Harvard Case - Lark & Berry: The Diamond Disruptors
"Lark & Berry: The Diamond Disruptors" Harvard business case study is written by Ioannis Ioannou, Nick Mickshik. It deals with the challenges in the field of Entrepreneurship. The case study is 41 page(s) long and it was first published on : Nov 16, 2023
At Fern Fort University, we recommend that Lark & Berry pursue a multi-pronged growth strategy focused on scaling their direct-to-consumer (D2C) model, expanding into new markets, and leveraging technology and data analytics to enhance customer experience and drive sales. This strategy should be underpinned by a strong commitment to environmental sustainability, ethical sourcing, and building a brand that resonates with a conscious consumer base.
2. Background
Lark & Berry is a British startup founded in 2014 by two entrepreneurs, who disrupted the traditional diamond industry by offering ethically sourced, lab-grown diamonds through a D2C model. The company?s success was driven by leveraging technology and analytics to create a seamless online experience, innovative marketing strategies, and a strong focus on transparency and sustainability.
The case study focuses on the company?s rapid growth and the challenges they face as they consider going public and expanding their operations. The main protagonists are the two founders, who must navigate the complexities of scaling a business, managing organizational change, and making strategic decisions that will shape the future of the company.
3. Analysis of the Case Study
This case study can be analyzed through various frameworks:
1. Porter?s Five Forces:
- Threat of new entrants: High, due to the increasing availability of lab-grown diamonds and the ease of setting up an online store.
- Bargaining power of buyers: Moderate, as consumers have access to various online retailers and can compare prices easily.
- Bargaining power of suppliers: Low, as Lark & Berry sources its diamonds directly from lab-grown producers.
- Threat of substitute products: Moderate, as customers can choose from other gemstones or alternative jewelry styles.
- Competitive rivalry: High, due to the increasing number of online jewelry retailers and the emergence of competitors offering lab-grown diamonds.
2. SWOT Analysis:
- Strengths: Strong brand identity, ethical sourcing, D2C model, innovative marketing, technology-driven platform.
- Weaknesses: Limited brand awareness outside the UK, potential for supply chain disruptions, reliance on online sales.
- Opportunities: Expanding into new markets, developing new product lines, leveraging technology for personalized experiences.
- Threats: Increased competition, fluctuating diamond prices, consumer preference shifts.
3. Business Model Canvas:
- Value Propositions: Ethical sourcing, lab-grown diamonds, affordable prices, personalized experience, transparent supply chain.
- Customer Segments: Conscious consumers, millennials, environmentally aware individuals, budget-conscious shoppers.
- Channels: Online website, social media, influencer marketing, digital advertising.
- Customer Relationships: Personalized communication, online chat support, loyalty programs.
- Revenue Streams: Direct sales of jewelry, subscription services, personalized design services.
- Key Activities: Product development, sourcing, manufacturing, marketing, customer service.
- Key Resources: Website, technology infrastructure, marketing team, supply chain partners.
- Key Partnerships: Lab-grown diamond producers, logistics providers, marketing agencies.
- Cost Structure: Manufacturing costs, marketing expenses, technology infrastructure, customer service, salaries.
4. Growth Strategy:
Lark & Berry?s growth strategy should focus on:
- Scaling the D2C model: Investing in technology and analytics to enhance the online experience, improve customer service, and drive sales.
- Expanding into new markets: Targeting international markets with a strong demand for sustainable and ethical products.
- Developing new product lines: Offering a wider range of jewelry styles, including personalized designs, to cater to diverse customer needs.
4. Recommendations
1. Go Public: Lark & Berry should consider going public to access capital for expansion, enhance brand visibility, and attract talented individuals. However, they should carefully evaluate the risks and potential downsides, such as increased scrutiny from investors and regulatory compliance requirements.
2. Expand Internationally: Lark & Berry should prioritize expanding into new markets with a strong affinity for sustainable and ethical products, such as the US, Canada, and Australia. They can leverage their existing online platform and marketing expertise to reach new customers.
3. Leverage Technology: Lark & Berry should continue investing in technology and data analytics to personalize the customer experience, optimize marketing campaigns, and improve operational efficiency. This includes developing a robust CRM system, leveraging AI-powered chatbots for customer service, and utilizing data analytics to identify customer trends and preferences.
4. Build a Strong Brand: Lark & Berry should focus on building a strong brand identity that resonates with their target audience. This includes developing a clear brand message, creating engaging content, and leveraging influencer marketing to reach new customers.
5. Embrace Sustainability: Lark & Berry should continue to prioritize environmental sustainability and ethical sourcing. This includes partnering with suppliers who share their values, implementing sustainable manufacturing processes, and reducing their carbon footprint.
6. Foster a Strong Culture: Lark & Berry should cultivate a company culture that values innovation, transparency, and sustainability. This includes investing in employee training and development, promoting open communication, and fostering a sense of purpose among employees.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Lark & Berry?s core competencies lie in their D2C model, technology expertise, and commitment to sustainability. The recommendations align with their mission to offer ethically sourced, lab-grown diamonds at affordable prices.
- External customers and internal clients: The recommendations cater to the needs of both external customers, who seek sustainable and ethical products, and internal clients, who desire a rewarding and purpose-driven work environment.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation through brand identity, technology, and sustainability.
- Attractiveness ? quantitative measures: The recommendations are expected to generate positive returns on investment by driving sales growth, expanding market share, and enhancing brand value.
- Assumptions: The recommendations assume that the demand for lab-grown diamonds will continue to grow, that Lark & Berry can successfully navigate the challenges of scaling their business, and that they can maintain their commitment to sustainability.
6. Conclusion
Lark & Berry has the potential to become a leading player in the diamond industry by leveraging its unique business model, technology expertise, and commitment to sustainability. By pursuing a multi-pronged growth strategy, expanding into new markets, and building a strong brand, Lark & Berry can achieve its ambitious goals and continue to disrupt the traditional diamond industry.
7. Discussion
Alternatives not selected:
- Focusing solely on the UK market: This would limit Lark & Berry?s growth potential and expose them to increased competition.
- Adopting a traditional retail model: This would contradict Lark & Berry?s commitment to a D2C model and potentially increase costs.
- Ignoring sustainability: This would damage Lark & Berry?s brand reputation and alienate environmentally conscious consumers.
Risks and key assumptions:
- Increased competition: The diamond industry is becoming increasingly competitive, with new entrants and established players offering lab-grown diamonds.
- Fluctuating diamond prices: Diamond prices can fluctuate due to factors such as supply and demand, economic conditions, and geopolitical events.
- Consumer preference shifts: Consumer preferences can change rapidly, and Lark & Berry must remain agile to adapt to new trends.
8. Next Steps
Timeline with key milestones:
- Year 1: Go public, expand into the US market, launch new product lines, invest in technology and analytics.
- Year 2: Expand into Canada and Australia, develop a robust CRM system, implement sustainable manufacturing processes.
- Year 3: Establish a strong brand presence in all target markets, launch a subscription service, increase focus on personalized experiences.
By implementing these recommendations and remaining focused on its core values, Lark & Berry can continue to disrupt the diamond industry and achieve sustainable growth.
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Case Description
Laura Chavez was delighted beyond words when the Atelier Asymmetric Bow suite, designed by her luxury jewellery company Lark & Berry, won the 2019 Goldsmiths' Craft and Design Council Graff jewellery award. The Graff Award was the jewellery industry's equivalent of the Oscars award for Best Picture and conferred immense prestige on its maker. Unfortunately, the euphoria of the win lasted barely 24 hours for Laura. The award had made history: it was the first time that a piece made exclusively with lab-grown diamonds had scooped the top Craft and Design Council prize. But, when the awards committee realised the suite had been made with lab diamonds, they insisted that Lark & Berry disassociate themselves from the prize - even though they had designed and commissioned the piece
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