LBS business nominated for Walpole British Luxury Award
Fine jewellery design, production and e-commerce platform Banneya London has been nominated for the Digital Innovation category in the Walpole British Luxury Awards, alongside brands such as Bentley, Burberry and Anya Hindmarch.
Misa Zahar and Nimesh Thakrar founded Banneya in the London Business School Incubator programme after completing their MBAs at London Business School.
Nimesh, Co-founder and CEO says: “London Business School played a crucial role in the inception and early development of Banneya. My co-founder and I met on the MBA2011 programme, the startup Incubator helped us get off the ground and our lead investor came via a London Business School introduction. We were able to draw continuously on learnings from entrepreneurship electives such as New Venture Development and Financing the Entrepreneurial Business.”
Banneya aims to place the customer at the centre of the purchasing journey, allowing them to tailor make pieces to their personal preference, a characteristic that is virtually unheard of in the traditional consumer luxury goods market.
Banneya carries no stock and allows people to customise the designs on the platform or create a bespoke piece. “Being a stockless business means that our investment funds are free for business development, sales and marketing. That was a very appealing proposition for our investors,” Nimesh said.
This alternative model appeals to designers because of the brand visibility and commercial opportunity. Banneya has already attracted 14 experienced and recognised designers looking to build a fine jewellery collection online.
“Being nominated for the award is a real recognition of the work we have been doing with designers by changing the way jewellery is bought,” Nimesh added.
