Lauren Sharfman

Company: Melissa Sones, New York, New York
Company Description: Melissa Sones is a strategic consultant specializing in marketing and media strategies for numerous companies. She has a strong specialtiy in writing-related projects and assignments.
Nomination Category: Stevie Awards for Women Entrepreneur Categories
Nomination Sub Category: Best Entrepreneur – Non-Services Businesses

Nomination Title: Lauren Sharfman, President and Principal, Seno Jewelry

Tell the story about what the nominated entrepreneur achieved during the eligibility period (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

In a business known for C.E.O.s schooled in street smarts, Lauren Sharfman is an
anomaly. President and Principal of Seno Jewelry, which owns Ippolita, a 2 ½ year-
old designer jewelry brand based in New York, Sharfman is a strategic, finance-
oriented and analytical businesswoman who is also trained in merchandising and
design. During the eligibility period, Ippolita’s retail sales increased from $1 to $4
million; its net margin doubled; the number of stores carrying the collection(s)
increased from 12 to 40.

During the same period, Sharfman instituted strategies in support of her
overall goal of building Ippolita into an identifiable luxury brand in a short time.
First, she chose to be proactive by growing businesses with retailers with which
she wanted the brand to be associated—in this case Neiman Marcus--rather than
wait for store buyers to approach her at a trade show, which is the industry norm.
A one-retailer strategy would also help develop a long-term customer. Then,
working from a business model associated with much bigger brands, she created
a separate business model for each Neiman Marcus store that included a fixture
program; printed materials; spending a lot of time with customers and store
executives; and a replenishment strategy that focused on daily feedback and
quick order fulfillment by way of model makers brought to New York from Italy.

By example, in March 2004, Sharfman initiated the “Gem Drop”
program at Neiman Marcus. Instead of waiting for the store to display the jewelry
in knee-level locked cases as usual, Sharfman decided that the designs would go
on counter tops where women could see and try on the product at eye level.
Neiman Marcus approved the program, which included anti-theft safeguards, even
though they had never done this before. There was only one earring on display,
available in 16 colors and two sizes—a key aspect of Sharfman’s identifiable brand
strategy. From July 2003 until June of this year, “Gem Drop” accounted for 30 % of the brand’s business.

At the same time, Sharfman, who had worked in the entertainment
business before launching Ippolita, decided to institute a celebrity-based media
strategy. Instead of hiring the usual fashion P.R. firm, she hired an entertainment
industry executive with connections to stylists and costume designers. In 12
months time, the jewelry has appeared in print on Kate Hudson, Sarah Jessica
Parker, Courtney Cox, Charlize Theron and Jennifer Lopez; and on the covers of
Elle, Cosmo and Marie Claire.

Finally, Sharfman did something else out of the box: she recruited from
the 2004 graduating class of Harvard Business School. This was a woman like
herself with a business background who also loved fashion (a rare combination in
the industry). In April 2004, she was asked by students at the same school to
speak to that very subject: “There aren’t a lot of women running fashion
businesses and that’s ironic because most of the customers are women,”
Sharfman told the Entrepreneurship and Retail Marketing Clubs. “My
understanding is I understand the product better.”

List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: List each link on a separate line, begin each link with http://, and enclose each link in square brackets; for example, [http://www.website.com]. NOTE: You may submit supporting materials for your nomination offline, but only judges who request them will see them:

http://www.ippolita.com/ Additional press materials were submitted offline.

Provide a brief (up to 100 words) biography of the nominated entrepreneur:

Lauren Sharfman, 37, President and Principal of Seno Jewelry, LLC, a major
manufacturer of private label jewelry for leading fashion brands, launched Ippolita, a designer jewelry brand 2 1/2 years ago. Under Sharfman’s leadership, the new
division, built around the prolific design talents of Founder and Creative Director,
Ippolita Rostagno, an Italian-American artist, grew from $15,000 to $4 million in
retail sales. Seno’s overall sales grew from $300,000 to $7.5 million.

Sharfman’s success is due to strengths in structuring businesses; executing
funding strategies; and, most importantly, selecting and working with the
appropriate design talent.
 
Prior to joining Ippolita, Lauren was Co-Founder and President, Sales/Marketing,
at 7thOnline, a successful Web-based merchandising software provider for major
fashion retailers and manufacturers. Previously, she spent six years running
Lauren Sharfman Handbags, an L.A.-based design and manufacturing firm which
served customers including Dillard’s, J. Crew and 300 boutiques nationwide. She
has also worked as an art director for the film and television industry.

Lauren holds a B.A. magna cum laude from Yale University and attended the MBA
program at Harvard Business School.