TrueFacet, the New York City–based retail startup that trades in pre-owned luxury timepieces (both buying and selling them) debuted a platform this week that partners with luxury watch and jewelry brands to retail new product on its website.
The three-year-old company, which is backed by several high-profile venture capital firms including Maveron (cofounded by Starbucks CEO Howard Schultz) and Liquid2 (Joe Montana’s fund), developed its new Brand Boutique concept to complement its pre-owned business, which TrueFacet founder and CEO Tirath Kamdar says will always be the company’s core offering.
The Brand Boutique showcases new luxury watches from brands including Frédérique Constant, Fabergé, Nanis, Phillips House, Fendi, HYT, Bovet 1822, Les Artisans de Genève, Manufacture Royale, and Tutima—and jewelry from brands including Mimi So, ZYDO, Nanis, and Misahara.
The platform will expand as it evolves, says Kamdar, who started his career working in his family’s diamond and jewelry business and did a stint in investment banking before moving on to positions in well-funded tech startups including Groupon and Fab.com.
After three years of selling certified pre-owned timepieces, TrueFacet is “now partnering with the brands directly,” he explains.
And as Kamdar sees it, his company is filling a gap for many of the big European brands that have yet to go fully digital in their retailing. “Running an e-comm business is very tough for these brands,” he says. “What they’re really good at is making beautiful items.”
He adds, “I’m a big believer that many of these brands won’t be around if they keep depending on older generations to stay relevant. You have to depend on younger generations if you want to keep going.”
TrueFacet, which has quadrupled its sales every year it’s been in business, is doing well there—28 percent of its audience is under 30, reports the company.
Kamdar credits its growth to the company’s ability to keep up with its consumers’ rapidly changing behaviors.
“A lot of businesses really don’t understand their customers,” he says. “Whereas we really go at it. We’ve built algorithms that learn behavior. As a result, we are able to drive certain messaging and product to certain consumers. We’re really good at it.”
(Top: Manufacture Royale Voltige 1770 watch, $46,200, in TrueFacet’s new Brand Boutique)Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine