(Source: www.forbes.com)

Matas Jakutis and Danielius Jakutis are the brothers behind the Filippo Loreti brand of affordable luxury watches.

Photo credit: Filippo Loreti.

The first time I noticed Matas Jakutis as one of the top 10 promising founders to watch in the Baltics, he together with his brother Danielius raised €926,960 from 6,090 backers becoming the most funded timepiece project in crowdfunding history.

Matas Jakutis and Danielius Jakutis are the brothers behind the Filippo Loreti brand of affordable luxury watches. With the help of modern technology and the power of the Internet, Jakutis brothers are redefining the industry.

They started the company in 2014 after trying to find affordable high-end watches for themselves and being shocked after realizing that even entry level ones cost over $1,000.

“Our goal is to bring affordable high-quality timepieces to people who are tired of the big brands and various middlemen inflating the prices,” explains Matas.

So how did two guys in their early 20s who had no previous watch-making experiences manage to take the watch industry by storm?

Work like hell

When you hear “early 20s,” work ethic is not necessarily the first thing that comes to mind, but don’t be fooled by the youth of Jakutis brothers – they are single-mindedly focused on their business and work extremely hard to turn Filippo Loreti into a brand that is recognized and respected worldwide.

“Work like hell. I mean, you just have to put in 80 to 100-hour weeks, every week. This improves the odds of success.

If other people are putting in 40-hour workweeks and you are putting in 100-hour workweeks, then even if you are doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.” – Elon Musk

Matas and Danielius took this piece of advice to heart and that is the approach they are taking with Filippo Loreti.

Matas says that communicating directly with your customers, listening to them, and then giving them what they want is the key.

Photo credit: Filippo Loreti.

“We are young, so we can dedicate a lot of time to research, development, and quality control of our products, and we are willing to put everything else in our lives (socializing, relationships, etc.) on hold for the time being,” explains Matas.

Low price, high quality

The main thing that distinguishes Filippo Loreti from other watch brands is the design, quality, and price ratio.

“When you are buying a watch at the jewelry store, they are usually priced at around 10 times of what they cost to make, for example, a watch that costs $100 to make would usually be priced at $1000+.

The main thing that distinguishes Filippo Loreti from other watch brands is the design, quality, and price ratio.

Photo credit: Filippo Loreti.

This idea has resonated with the watch aficionados worldwide. The brothers raised €926,960 during their Kickstarter campaign for their first collection, making it the most funded timepiece project in crowdfunding history… Up until they broke their own record, that is.

When we realized this, we saw an opportunity, and by fully controlling our supply chain, using practical materials to achieve the luxurious looks, and selling directly to our customers, we were able to produce watches that cost less than $250, but are of the quality that you’d normally have to pay $1000+ for,” said Matas.

Filippo Loreti raised a staggering €4,809,548 on Kickstarter for their second collection which is now in the final production stage.

The customer always comes first

More Info: www.forbes.com

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