Scaling steadily and without burning cash, Connie Nam is an unusual entrepreneur. She still owns 55% of Astrid & Miyu and hasn’t raised external funds since 2019. Of A&M’s 32 stores, nine opened just last year, stretching from South Molton Street to Madrid - and this year, the focus shifts to the US: a Los Angeles branch opens in April, with Austin and Williamsburg sites in the crosshairs.
Turnover hit £50 million last year and is projected to reach £65 million this year. How is Astrid & Miyu thriving while others wither? “The ‘experience moat’ has been important,” Nam says. Stores offer piercing, permanent jewellery, and tattooing. “Piercing saw 20% like-for-like growth last year, but product sales were up 10% too. It’s two things: well-designed products at accessible prices, and the store experience: come in and be treated like a VIP, even if you’re buying nothing at all.”
Nam notes a reversal in retail trends: “I’m seeing a lot of direct-to-consumer brands looking for physical stores. The landscape is shifting; people want newness. It’s about remembering names and making customers feel welcome. A no-pressure environment draws people in, and the quality of the product keeps them coming back.”
US expansion is ramping up. "Running a business in the UK is cheap compared to the US," Nam admits. "Everything is double the price: salaries, store build-outs, rent. But our average basket value is also double. US customers have higher disposable income and are much less price-resistant."
Early mistakes led to a closure in New York after initial due diligence - a pop-up which had enjoyed pre-Covid levels of footfall - proved outdated. “That was a lesson in the importance of being on the ground,” Nam admits. “We focus on operating margin at the store level to ensure every site pays for itself, so it was a tough, but right decision to close it.” Now, Name is sending A&M’s UK area manager and flagship manager to the US to replicate its British success.
The entrepreneur still applies the lean principles of her startup days. To combat soaring gold prices, she has tightened ties with suppliers in Thailand and China. "They helped us in the early days; now we are collaborating to reduce metal wastage during polishing. It’s in their interest to improve processes so they can sell more."
With no fundraises since £2 million in the brand’s early days, growth is funded entirely by cash flow - making Astrid & Miyu a rarity in the scale-up world. "I found a good category. We don't need huge stores or massive stock rooms. Our digital presence means we don’t always need prime locations. Our stores are hugely profitable, so they pay for our growth."
Backing from a German family office in 2019 has allowed Nam to play the long game. “I’d recommend family office backing for brand building,” she says. “There’s less pressure than there is with private equity. You can’t build a genuine brand in three years; it takes investment in intangibles. If I were just chasing growth metrics, I don’t think the business would be where it is now.”
“I’m regularly approached [about an exit],” Nam adds. “I’m in touch with different private equity firms and family offices, and I wouldn’t say ‘never’, but there’s so much opportunity right now and I dont need money to scale, so we’ll see where this takes me.”
