Malls, Claire’s, tattoo parlors, a good friend’s home, and jewellery shops could seemingly not have something in frequent however these are the frequent venues folks frequent with the intention to get their ears pierced, every providing a diversified expertise. Millennials and Gen Z favor experiences over possessions and getting your ears pierced at any of those locations is just not per the brand new experiential financial system. Studs has constructed the first-of-its-kind trendy ear piercing studio that caters to the piercing wants of at the moment’s most discerning millennials and Gen Zs. With a religious concentrate on buyer expertise, patrons on the studio obtain private consultations aided by know-how and aftercare check-ins to make sure all the expertise is personalised. The corporate, based in 2019, additionally provides accessibly-priced trend-driven earrings, each at its studio and direct-to-consumer on-line.
AlleyWatch caught up with Studs Cofounder and CEO Anna Harman to study extra concerning the inspiration for the enterprise, strategic plans, constructing in-person retail and e-commerce traces in tandem, newest spherical of funding, which brings the entire funding raised to $23M, and far, way more.
Who had been your traders, and the way a lot did you increase?
Studs has raised $20M in Collection B funding. The spherical was led by Spark Capital with participation from current traders, together with Thrive Capital, First Spherical Capital, and Lerer Hippeau.
Inform us concerning the services or products that Studs provides.
Studs reimagines ear piercing by providing consultative and knowledgeable needle piercing providers, mixed with a large assortment of accessibly priced, on-trend earrings, and an experiential retail atmosphere for its primarily Gen Z and millennial clients.
What impressed the beginning of Studs?
Studs was conceptualized after I attempted to get a second piercing. Throughout my go to to a high-end piercing parlor, I seen a number of shortcomings – the wait time was lengthy, it was costly and the shop was not optimized for at the moment’s client so I left that day with out a piercing. Lisa (cofounder) then got here with me to get the second piercing at a tattoo parlor, and whereas the process was secure and wholesome, utilizing a needle, I once more felt misplaced, and the expertise was not assembly the complete client demand. We researched the ear piercing and earring retail industries and after speaking to our goal Gen Z and millennial clients, we honed in on a big hole out there between “mall manufacturers,” tattoo parlors, and high-end retailers. Collectively, we cofounded Studs as an revolutionary, secure, trend-forward, and accessibly-priced ear piercing and earring model that speaks to at the moment’s viewers offline and on-line.
How is Studs completely different?
Studs is differentiated in a couple of methods – our educated piercing professionals pierce with needles, by no means weapons, however at an accessible value level. Our piercing service is very consultative and our piercers use the shopper’s particular ear anatomy and desired look to craft an Earscape® that’s distinctive to that buyer. We’ve got a large assortment of on a regular basis earrings that we promote in singles to make it simple to customise your Earscape® for every ear as soon as your holes have healed.
What market does Studs goal and the way massive is it?
Studs is disrupting the multi-billion-dollar style jewellery and piercing industries.
What’s your corporation mannequin?
Studs has an omnichannel enterprise mannequin for end-to-end Earscaping® providers throughout Studs shops and studs.com. We promote ear piercing providers, ear piercing jewellery, aftercare equipment like saline spray and a Studs piercing pillow, and a large assortment of earrings for healed holes. Studs costs for ear piercing providers and ear piercing jewellery individually – $35 for one piercing, $50 for 2, and $15 for a jewellery change. The price of piercing jewellery ranges from $30-$300. Studs sells earrings in-store and on-line in singles and pairs ranging $10-$120 per earring.
What are your post-COVID workplace plans?
Studs works in-office at our HQ in Soho.
What was the funding course of like?
Buyers had been enthusiastic concerning the enterprise, and we selected Spark due to their sturdy expertise with client corporations, nice monitor report, and Kevin Thau’s ardour for the way forward for client and retail.
What elements about your corporation led your traders to write down the test?
Studs is a compelling funding for quite a lot of causes. There may be sturdy client demand for the service, and all of our piercing appointments are regularly booked at each location. We even have a stable monetary basis with extremely worthwhile offline unit economics on the shops.
What are the milestones you propose to realize within the subsequent six months?
Within the subsequent six months, we plan to get to double-digit retailer areas.
What recommendation are you able to provide corporations in New York that would not have a contemporary
injection of capital within the financial institution?
The place do you see the corporate going now over the close to time period?
Studs will use this new injection of capital to gasoline the nationwide growth of our bodily retail areas and to develop our e-commerce enterprise.
What’s your favourite out of doors eating restaurant in NYC?
Fanelli’s in Soho close to Studs.