“The divorce ring is a whole new category because it’s a whole new moment happening in our lives,’ says Chupi Sweetman, founder and CEO the eponymous heirloom jewellery brand.
“People take off their engagement / wedding rings and put them away for the kids, and then suddenly feel bereft. It’s a moment that’s been traditionally under-served by the jewellery market; and so people come in and buy that celebration of the next decade for themselves.”
The Wicklow designer and her team at Chupi have just secured €3.75m in funding to expand their digital-first business. The 39 year-old plans to use the money to expand the company’s augmented and virtual reality offering, hire more strategic appointments and open larger retail operations in both Dublin and London.
€2.75m is new equity from BVP (Business Venture Partners) and Abbey International Finance, while the remainder represents term debt provided by Permanent TSB. Chupi will retain a majority stake in the business.
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‘I could have gone to California. At this rate, I probably would have raised about half a billion dollars’
“I always think the challenge for Irish entrepreneurs is they tend to sell too early. They leave too soon, there’s so much left on the table, so for us really over the next five years we have a big growth plans. You can see where the possibilities are in the industry.”
Sweetman tells podcast host, Ciaran Hancock, that 80% of the fine jewellery market is unbranded and she’s on a mission to disrupt the diamond industry. “It’s been about smokey rooms, closed doors and the Mad Men-esque experience.”
Last year the designer removed Russian diamonds from her supply chain following the illegal invasion of Ukraine.
She also explains the possibilities blockchain offers the Chupi brand in securing the provenance of their jewellery and cementing its status as heirloom pieces.
In Part Two, Barry O’Halloran reports on the yawning gap between what multinationals are paying for their energy in Ireland compared to the country’s SMEs. He also looks at how energy prices are coming down but is pessimistic about them returning to pre-2021 levels anytime soon.
“Energy is political. I think politicians need to be using their muscles now to act in the public interest, and watch all these companies like hawks.”
