Eleven James names Olivier Reza CEO, launches consignment service
Eleven James, the luxury timepiece subscription service, announced on Monday that President and Chairman Olivier Reza has been named new CEO.
Son of the late Alexandre Reza and Founder and Managing Partner of Myro Capital, Reza joined the Eleven James board in 2015, when the company completed its Series A funding. In 2008, he took over his father’s jewelry brand, Reza Gem, as President, and he currently serves as a Director of Sotheby’s.
As CEO of Eleven James, he will apply his deep understanding of the luxury market to the company.
"Eleven James is moving beyond just exploring how the sharing economy can democratize access to luxury," said Reza. "We are pioneering a paradigm shift, from ownership to experiential luxury, and bringing variety and choice to the category for the first time ever—helping our members explore the beauty and artistry of high-end goods, and select what naturally matches their unique desires and ever changing lifestyles. It really is permission to play with a modern, elevated way of living."
This “paradigm shift” is supported by successful rental services for fashion and luxury goods. Eleven James aims to push things further with its new Watch and Earn service and Curated Collections, both of which launched on Monday.
Watch and Earn is a new consignment program that borrows the “sharing economy” model from Uber and Airbnb. Members can consign timepieces in their collections to Eleven James for other members to wear, in exchange for a monthly cash payment or subscription membership. Consignors also receive access to appraisal, insurance, and care management from a single provider, as well as the opportunity to sell their watches.
The second addition, Curated Collections, is a guided experience for members to discover timepieces. The experience launched with 8 themes based on consumer preferences.
"We've built our collections to be unexpected and fun and, of course, luxurious and elegant," said Chief David Lee. "We offer members the chance to go beyond traditional notions of ownership by maximizing the experience of anticipating, unboxing, and enjoying timepieces without the burdens of financial protection and upkeep. This gives everyone the opportunity to indulge in a new way to discover and appreciate storied timepieces, and casts off the constraints of this industry's dated, single path to purchase business model."
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