The Business of Fashion Podcast

Episode: Kiki McDonough on Changing How Women Buy and Wear Jewellery
Date: October 3, 2025
Host: Imran Ahmed

Episode Overview

This episode features renowned British jeweller Kiki McDonough, known for revolutionizing how women buy and wear jewellery. Raised in a family of antique jewellery experts, McDonough reflects on her 40-year career, the normalization of women purchasing jewellery for themselves, enduring industry resilience, and her distinctive approach to wearable luxury. She also discusses market changes, her brand’s global appeal, her experiences as a female entrepreneur, and offers advice for the next generation.

Key Discussion Points and Insights

Kiki’s Family History & Early Career

• Deep Roots in Jewellery

  • Kiki is a fifth-generation jewellery specialist. Her father, a leading expert in English silver and Georgian jewellery, fostered a home surrounded by treasured pieces ([02:04]).
  • Quote:
    "Jewellery was so much a part of family life, that maybe somewhere in my bones, it is there."
    — Kiki McDonough, [03:07]

• Reluctant Start

  • Began her brand in 1985 at age 30 after a friend recognized her untapped potential ([04:05]).
  • Transitioned from secretarial roles, feeling she “hadn’t the faintest clue” what she was doing initially ([02:50], [05:36]).
  • Entered a male-dominated industry, noting:
    "The whole of Bond street was men... they're choosing jewellery for women to wear, and surely women should be choosing jewellery for women to wear."
    — Kiki McDonough, [06:00]

The Jewellery Industry in the 1980s

• A Moment of Social Shift

  • The culture of the '80s underpinned her start:
    "There was an atmosphere in the 80s that just gave you a go, you know, fly by the seat of your pants, see what happens."
    — Kiki McDonough, [06:31]
  • She seized an opportunity to create accessible modern jewellery for working women (pieces priced £95–950) ([07:31]).

• Breakthrough Designs

  • First successful piece was a heart-cut crystal with a diamond bow, despite doubts from her manufacturer ([08:36]).
  • Quote:
    "I burst out laughing. I said, no, I don't think they will [sell] either... And they're now in the V&A."
    — Kiki McDonough, [08:36]
  • Identified and fulfilled a gap between costume and high-end jewellery ([08:49]).

Democratizing Jewellery & Serving the Royal Family

• Everyday Luxury for Women
  • Prioritized jewellery women could buy for themselves, wear anywhere, not just for special or evening occasions ([10:00]).
  • Her approach resonated with both everyday women and the Royal Family:
    "My jewellery is not cutting edge edgy and it's not bling, but it's very easy, pretty jewellery to wear... during the day, in the evening."
    — Kiki McDonough, [10:00]
  • Cited the modernization of women's fashion and the Royal Family’s need for wearable, less formal pieces ([10:52]).

Women Buying for Themselves: A Cultural Shift

• Changing Consumer Behavior

  • Initially, men always bought jewellery for women. This shifted as women started purchasing for themselves ([00:39], [15:26]).
  • Quote:
    "When I first started the business, a man would come in and buy a piece... Now it’s just come in, I need a pair of earrings for my daughter's wedding. Let me have a look."
    — Kiki McDonough, [00:39]; retold at [15:26], [16:49]

• The Impact of the 'Big Bang'

  • Financial industry changes meant women were often the sole shopper ([16:08]).

• Modern Mindset

  • Today, women confidently buy fine jewellery—sometimes even high-value pieces—for themselves ([17:00]).

Jewellery's Market Resilience

• Resilience Amid Market Downturns
  • Fine jewellery has outperformed fashion in recent years ([17:31]).
  • Longevity and emotional value cited as reasons: "Jewellery puts a spring in your step... People remember the jewellery more than the dress." — Kiki McDonough, [18:14]
  • Jewellery as an intergenerational heirloom ([19:14]).

Brand Discovery & Distinction

• Global Recognition & Style
  • Kiki's brand is globally exported and recognized ([20:30]).
  • Signature: vibrant colored gemstones (peridots, citrines, tanzanites) rather than traditional rubies, sapphires, or emeralds ([21:05]).
  • Quote:
    "My great love... are the colored gemstones... having those gorgeous colors next to your face is something special."
    — Kiki McDonough, [21:01]

Business & Policy Challenges

• Tax and Policy in the UK
  • Criticized the removal of VAT refunds and increased National Insurance for discouraging luxury spending and harming broader UK industries ([22:12]-[23:36]).
  • Quote:
    "It was like signs saying if you want 20% off anything, then I would go to Paris and Milan... So that's been damaging."
    — Kiki McDonough, [23:14]
  • Advises political leaders to "go work in a business for six months and learn your trade" ([24:27]).

Female Entrepreneurship, Advice, and Reflections

• Resilience and Humor

  • Survived two recessions, a pandemic, and ten prime ministers. Attributes longevity to resilience, humor, and common sense ([25:20], [26:02]).
  • Quote:
    "Resilience, a sense of humor, and a determination not to let them get you down."
    — Kiki McDonough, [25:20]

• Succession Planning

  • Sees herself as not indispensable—believes in the brand’s longevity and the emergence of new talent ([27:18]).

• Advice for New Entrepreneurs

  • Mentors at the King’s Trust, recommends pacing oneself, prudent cash management, and methodical growth ([28:17]-[30:19]).
  • Quote:
    "Look after the pennies because the pounds look after themselves." — her father's advice ([28:26])
  • Test products before scaling, adapt to new technologies, and don’t chase expansion for its own sake ([30:13]-[32:08]).

• Sustainable Growth

  • Advocates for slow, considered growth over rapid expansion, balancing career with family life ([31:09]-[32:08]).
  • Quote:
    "A small, sustainable, profitable business is just fine… I really love the last 40 years and feel extremely privileged to have had that start."
    — Kiki McDonough, [31:14]

Notable Quotes & Memorable Moments

• “Jewellery should be loved and worn and appreciated. It should put a spring in your step, make life more joyful.”
  — Kiki McDonough, [11:07]

• “I was 30 when I started the business… my CV was longer than the Bible… I used to get very bored after a year.”
  — Kiki McDonough, [04:05]

• “There was a market… there wasn’t really anything in between. And I think women had suddenly started to think about that.”
  — Kiki McDonough, [08:49]

Timestamps for Important Segments

• Family history and upbringing: [02:04]
• Founding the business; breaking into the industry: [04:05]-[07:13]
• Iconic designs and Royal Family clientele: [08:36]-[10:52]
• Women as purchasers—cultural shift: [15:26]-[17:00]
• Jewellery as a resilient luxury sector: [17:31]-[19:58]
• Signature colored gemstones, brand identity: [20:30]-[21:42]
• Tax policy and UK luxury market challenges: [21:50]-[24:10]
• Reflections on 40 years, resilience, and entrepreneurship: [24:47]-[26:56]
• Advice for next-gen founders: [28:17]-[32:08]

Conclusion

Kiki McDonough’s journey illustrates the transformation of jewellery from a gift economy into a mode of self-expression and self-purchase for women. Her insights reveal not just personal perseverance but the evolution of attitudes toward luxury, resilience in a changing market, and wisdom for aspiring entrepreneurs—emphasizing joy, sustainability, and authenticity over aggressive growth.