Luxury is more than just opulence. It’s about transformation and turning passion into a lifestyle. In today’s “Business Story of the Week,” hosted by me, Joshua Lori, we dived into the world of luxury entrepreneurship with none other than Elizabeth Solaru—a luxury business coach, cake maker to the stars, and founder of the Diversity in Luxury Awards.

🧁 From Artisan Baking to High-End Luxury

Elizabeth’s journey into the world of luxury wasn’t the typical route. Born in a British-African household, she was expected to pursue academia, eventually becoming a professor. However, her first love—baking—called her back, guiding her from a career in microbiology to becoming a luxury cake maker.

“Baking is like chemistry,” Elizabeth shares. “The same ingredients can produce different results.” Her deep passion for baking led to crafting luxury cakes, and one fateful phone call changed her life. Little did she know, one of her first clients would be a cousin of the late Queen Elizabeth, launching her career into the world of high-end luxury.

📞 The Luxury Business Mindset

What’s fascinating is how Elizabeth applied her previous work experience as a headhunter to break into the luxury market. She made cold calls, just like recruiting executives, until she landed her first major commission.

“Many people think luxury is only for the ultra-wealthy, but it’s about value creation,” Elizabeth explains. Through her experience, she discovered that selling a $10 cake takes the same energy as selling a $10,000 cake. This is where niches in luxury come into play—where creating value and understanding your ideal client are key.

🎂 Pillars of a Successful Luxury Brand

For Elizabeth, building a luxury brand is like crafting a cake. It requires essential “pillars”:

1. Storytelling – Every luxury brand has a story that pulls on emotions. Think of Chanel’s origin as an orphanage seamstress before becoming an iconic brand.
2. Pricing – Luxury isn’t just about high prices but about creating something that’s worth the price.
3. Business Model – Successful luxury brands structure their products into different levels to appeal to various audiences. From lipsticks to haute couture, the luxury ladder is designed to invite a range of customers into the brand’s world.

🌍 Luxury and Social Justice

What sets Elizabeth apart is her commitment to economic inclusion within luxury. She emphasizes that luxury doesn’t only serve the elite but can be a tool for social change. Highlighting initiatives like Chanel’s €100 million annual fund for girl’s education, Elizabeth’s Diversity in Luxury Awards shines a spotlight on artisans and brands making a difference.

💡 Final Thoughts

Elizabeth’s story teaches us that luxury isn’t about excluding people but about creating meaningful value. It’s about finding your niche, telling a compelling story, and using your craft to inspire others. Her upcoming book, Lux-preneur, explores these ideas in greater depth, and I’m sure it will be a must-read for aspiring entrepreneurs.