagram at Doon Roisin, where I post daily quick tips, how-to guides, and useful things relating to business and e-commerce. I would love to see you there. And lastly, if you haven't done so already, please do subscribe to the Female Startup Club podcast so you can get notified of our new episodes every week.
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And if you're feeling particularly generous, please rate and review the podcast as well. It's how other people find us and it always brightens my day to read what you have to say. This is Olivia for Female Startup Club.
1:46
Oh, Olivia. Hi. Thank you so much for being on the show today. Thank you so much for having me. I'm so excited. Yay. I'm glad. I'd love to go back to the very beginning of your university days and learn about that time in your life when you and your now husband, congratulations, were going to disrupt the jewelry industry with your idea for the clear cut.
2:10
Yeah, so I always grew up around diamonds, gemstones. My family comes from four generations of diamond cutters and dealers from my dad's side. And my mom, my dad started their own antique jewelry business. So I always grew up around it, but never really thought I would go into the industry myself.
2:31
They always told me it was kind of a dying industry and I should focus my studies on something a little bit more practical. So I went to NYU and I studied media and communication and I minored in East Asian studies. And I always thought I was going to be like a journalist or like work in media. And I...
2:51
did a lot of internships in New York, and that's really why I wanted to be here. But realized through all those internships that I didn't really have the passion that I originally thought I did. So upon graduation, I was a bit confused about the direction I wanted to take my career. So I decided that I wanted to extend my schooling a bit and...
3:14
you know, was always interested in, you know, gemstones and, you know, sparkly, beautiful things from growing up around it. So I convinced my parents to let me go to GIA, which is the Gemological Institute of America. And there's a campus here in New York to take the graduate gemologist course, which is six months. So
3:34
They agreed. And I, you know, convinced them like, I'll just go into like corporate, like in the jewelry world, something like that. I just want to explore. And they were totally cool with that. So I enrolled right after graduation, and I fell in love with gemstones and diamonds. And I think it was just always in my blood all along and really found my passion immediately. Yeah.
3:56
While I was there, I also met my now husband and co-founder, Kyle. He had come from a really different background and he was taking the diamonds course and I spotted him across the room and actually followed him home on the subway. And, you know, started tutoring him and we were doing our homework and he had come from a college.
4:16
Fair trade mining background. So he'd founded a fair trade mine in Sierra Leone and his investors had sent him to GIA to learn more about diamonds. So he was there temporarily and then moved back to Africa for a year until the Ebola epidemic.
4:31
I went directly to work at Tiffany on their engagement floor. And that's where I fell in love with bridal jewelry specifically. Loved working with couples getting engaged, loved diamonds. And I really wanted to get my hands a little dirtier.
4:47
kind of work more with the product. So after Tiffany worked at a large diamond wholesaler here in New York, and at the same time, Kyle returned back to the U.S. enrolled after Ebola kind of shut down his operation, enrolled at business school in Columbia,
5:07
And a lot of his friends, it was kind of this weird phenomenon, were in the market to get engaged all at the same time. And they all knew that he had some sort of diamond background. So I'd go to him and be like, Hey, do you know a guy? Then give me a good deal on a ring. And I was that guy. So they would all come to me and I'd help
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work with them to pick out their diamond, educate them, create a custom ring. And then I just started posting some of those designs on Instagram. And organically, people started following, reaching out, asking if I could make their rings. So it took on a life of its own and was a little side hustle, like passion project for me. I'd gone on, became a gemologist elsewhere, but it was hard to balance this
5:53
passion project, side hustle blog, and also my full-time job. So Kyle was graduating from business school. And as an entrepreneur at heart, I'm the risk adverse person. He was like, we should just quit our jobs and try the clear cut. We're young. When else are we going to do this?
6:12
So I was like, I don't know, someone has to like have a job and like pay the rent in New York is like, you know, expensive. So I told him, you know, I really would like to get into an accelerator that would really make me feel a lot more confident in my decision. Our parents weren't like 100% supportive of us like jumping into this.
6:31
So we applied to Techstars, which is like a tech accelerator. And there was a branch in New York. And I said, if we get in, they give you a little seed funding. They give you kind of like this founder boot camp, like 101 for three months. And I really thought I needed it, but never thought we would get accepted. But we did. And I had committed to, I was like, if we get accepted, I'll definitely quit my job. So once we did, I couldn't really go back on my word. And it was the best thing.
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that ever happened to us. That was January of 2018. So we started Techstars then. And that's when we both committed full-time to the clear cut, which at the time, it was just building this direct-to-consumer, custom engagement ring business. And now we've expanded to find jewelry. And we've been growing exponentially over the past 2 years, which has been amazing.
7:28
Wow. It's such an interesting story. And I think it's really cool that you went into the accelerator program versus like just going straight out and being like, yep, like we're going to get funding. We already know what we're thinking and what we're doing. And you were kind of like, we're proving the concept. Like we know people want this, but we want to take this other route, which is really cool. Definitely like an interesting move. Yeah. I had, I mean, Kyle had founded a company before, but I never had. And I think I've
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just really wanted that support, the network. And, you know, I think it was a great way to also be around other founders in the same position as you, because I didn't know any other founders. So it was a great community and a great way for me to like step into like the CEO founder role. Yeah, absolutely. For sure. Are you able to share a little bit about the seed funding that they gave you and how you use that money in the beginning to launch the business and get started?
8:28
Yeah. So Techstars, they give you, I think it was around 120,000. And it was for the three-month program and it converts. But it was really helpful just to have that as we were profitable. And I don't think we ever really dipped into it during the time, but it was just good because it gave us the confidence to take risks that we may not have been able to without having that backup after quitting our jobs.
8:54
Yeah, for sure. I imagine that like usually for people getting into the industry, it must be difficult because it's like a high price of the cost of goods. So the barrier of that entry is higher. But I guess you guys had that kind of…
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you know, background with your families and that kind of thing that you already understood the industry. For anyone who is looking to get into the world of jewelry and in particular, engagement jewelry, diamonds, that kind of thing, how would you recommend getting started? Do you have to do these, you know, studies at GIA and that kind of thing? I would say that it's always recommended because if your people are going to spend their money with you and you are going to be, let's say, an expert in your
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industry, you should have some sort of background and education on it. So I would always recommend, you know, if not doing the full graduate gemologist program, at least doing the graduate diamonds, just having that base foundation is, you know, helps your credibility helps, you know, your own knowledge with your own business. And I also think what's really helpful is actual tangible industry experience.
9:59
I was really happy that I got to play around and have the experience in the retail, like corporate retail setting at Tiffany and also more of the wholesale industry. So I got to see two different aspects that are big parts of the jewelry industry to really understand where I could find my niche.
10:17
where I could better serve this demographic of customers that wasn't being served. So the more experience you have, the more connections you're going to make, and the better your business will be. Yeah, for sure. And you guys obviously have a really great skew towards the millennial woman, the younger kind of crowd. I imagine, well, I know jewelry is typically a male-dominated industry. Yes.
10:46
What have you had to overcome and what challenges have you faced as a woman in this industry? And do you have any advantages, you know, playing in this space?
10:57
It's tricky. So I think like the advantages definitely nowadays, the customer has changed a lot. So historically with jewelry, it was always in a heterosexual relationship, a man buying jewelry for their wife or girlfriend. And, you know, their partner probably has no say in it. And it just shows like how much they love them or like whatever. And they'll just be happy with whatever they get.
11:20
Nowadays, couples are working together most of the time to make this huge purchase that she's going to wear on her finger, hopefully for the rest of their lives. And it's a symbol of their relationship. So women are much more involved in the process from start to finish, even contributing financially oftentimes. So
11:38
I think our generation is different. So as a millennial young woman, I think I get to speak directly to our clients. Like I understand who they are. Like I know their needs. I know their like aesthetic preferences. So that has definitely been an advantage than working with like an older man who may not know what a young woman wants to wear. Yeah.
11:59
Industry-wise, yes, it's always challenging because it's difficult to have people take you seriously when you're a young woman working mostly with 50 to 60-year-old men like my dad's age all the time. So you really have to kind of work harder and prove yourself. And then over time, you do gain respect. But it is a hurdle.
12:21
constant hurdle. But I think I, you know, at least with some of our main partners, I have like proven myself at this point. But when starting out, you know, everyone's a bit more skeptical.
12:31
Yeah, for sure. I bet. And I guess like now you have the results to back it up and you have the amazing audience that you've built on social media and that kind of thing. But it does. Yeah, it does take time. It's not like you making it overnight, like some typical startups. It's like a grind, constant, like proving yourself. But once you do, you know, it pays off. Yeah, for sure.
12:55
I want to go back to the time sort of when you were finished Techstars and you were kind of ready to properly launch the brand, get out there, get the word out. What are the kinds of things you were doing in those early days to kind of build the business? And what kind of learnings did you take from Techstars into that launch?
13:15
So we didn't have a proper, this is the day we launch. We had been iterating over time, especially because we did start off as a hobby and a blog and an Instagram account. And that's kind of what I learned from Techstars was if you're not embarrassed by your launch, you waited too long. So yeah.
13:38
constantly just putting things out there, testing it, seeing people's reactions and being quick to iterate and, you know, improve, not like waiting and waiting for everything to be so perfect.
13:50
Yeah, for sure. And so once you were kind of like building that business, you were in the grind, in the hustle, what were the kinds of marketing you were doing at the very beginning? I'm obviously aware your Instagram was a big part of your success and it's obviously changed in the last few years to be more of a pay-to-play kind of tool. But what else were you doing in those early days to find new people and new customers?
14:15
Yeah. So I think it was a couple of things. And when we were starting out, it was... I mean, we were just doing organic marketing for a long, long time. We weren't paying for marketing for a weirdly long time. So it was always creating relatable, organic, interesting content. So I would always be thinking of new ideas for...
14:35
educational videos or blog posts, also engaging customers to share their proposal stories. And our clear cut couples, people love, you know, looking at what ring they got and like how they got engaged and things like that. People love love and people love diamonds and jewelry and learning more about it. So it was constantly and this is still a big pillar of like our marketing strategy, creating original educational content, um,
15:03
around not only like the actual diamonds, but around bridal and engagement in general. So that's still a big thing. And now, you know, we do it beyond Instagram is definitely like our main platform where most of our community is. But now we're expanding to like YouTube and TikTok and finding, you know, new people that are always interested in learning more. How's TikTok going for you guys?
15:27
So I was really hesitant at first because I was like, I don't know, everyone's so young. But it's been going pretty well recently. You know, people are really engaged in the educational content, learning more about diamonds. And I think, you know, it's kind of evolved as a platform even in the past couple months where at first it was just people like dancing and doing funny things. And now there is a lot of educational material being created on the platform. So we're kind of fitting into this little niche there as well.
15:58
Yeah, I think it's evolved in such a cool way. And I really hope that someone buys the platform so it remains in the US. It's just such a shame, I feel, to lose TikTok. Yeah, I love it because it is like a very organic platform too. People are like very authentic on it. And I think that, you know, speaks to our brand. We're always trying to be, you know, authentic, transparent, and it kind of fits well into TikTok.
16:27
Yeah, for sure. Absolutely. Lots of sparkle, lots of nice things to look at. I was wanting to talk about your kind of like your strategy in terms of being this really new disruptive company online. I read that you do a lot of things like Zoom call appointments and things that...
16:48
Typically, people would say, oh, like I have to buy my ring in my town because I have to see it in real life. Can you talk a little bit about that decision to be like, no, we're going to do this online and we're going to build it strictly? Well, not strictly. I know you guys probably do appointments and things like that as well. But building this online presence where people can have their appointments with you over something like Zoom.
17:07
Yeah, I mean, like I said, it happened. It wasn't like a strategy I went into thinking like we're definitely going to do remote appointments mainly. But it just happened organically where we realized that most people that were reaching out to us for custom ring were not local in New York. There were people across the country and world that may not have access to, you know, the quality or the craftsmanship at these price points in their town.
17:34
But they are online. They're on Instagram. They know exactly what they're looking for. They know they want a good value and they want that personalized attention, which you go into your strip mall jeweler or your mom pop jeweler. There's a very limited amount you can choose from. Usually it's marked up really high and you're just going to like plop it into a setting that's already made. And there's nothing really like special or personalized about it. So...
17:58
Before COVID, we were already like 70% completely remote. And now we're like 99%. So it's something that we've seen the trend and we're like, okay, this is definitely the future, especially now, you know, not many people are...
18:13
as comfortable going into a jewelry store. So what we do with all of our clients, no matter if they're in person, in our showroom, or if they're remote, is we always hop on a 10 to 15 minute conversation with them just to get to know them, understand their preferences, price point, walk them through the process. And then for all of our clients, we handpick the selection of diamonds specifically for their needs,
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Right now, we're working on some technology to help elevate our remote experience because we really think that that's going to be the future. But we send them right now videos, detailed descriptions of each of the diamonds. We work together to narrow it down, pop on Zoom calls or Google Hangouts just to...
18:57
talk to them, show them their diamonds, and then we create a custom ring for each one. So it is a really hands-on personalized experience. I feel like sometimes going in person, you may not get to work with someone with as much knowledge or expertise that does give you as much attention. So even though it's remote and not in person, I think you still get that extra level of attention and quality and detail.
19:21
And I actually feel like you have a layer that is super like lends itself to sharing, for example, because if you're sending someone like tons of videos on WhatsApp, they're going to like directly forward that on to their friend and be like, hey, what do you think? Like, what do you think about this? Whereas typically maybe that wouldn't happen because you'd come in, you'd make the design, you'd talk about it, blah, blah, blah. And then you'd get the ring. Yeah.
19:45
Oh, that's so cool. And it's naturally a referral based business because you get engaged and then probably like your group of friends are in the market sometime soon. And they're like, I love your ring. Where'd you get it? What was your experience life like? So a lot of our business comes from word of mouth too. So it's very important for us to, you know, have the highest level of customer service, make sure everything's perfect because that's, you know, part of our, you know, customer acquisition channel as well.
20:12
And how long does that process take? Like from someone reaching out to you, having a Zoom call to them getting the ring? Is it a faster lead time than usual or is it more? Well, so I would say the whole process, we usually like to allot at least two months to it. So about like one to three weeks to pick out the diamond because it just depends on the client. And then it takes about three to five or six weeks to create the ring because they're all handmade here in New York, depending on the design.
20:42
So cool. Yeah. Where you're at in the business now, what are the kind of challenges you're facing as you're expanding and as you're growing and doing the sort of numbers that you're doing at the moment? It is like, I always like to say, I'm like building the rocket ship as we're like halfway into space. So I'm like learning about all these things constantly while I have to also like know what I'm doing.
21:11
which has been going on since the beginning of the business. But now every time I learn something and tackle a challenge, there's a new one. So now it's the scaling, it's the managing a team, understanding those types of challenges, which were different than our original challenges of customer acquisition, who we are, things like that. So I think as your business grows, you're constantly challenged and constantly having to learn and tackle...
21:40
new obstacles. But that's how I like have been feeling throughout this whole process that I'm just like one step behind trying to like catch up. Have you been able to catch up a little bit due to COVID and not having kind of everyone in the one place? Or are you still like trying to swim? What's so strange is that we didn't have much downtime during COVID. So there was like a couple of weeks that, you know, when this started in New York lockdown, that it was a
22:08
busier than ever in the past couple months. Mainly, I think because people can't go to their local jewelry store, they are just probably uncomfortable and maybe there was like some pent up demand. But now we're busier than ever. So I don't know what's going on, but I'm not complaining about it. Yeah, I mean, it's a great problem to have for sure. That's so cool. Congrats. What advice do you have for women who have a big idea, want to go after it, launch their own
22:38
You know, when I was kind of in my early days of my career, I always had like dreams to do something like this. But it was I was like, I'm not it's not me. It'll probably be someone else. Like, I don't know. You really have to. I think if you have an idea, why not just try it out? Like the worst thing that can happen.
22:58
been is that it doesn't work out and you can pivot and try something new. So I always wanted to start like my blog. And it was Kyle who really encouraged me and was like, you know what, why not? Like, just try it on your downtime. You like, it's not a huge commitment. Like if it doesn't work out, it doesn't work out. And like, it turned out to grow into this business that we both work in full time. And that is like my passion. So had I not tried it and taken that first little step, you
23:24
You shouldn't be held back by feeling like embarrassed or like the consequence of it not being successful because at least you had the guts to try something. Most people don't have ideas and they never see it through. And I never want to be that person that's like, oh, like I could have done that when I see someone else do something. Someone else will do it if you don't. So you may as well just take that leap of faith, you know, believe in yourself. And the worst thing that happens is you just pivot and try something new. And it's not the end of the world because at least you tried.
23:55
For sure. Absolutely. And what's next for the business? What comes next after all this pandemic stuff goes back to a bit of normality?
24:05
I think that we're still going. I really feel confident in expanding the remote part of the business. And like I said, just making sure that we build out a little bit of technology that helps scale a remote process on the back end for our gemologists, making them as efficient as possible and giving the highest level of service to our customers. And also a way that we can handle the amount of inbound and customers that we are serving without compromising the quality of their experience.
24:35
And also making, you know, the front end experience for our clients, you know, the best that they can, best that it can be remotely. So that's for in the immediate future. And, of course, the long term goal is just growing to be, you know, what back in the day you had like your local mom and pop jewelry store.
24:55
that you would go get your engagement from your wedding band from, you know, and then it would just be your go to place and kind of like your jeweler for life. And then the next generation would go there and get all of their stuff there. And that's what we want to be for this generation.
25:10
Oh, that's so cool. I love that. For the technology piece of the puzzle, is that going to be like something on the website where it's kind of like more you work through like a customizable something or other on the website? Or is it something like behind the scenes? Like what's the technology piece? Can you share? Yeah.
25:28
I'll share a bit. It's basically just elevating and our current remote process. Now we do it, you know, via email, but we're going to have everything on a platform. So after a phone call, you know, you won't be corresponding via email, you'll be on like a remote selection platform instead. Ah, cool. How exciting.
25:49
Can't wait to see. We are up to the six quick questions. Are you ready to go? Yeah, I'm ready. Question number one is what's your why? What's my why? Why not? No. My why is I...
26:13
want to be part of like, it's more than just a product we're selling. We're part of someone's, you know, one of the biggest moments in their life and one of the most expensive purchases in their life. And we, why is because I want to make it perfect for each and every one of them. I want them to have an amazing experience and to start their life off, you know, with happiness and joy. Oh, that's so sweet. I love that.
26:39
Question number two is what's been the number one marketing moment that made your business pop? I would say when we were just
26:49
graduating from Techstars, we got this big feature in Business Insider about how we sold a $70,000 engagement ring through Instagram DMs. And I think that was a big eye opener to a lot of people that didn't know that this was going on in the industry. And really, you know, brought a lot of people's attention to me like, Oh, this is like a new way that I could shop for my ring or that like my
27:17
earliest, biggest piece of press that really helped us. That must have been such a thrilling moment. Very unexpected, but very awesome. Yeah. Love that for you guys. Question number three is where do you hang out to get smarter?
27:33
Now, nowhere, but actually hanging out, this is like so cheesy, but like hanging out with my husband, Kyle, is where I go to get smarter because he reads so much. And I feel like he knows a little bit about everything. And I am not a huge reader. I don't really watch the news. So whenever I'm around him, he fills me in on whatever's going on in the world and keeps me informed and knowledgeable about like current events and whatnot. So if I want to get a little smarter, I'll hang out with him for a little bit.
28:03
Shout out to Kyle. Yeah. Hey, Kyle. Question number four is how do you win the day? And that's around your AM and your PM rituals that keep you feeling productive, happy, successful, on top of life.
28:18
I love cooking and taking like a little bit of time to like decompress. So in the morning, I don't have a lot of time for breakfast, but I always have to start my day off with like a lemon water just to feel like hydrated and like ready to go for the day. And after work, I need to take the time to like cook a nice dinner that's like healthy and it just makes me decompress and feel like slightly creative and healthy.
28:45
Yeah, I mean, I don't know. It's not that cool, but like that really helps me. I mean, that's your AM and your PM rituals. It's fab, totally fab. Question number five is if you only had $1,000 left in your business bank account, how would you spend it? I would spend it on people. I always believe so much in investing in your team and your people, and they are, you know, the backbone of your business. And I would definitely, you know...
29:14
If I had only $1,000, I would not put that into ads. I would put that into our employees and make sure that they were happy and successful at doing their jobs.
29:24
Love that. Must be so nice for them to hear that back. Yeah, I'm going to make that listen. Yeah, you listen to this episode. You know how much I appreciate you. Yeah. Question number six is how do you deal with failure? And it can be around a personal experience or just your general outlook and your kind of mindset and approach.
29:47
I mean, failure is inevitable, especially when you're embarking on creating something. And I think what I've learned is failure is normal and it's totally fine. But what you have to do is learn from your failure and improve upon it. So, you know, if you make a mistake, just make sure like you implement a system around it so it doesn't happen again and that you can just be better next time. And I think failure is a great way to learn and grow.
30:16
For sure. Thank you so much for being on the podcast. I have loved talking to you. Thanks for having me. This is so fun. It is so fun. I love it. I actually just had one more follow-up question and it's more just because I actually just want to know what's on trend at the moment. What are people buying? What's the cool stuff? So I'm seeing...
30:39
So the main trends right now are antique stones are huge. So like antique cut diamonds, like old European, old mine, like elongated antique cushions, things that like have been around and were hand cut back in the day, limited in market, but also timeless and unique.
30:56
Those are really in trend. Also, since Emily Ratajkowski got engaged, the two stone trois et moi rings are huge. So we've been doing a lot of two stone engagement rings of different shapes, different, you know, positionings, which are really cool and unique.
31:13
Also, yellow gold has made a huge comeback. A few years ago, it was like always platinum or white gold. And yellow gold is definitely, you know, here to stay. And it's probably one of our most popular metals these days. So I think like dainty yellow gold, more unique things with a classic twist. Love it. Definitely. All of that is my vibe.
31:38
thank you so much Olivia you're welcome this was so awesome thank you so much for having me
31:49
Hey, it's June here. Thanks for listening to this amazing episode of the Female Startup Club podcast. If you're a fan of the show and want even more of the good stuff, I'd recommend checking out femalestartupclub.com where you can subscribe to our free newsletter. We send it out weekly covering female founder business news, insights and learnings in D2C, and interesting business resources.
32:14
And if you're a founder building an e-commerce brand, you can join our private network of entrepreneurs called Hype Club at femalestartupclub.com forward slash Hype Club. We have guests from the show joining us for intimate Ask Me Anythings, expert workshops, and a group of totally amazing, like-minded women building the future of D2C brands.
32:36
As always, please do subscribe, rate and review the show and post your favorite episodes to Instagram stories. I am beyond grateful when you do that.
32:53
Hey, it's June here. Thanks for listening to this amazing episode of the Female Startup Club podcast. If you're a fan of the show and want even more of the good stuff, I'd recommend checking out femalestartupclub.com where you can subscribe to our free newsletter. We send it out weekly covering female founder business news, insights and learnings in D2C, and interesting business resources.
33:17
And if you're a founder building an e-commerce brand, you can join our private network of entrepreneurs called Hype Club at femalestartupclub.com forward slash Hype Club. We have guests from the show joining us for intimate Ask Me Anythings, expert workshops, and a group of totally amazing, like-minded women building the future of D2C brands.
33:40
As always, please do subscribe, rate and review the show, and post your favorite episodes to Instagram stories. I am beyond grateful when you do that.