Is the American dream over?The story of the jewelry brand Faraone Mennella

Recently, I had the chance to interview Amedeo Scognamiglio , co-founder of the fine jewellery brand FARAONE MENNELLA by RFMAS , for an episode of Lux and Friends Podcast .

I have to admit, this interview was quite intense, for Amedeo's story is nothing short of exceptional. With his life partner Roberto Faraone Mennella, he moved from Italy to NYC in the late '90s, with big dreams and little money.

As soon as they moved, Roberto started studying design at the prestigious Parsons School of Design, and Amedeo established the American branch of his family's cameo business. Once Roberto graduated, the couple decided to launch a fine jewellery brand that would enable Roberto to exercise his creativity, and Amedeo to create something of his own. With the remaining 10,000 USD in their pockets, they incorporated their company, and sampled their first collection when 9/11 happened, and with the towers, their dream of being featured in Bergdorf Goodman crumbled. Or so they thought. One night, Amedeo received a phone call, and it was none other than the greatest TV star of the time, Sarah Jessica Parker of Sex and the City, who wanted a cameo for the show.

In various, unexpected, turns of events, which will leave you breathless if you listen or watch the interview, they were able to introduce their newly created collection to the show, and as soon as the first episode started with one of their earrings taking the screen, it was an instant success!

Like all fairy tales, tragedy awaits, and Roberto passed away in 2020.

Amedeo carries on the legacy of the brand, and he does it with renewed motivation and meaning.

Having had a chance to interview incredible thought leaders for Lux and Friends, ranging from the "inventor" of the experience economy Joe Pine, to the neuroscientist Elena Boschi, to the leading divulgator of Artificial Intelligence Calum Chace, to Alec Ross who was senior advisor for innovation to President Obama, and approximately 50 more, I realize that every interview, and the background work to prepare it, has taught me invaluable lessons.

Here's what I learned from Amedeo Scognamiglio:

1. A great story cannot be faked. The jewellery business is a very difficult one. New brands compete with heritage brands that have decades, if not centuries, of trade and history behind them. A good product, and an aggressive marketing strategy are not a guarantee of success. It takes something more, or different if you will. In this case, it's the passion and love of two people that had no separation between business and life. Their brand was their child, and every collection a labour of passion and genuinity.

2. You must see and follow the signs. I truly believe that every human being has a chance to succeed at something, provided that they know what they want, and they are able to see the train pass and catch it. Hearing Amedeo talk about the signs, even coming from above, that led them to spend a full season with the crew of Sex and the City along with their jewellery, gave me goosebumps. And it made me wonder, Have I ever ignored a sign that would have brought me something extraordinary in the past?

3. Press counts. No matter how exclusive and niche your product is, until people see it, and start wanting it, there is no business.

4. High prices, and low prices can (seldomly)coexist. Now, this is a tricky one in the luxury industry. Once you position your brand on the high spectrum of the market, in terms of pricing, everything you do at a lower level can dilute the perceived value. And yet, they manage to sell their fine jewellery to some of the wealthiest American women for hundreds of thousands of dollars, while, at the same time, sell their custom jewels, at a fraction of the price, on QVC shopping TV. "They would call us in awe, saying they saw us on TV!" said Amedeo about their billionaire clients who not only didn't mind that they would sell custom jewels, but loved seeing them on TV. In all fairness, this is something not everyone can do. They were, and still are, a niche brand, totally associated with its two good-looking and charming Italian founders, and could get away with it.

5. The American Dream is over. "What we did in NY over 20 years ago cannot be done today," Amedeo admitted. Instead, he sees the Middle East, and specifically Dubai, as the place where people can still realize their dreams. And I agree with him. In my 20+ years of industry experience, many of which spent in the Middle East, I can say that the time is finally right for the region to attract not only money and business but also creativity. As freedom expands, and a multicultural social structure takes place, I see many more creative people moving here and willing to make a difference.

6. Motivation is key. If a company's only motivation to succeed is to make money for its shareholders, given the bumpy road that paves today's markets, success will not last. Amedeo and Roberto started the company to be together, and do something great together, and this fuelled their work for many years. Once Roberto passed away, Amedeo doubted he could continue, as the primary motivation was gone. And that's where he found a new one: to carry on the legacy they built together, and honor Roberto's memory.

This was a very intense episode. I was carried away by Amedeo's storytelling, and having known him and Roberto for over 20 years, I was also emotionally involved.

I am sure I missed something. I will listen to this interview again.

If you did, and learned something else, feel free to write to me. I'd love to hear from you.

Carlo

P.S. If you enjoyed this article, please like and share it with your network. You can also subscribe to my newsletter to receive weekly articles directly into your inbox, The Weekly (Luxury) Reflection.