The Madgician S01E06 | “Innovation and Resilience in Luxury Fashion: Insights on Technology, Strategy, and Creativity”, with Kristina Bokova, Founder at LustrLabs

Today’s episode of The Madgician - a podcast with women entrepreneurs, dives into the world of luxury and innovation with Kristina Bokova, founder of fine jewelry platform, Lustr Labs. 

During this episode, we explore her journey of turning a vision into a reality, the challenges of navigating the luxury sector, and the transformative impact of emerging technologies like blockchain and AI in luxury jewelry. Kristina shares her experiences with resilience, creativity, and the strategic use of digital tools to elevate her brand. 

“I believe resilience is one of the most important qualities an entrepreneur needs. It’s about being able to navigate through the negative turns. You encounter many rejections, have tough days, and often feel alone because no one cares about your idea and vision as much as you do. Resilience is key; you need to try different approaches and pivot when necessary. Exploring all your options, testing, and learning is crucial, and you shouldn’t fear failure. It’s important to give yourself time to determine if something will work or not.

About Kristina Bokova: 

With over a decade of experience at the intersection of luxury and technology, Kristina is a passionate entrepreneur, strategic advisor, and global leader dedicated to creating value through the fusion of design and technology.

Kristina is the founder of LustrLabs, a Paris-based fine jewelry platform. LustrLabs combines the craftsmanship of Place Vendôme’s legacy with the creative expression of contemporary artists, serving as a hub where artists, collectors, coders, and designers converge. The platform redefines the collector's journey with a membership-like experience, fostering a deep connection between collectors and their jewelry within a community of art and jewelry enthusiasts. LustrLabs offers unique products and experiences, blending technology, fine jewelry expertise, and traceability.

Additionally, Kristina actively supports women’s empowerment, student mentorship, and startup initiatives, including mentoring for the Outlier Ventures x Farfetch Dream Assembly program, focusing on luxury, fashion, and web3.

What you’ll learn by listening

• Luxury fashion meets technology: How tech is transforming the luxury fashion industry.
• Blockchain for authenticity: Enhancing traceability and authenticity of luxury goods.
• Crafting fine jewelry: Merging creativity, logic, and tech to bring jewelry designs to life.
• Storytelling in luxury fashion: The power of compelling narratives for building a luxury brand.
• Overcoming challenges: Navigating imposter syndrome and celebrating milestones.
• Effective go-to-market strategies: The impact of a strong launch strategy on brand success.
• The power of resilience: The role of persistence in overcoming business obstacles.
• Emerging tech trends: How AI and 3D modeling are shaping the future of luxury brands.

Podcast transcription

Georgiana: Hi, everyone. This is Georgiana with a new episode of the Madgician podcast, where I speak to a lot of amazing women entrepreneurs from all over Europe, um, women who work in tech or fashion or anyway, who just have their own business and And today I'm speaking to someone who's based in Paris, who has a fantastic background in both tech and fashion.

Her name is Kristina Bokova. Welcome, Kristina. Thank you for much, so much for for speaking to us today. 

Kristina Bokova: Thank you, Georgiana. It’s lovely to be here. 

Georgiana: I was telling you before we started this, uh, recording, you have an impressive background. You have worked in fashion, not any kind of fashion, but in, uh, in luxury fashion. Um, at some point you started to, uh, go a little bit into the direction of tech blockchain, to be more specific. You started your own advisory company. And not for a very long time, you started LustrLabs, which is a, a fantastic combination between fashion and tech.

And I'd like you to tell us a little bit more about these two ventures that you're conducting at the moment. 

Kristina Bokova: Yeah, of course. With pleasure. Um, so basically I have a very international background. Um, I have lived all over Europe. I did my studies in Munich. Uh, I spent some time in London working for Dior and Burberry.

And, uh, I also had two years, uh, working for L'Oueve in Madrid from where I got my special accent and now to Paris, uh, four years ago, uh, to work for the LVMH group at the holding level, uh, with all, um, the LVMH Maison, uh, not just for one brand, um, the digital team. That's right. Actually, yes, I have been at the intersection of luxury and tech for more than 10 years.

And, um, the first 7, 8 years I was focusing more on CRM, clienteling, and loyalty. So we were building applications for the retail teams to engage with their top clients. And record their preferences, uh, send them messages, uh, send them styled products, invite them to events, et cetera, et cetera. And so when I moved to Paris, I was doing that at the holding level.

And it was a little bit like in company consulting, um, internally for the, the people. So after COVID, I had the idea that I really wanted to focus more on, uh, sustainable practices and change the topic, but still stay at the intersection of luxury and tech. And I did a quick course on sustainability supply chain with Cambridge, eight weeks on nine, uh, which inspired me a lot to look into those topics.

And, um, I was, um, yeah, I was really looking into blockchain for traceability, transparency. There was a lot about, uh, conversation about counterfeiting, um, and authenticity of luxury goods. So this is when I, I joined, I joined the a blockchain consortium. Um, it's a consortium of luxury brands that came together to, uh, tackle.

I was working with blockchain technology to promote authenticity, traceability, and digital product passports, among other uses. During that time, I collaborated with various brands, as the consortium was created by prominent companies such as Prada Group, LVMH, Cartier from Richemont, Mercedes Benz, and OTB, an Italian group that owns Diesel, Maison Margiela, and others. This exposure gave me the opportunity to work closely with many luxury brands, especially on topics like diamond traceability and in the broader jewelry and watch sectors.

I found these areas particularly fascinating because they are steeped in tradition, with many heritage brands boasting hundreds of years of history. However, the speed at which they were adopting new technologies was not on par with the rapid innovation seen in startups. I wanted to apply what I had been learning and advising on in my own venture.

This led to the idea of LustrLabs: launching limited-edition fine jewelry collections in collaboration with artists and creatives from various industries. This concept combined my background in CRM and clienteling within the luxury sector with the blockchain, NFT, and traceability technologies I had been immersed in over the past two years. My goal was also to incorporate a sustainability aspect, using traceability, digital twins, and enhanced transparency in our design and production processes

Um, while we're creating this community of people who care about those values and what part of us. And who, who believe that there's a, there can be an intersection between, uh, fashion art and tech. 

Georgiana: And this is what I, what I really, really liked about your business model. I'm curious, however, given that you started in fashion and you transitioned into fashion, Which remains your favorite side of the business, the fashion part or the tech part and why?

Kristina Bokova: Honestly, that's a great question, and it's really hard to choose. Traditionally, we are taught that if you're into tech, you're mathematical and logical, which supposedly means you can't be creative. On the other hand, if you're creative, it's assumed you're messy and don't understand the technical side. However, I've been fortunate enough to be exposed to both aspects throughout my journey, and I see technology as an enabler.

Technology, by itself, cannot achieve its full potential without strategy and the people using it effectively. I currently find myself enjoying the product development side of the business the most, particularly working with the atelier on creating fine jewelry. This process is highly creative, involving collaboration with suppliers and communities, listening to their stories, and understanding the complexities of building a fine jewelry piece. It’s also about using 3D technology in ways that might be customer-facing, like functionalities on a website.

There's a steep learning curve, but my background in technology is incredibly useful. It allows me to work closely with developers to build our website and implement advanced features like a 3D configurator. I find myself constantly switching between the creative and technical sides. In a way, I feel like a product manager again, collaborating with client advisors, developers, and UX designers to bring a vision to life.

At LustrLabs, this approach is at the heart of what we do. We imagine a fine jewelry piece or a project, assemble the right team, and build it from the ground up. It's all about turning ideas into reality, using both creativity and technology.

And it's, it's the most satisfying feeling once you see, uh, you know, the first pieces that are real and people compliment them and like them and wear them. Uh, and add their own emotions and comments and stories to them and it's quite fascinating. Exactly. And I think what's also amazing is that you work with established artists for these collections.

Georgiana: So you put all of these pieces into the same product, into the same puzzle, let's say. 

Kristina Bokova: Yes, one of our core values is collaboration among all our partners. We've worked with established artists, and we're currently developing our second collection, the LustrLabs DNA Collection. We're collaborating closely with our creative agency and our gemstone supplier, who is actually one of the oldest gemstone cutters in Paris, now in its third generation.

We're designing this collection around the unique stones we've selected, which includes our own signature stone. We're also taking into account the technical possibilities and limitations involved in cutting and setting these stones in our jewelry.

It's quite an interesting collaboration process. We're not currently working with, nor do we plan to work exclusively with fine jewelry designers. Instead, we partner with individuals who have a vision for creating fine jewelry pieces but may not necessarily have the expertise in jewelry production or sourcing materials themselves.

Georgiana: I think this is fantastic. As I mentioned before, our shoes are also positioned at the intersection of art and fashion. We collaborate with both national and internationally renowned designers, especially for the accessories we attach to the shoes. Naturally, this adds to the overall cost.

Because you bring a new dimension to the product. And I find that this is, this makes things complicated. It's especially for shoes. Okay. Jewelry is a different situation, but especially for shoes. It's complicated to educate the customer. It's complicated to show and to tell what the production process consisted of, why people should pay more for these accessories because they look and they feel different and they were worked by hand.

So I'm not sure. Is this a challenge that you are also facing? Is it complicated to tell people what the entire process was about and what the steps were? 

Kristina Bokova: I think storytelling in luxury today is quite important. People often connect with brands on an emotional level first. They resonate with the storytelling and the vision behind a project. When it comes to craftsmanship and product quality, these are usually taken for granted, especially if it's a luxury item at a certain price point—high quality is expected.

In recent years, many brands have begun sharing more about their production processes, including how they source raw materials and handle them. This transparency is now often included in digital product passports, which detail every step of sourcing, whether it's leather, wool, diamonds, or recycled gold. While this has started a trend toward educating consumers, I think it remains a nice-to-have feature. I'm not convinced that most people make purchasing decisions based on this information alone.

It’s almost expected in the art world to be educated on these topics and to have access to a lot of exhibitions and galleries. I’ve been fortunate to live in cities like London and Paris, where incredible exhibitions are held regularly at places like the Fondation Louis Vuitton, the Pompidou Center, and the Musée d’Orsay. There are so many places to find inspiration. London is the same, with its small contemporary galleries and major art fairs like Frieze. Even if you’re not initially into art, your friends and network will talk about it and drag you to see an exhibit, and little by little, you get exposed to it.

Of course, not all luxury clients live in these big cities, so sometimes a lot of education is needed. This is a key intersection where luxury brands can connect with subcultures and contemporary art. There are even books written on how many collaborations between art and luxury brands have taken place. Finding the right way to tell the story and identifying a niche group of clients and subcultures to engage with is crucial. From there, you can establish your brand, grow, and scale.

Georgiana: It's always about finding that niche—those people who will understand and appreciate what you're doing. Art doesn’t speak to everyone in the same way, but for those it does, it can create a deep connection. I really admire your journey so far, and I’m sure it hasn’t always been easy to get to where you are now. So, speaking of challenges, is there one challenge you’ve overcome that you’re particularly proud of?

Kristina Bokova: I think women, in general, tend to doubt themselves and experience imposter syndrome more strongly than men. Any man that I had talked to normally, they're so confident. And they don't pay attention to how they say things, uh, how quickly they do things. They get offered opportunities. They always say yes. 

When comparing self-motivated entrepreneurs, men and women can both face challenges, but women often continue to doubt themselves even after achieving significant milestones. They may second-guess their decisions and focus on what could have been done better, even when they’ve already taken the leap into business or a new role.

When I started, I experienced this self-doubt as well. I’m working on addressing it by celebrating each milestone and focusing on my progress. For example, six months ago, when I talked about LustrLabs, I didn’t have a website, a campaign, or even a fine jewelry piece to show. I didn’t know where to begin.

Fast forward to today: we’ve launched a beautiful campaign with an established model, completed a shoot in Paris with a team of 20 people, and introduced a stunning necklace in several variations. My packaging is all set up, and while we’re not a fully sustainable business yet, I’ve managed to overcome the doubt and uncertainty. Step by step, I’ve reached a milestone where I can proudly say, “Yes, we have a website.”

This is the link. Yes. We have an Instagram. This is the profile. Yes. We have a product, check it out. And, uh, this is, this is the most, um, the most inspiring way to move forward. I think you have to, uh, iterate, you have to test and learn. Did everything go smoothly? No. Do I focus on that? I probably forgot half of the things that went wrong and I'm just focused where we are today and trying to, yeah, absolutely.

Georgiana: As you were sharing your story, I was reminded of when I first received the batch of shoes at my home, back in April or May—or perhaps even earlier. Whenever I feel down, I think back to that moment, seeing all the boxes of shoes around me, and realizing how far we’ve come from nothing to something. It’s a reminder of the journey, the uncertainty, the sacrifices made, and the progress achieved.

Just like you mentioned, six months ago, you didn’t have a website or a product, and now you have both. It’s incredibly inspiring and motivating, especially during tough times.

Given your extensive background in marketing, especially with big brands, I’m curious to know: What is one marketing strategy you’ve implemented that you consider highly successful and would replicate without hesitation?

Kristina Bokova: I wouldn’t describe myself as a marketing expert. My background is primarily in technology, specifically clienteling and CRM. One important lesson I learned is that while I had experience with established brands that already had high visibility, I didn’t initially grasp how crucial it is to build your own brand presence from scratch.

For anyone starting out, it's vital not to underestimate the importance of a strong go-to-market strategy. Early on, focusing on marketing, PR, and collaborations with key influencers or opinion leaders can significantly boost your visibility and brand awareness.

In my case, deciding whether to build our own website or seek wholesalers was a challenge. Initially, wholesalers showed little interest, so direct-to-consumer was our only viable path. This approach required a substantial budget and expertise in managing a website, targeting, and social media strategy. I underestimated the complexity of this, and we’re now taking steps to address it.

It’s also important to engage with customers in person, if possible. While having a high-quality online presence with 3D configurators and detailed product images is valuable, customers need to experience the product firsthand to fully appreciate its value and craftsmanship. That’s why we’re excited to attend our first jewelry show at the end of the year. It will be a great opportunity to present our pieces, receive direct feedback, and connect with customers face-to-face.

It’s crucial to approach the market with a global mindset from the start. The world is more interconnected than ever, so there’s no need to limit yourself to one country. Personally, I believe we might find more success internationally before establishing a strong presence in France. Europe, particularly, can be a conservative market. By leveraging our Parisian atelier and French craftsmanship, we’re more attractive to clients abroad who seek these unique qualities.

Georgiana: Drawing from my extensive experience in marketing, spanning over 12 years, I’ve learned that transitioning from B2B to direct-to-consumer marketing involves a steep learning curve. It’s a different ballgame, and I’ve had to navigate many challenges on my own. I’ve learned that starting a business often involves a certain level of trial and error.

The past year presented unique challenges, and I’m grateful I took the leap then, as this year has been exceptionally complex. The experience of testing various strategies, understanding what resonates with our audience, and identifying effective events has been invaluable. It’s through these trials, including those that didn’t work out, that I’ve gained the insights needed to refine our approach. What I once saw as setbacks have become crucial learning experiences, helping us grow and move forward.

I'm glad I pushed through, even though I considered giving up many times. That leads to my next question: Did you ever want to give up along the way? If so, what kept you motivated to continue? 

Kristina Bokova: I never wanted to give up. I've faced challenging moments, but I’ve always persisted. I believe resilience is one of the most important qualities an entrepreneur needs. It’s about being able to navigate through the negative turns. You encounter many rejections, have tough days, and often feel alone because no one cares about your idea and vision as much as you do.

It’s important to listen to feedback, but I’m very self-motivated and enjoy a challenge. When faced with a lot of “no’s” and reasons why something might not work, it motivates me to find a way to make it work. When I hit a roadblock, I like to take a break and change my perspective—sometimes stepping away from the problem helps me see it differently.

I'm not saying go on holidays—it's really about changing the topic. New ideas often reveal themselves when you shift your focus. In the consulting business, for instance, working on various projects, mentoring startups, or advising luxury brands on digital product passports and blockchain helps me find synergies and inspiration. When you step away from a problem, the solution often becomes clearer.

Resilience is key; you need to try different approaches and pivot when necessary. Exploring all your options, testing, and learning is crucial, and you shouldn’t fear failure. It’s important to give yourself time to determine if something will work or not.

Georgiana: During tough times, networking has been particularly valuable. Whether through conversations like this or attending events, networking has helped me overcome challenges and gain different perspectives. Some of the most insightful solutions have come from unexpected people or scenarios. So, I think we all could benefit from exploring these strategies. Kristina, what advice would you give to someone looking to start a business in the luxury sector, given its complexities?

Kristina Bokova: Wow, that’s a great question. If I knew then what I know now, I might have hesitated, but the luxury business is indeed fascinating. This is what I studied. This is where I worked for the past 10 years. I believe the luxury sector, including jewelry brands, is uniquely positioned to create positive change and promote art, craftsmanship, and quality materials. It's a great industry to be in, especially as it increasingly focuses on craftsmanship and creativity.

To stand out, you need a distinctive point of view and a unique vision. With so many new brands emerging every day, differentiation is key. Targeting specific subcultures and niches can help you gain recognition more easily.

My advice is to focus on your unique perspective, identify the niche you want to serve, and add value through creativity, craftsmanship, and quality. Given the abundance of products in the market, it’s crucial to future-proof your business by incorporating sustainability and aiming for a positive impact.

I believe that revenues will follow if the brand is created with the right approach. Starting an independent brand requires a lot of attention and significant investment. Timing is crucial, especially for women who might also want to start a family. It’s important to align the right moment in your personal life with your business goals for success.

If you can dream it, you can achieve it. 

Georgiana: Understanding your mission and unique selling proposition is essential, as there is already a lot of sameness in the market. Sustainability and uniqueness are key. While it can be discouraging to see the rapid pace and high quality of fast fashion, it’s important to remember why you started and focus on your vision. Competing with fast fashion isn’t the goal; instead, standing firm in your values and approach is crucial.

Kristina Bokova: Networking with other founders and finding inspiration across industries can be very beneficial. For example, I draw a lot of inspiration from the beauty sector. Brands like Merit, which have successfully positioned themselves at the cultural forefront, offer valuable lessons.

Less is more, and I can relate to their strategy. They thrive in a very saturated space by having a unique point of view and product. It's about creating something that genuinely speaks to your audience, whether it's in beauty or any other industry.

Georgiana: I'm happy you mentioned beauty because there are a few makeup brands led by women that I follow, like Natasha Denona and Denessa Myricks. Denessa Myricks, in particular, is quite new. I followed her journey from the very beginning, and it’s been exciting to see her success. She started from scratch and built an amazing brand with great care for the product and the client. There’s definitely a lot of inspiration to be found in the beauty market.

Speaking of additional brands, have there been any partnerships or significant collaborations that have helped you with Lustr Labs along the way?

Kristina Bokova: We are now exploring a different approach with our creative agency and gemstone supplier. The vision is to keep experimenting, testing different formats to see what resonates most with customers. I’ve been inspired by digital creators and stylists who have launched their own collaborations with various brands.

We want to work with creatives from different industries, including design students and those without extensive experience or established networks. This approach contrasts with luxury brands like Van Cleef and Dior, which have long-term relationships with specific ateliers. We aim to help emerging talents translate their creativity into fine jewelry.

I’m excited about the upcoming collaborations and the opportunity to explore different options and have fun while doing so. We’re still defining Lustre Labs' unique vibe, so that when you see our jewelry, you can immediately recognize it as a Lustr Labs piece.

Georgiana: This is why I admired what I saw on your website, because I think you guys are catering to a completely, I wouldn't say different, but new segment of women in the market; women who have the potential financially to buy these, who would have also the potential to buy Cartier, maybe; who maybe also own a Cartier already, but who want something different and who can be, um, impressed by the tech angle, by the art angle.

I think this is really, really good thinking. The strategy is really top notch. So yeah, congratulations for that. 

Kristina Bokova: Thanks. I hope it will pay off. 

Georgiana: For sure. For sure. With time. Um, and listen, we, we are approaching the end of this very insightful and inspirational [00:37:00] conversation. And I want to ask one last question.

Which is rather techie, I would call it. What would you say are some emerging technologies that you believe will shape the future of luxury brands? 

Kristina Bokova: Given the last few years, I’ve focused on blockchain and its potential, especially for traceability and immutable data across the supply chain. With the introduction of digital product passports and upcoming regulations, it’s a tool brands can continuously leverage.

I’m also excited about AI. We’re considering using it for our next campaign, focusing on content creation, brainstorming ideas, and enhancing creativity. AI helps with efficiency, like translating product descriptions and saving time with a small team.

In the startup and luxury sectors, innovations like transforming jewelry sketches into high-fidelity 3D mockups are incredibly useful. It significantly speeds up the design process and visualization, allowing for quicker adjustments without waiting for the atelier.

Virtual try-ons are improving, but quality for jewelry is still developing. I’m keen to see how this technology evolves and how we can use it in gaming and immersive experiences to reach younger audiences.

The future holds many possibilities, and having a tech edge is advantageous. I’m excited about showcasing these technologies and exploring AI-generated campaigns and bespoke jewelry options. Thank you so much for the opportunity to share.