Yeo (right, with Lim): We’re now in a new world of retail where purpose matters Now into its third year of operations, the Singapore-based start-up has eight staff and is cash-flow-positive, with stockists in five countries: Singapore, Malaysia, Australia, the UK and the United Arab Emirates. The bulk of their sales comes from outside Singapore, with The Mindful Company shipping to 50 countries all over the world.
A premium fine jewellery line with vermeil overlay was added last year Identical values
It certainly has been a journey for Yeo and Lim, who have crafted new lives as entrepreneurs after several years on the corporate treadmill. Growing up in Australia after her family migrated from Malaysia, Yeo was always interested in creative pursuits, but decided to study law and commerce at the University of Sydney, as she found law intellectually interesting. Graduating with first class honours, she opted to start out in litigation. That saw her taking on family and criminal cases as well as legal aid work. She enjoyed it, but at the same time found it emotionally exhausting. In 2010, she moved from Australia to Singapore, where she worked as a management consultant with Oliver Wyman for a year before moving into investment banking at Morgan Stanley, also for a year. She then went on to work at White & Case for three years. Like Yeo, Lim was born in Malaysia, but grew up in Australia. When it came to tertiary education, she elected to pursue a degree in commerce because her two older siblings had gone down that route. It also offered the prospect of a safe, stable career. After graduating, she spent five years at professional services multinational Deloitte in Perth, then relocated to Singapore in 2010, where she spent six years with Ernst & Young.
Socially minded brandAs Yeo and Lim see it, The Mindful Company is essentially an extension of themselves and they are gratified to see that what resonates with them appears to resonate with buyers. A significant proportion of their accessories are purchased as gifts, with the Warrior cuff often given to people going through challenges such as cancer. Just under a third of the products are bought by men or for them, judging by the requests for male names to be engraved on cuffs or braids. A matte range, which is marginally chunkier and more masculine in look, has been released to cater to men. Yeo adds that they also see quite a number of repeat customers, which she attributes to their prices being wallet-friendly (the cuffs are priced from $48). They have managed to stay at an accessible price point, as they largely sell directly to consumers. Affordability is something customers want, along with high quality and a product imbued with meaning, Yeo reckons. “We spend a lot of time talking to our customers, taking inspiration from them and designing around their preferences,” she says. “It’s A Journey”, for example, was designed for a friend who lost her father, the underlying message being that life has its ups and downs, but you have to move forward and live it fully. Being social media-savvy has also driven the brand. The Mindful Company has some 100,000 followers on Instagram and Facebook and has customers writing in or sharing on social media about what they are going through and how they are tackling setbacks. On their journey to promote personal resilience, Yeo and Lim have had to bank on each other as well as supportive husbands, family and close friends. The support system has been their anchor as they left lucrative professions for the unpredictable world of e-commerce. “We are lucky we have each other and our network, as there was so much to learn going into this industry,” says Lim. No doubt, their accumulated training in finance and law came in handy when it came to issues such as costing, legal documentation, supply chains, payment gateways and shipping. But with no knowledge of the jewellery-making process, the duo had to scale a learning curve, doggedly asking people in the industry how to find reliable suppliers and manufacturers who had the workplace safety and environmental standards they wanted. The biggest lesson they have learnt from starting their own business is to build a strong support network. “Many people think they can do it on their own,” says Yeo. “But start-ups deal with uncertainty every day. Always ask for help when you need to.” Having navigated the challenges of the early days, the plan now is to grow their lifestyle brand internationally, especially in their top five markets. In the competitive, crowded and fast-evolving world of online retailing, where barriers to entry are low, The Mindful Company has found a niche. It has countered the odds with its social mission, messages of empowerment and personal reflection, and engagement on the digital front. “We’re now in a new world of retail where purpose matters,” Yeo notes. Encouraged, the two founders, easily among the most gentle and gracious business owners around, now aspire to be more than just a jewellery brand. “We want to be a lifestyle brand that encourages people to live mindfully,” says Yeo, face earnest, smile still luminous.
Sunita Sue Leng, formerly an associate editor at The Edge Singapore, is trying harder to live in the moment This article appeared in Issue 814 (Jan 22) of The Edge Singapore. Subscribe to The Edge at https://www.theedgesingapore.com/subscribe
