LONDON, UK – MARCH 19: A tray of Rolex watches is seen on the stand of a watch dealer in London … [+]
TrueFacet is an online marketplace to sell and buy pre-owned jewelry and luxury accessories. The luxury resale market has been lured by select items like Hermès handbags and Rolex watches, while even sneakers have the cache that traditional luxury has. Through transparency, TrueFacet is taking a new step towards Web3 retail while expanding its inventory.
As online luxury continues to proliferate, leading digital luxury marketplace TrueFacet has announced changes to its platform to cater to customers as they reach a more antique-hungry audience. With a new iOS app and handbag category, TrueFacet has evolved its Web2 presence to ride the trend. TrueFacet has actively dabbled in Web3 services for the next generation of consumers.
With a new cryptocurrency checkout feature and blockchain authentication technology and services, TrueFacet recently aimed to corner the resale market for luxury watches, jewelry and handbags. There has also been a change in management, as new CEO Raj Seecharran and his team have been instrumental in implementing the brand refresh.
As CEO of TrueFacet, Raj Seecharran is also a co-owner and technologist with previous experience in investment banking, e-commerce, wholesale and jewelery retail. Seecharran was born in Guyana, South America, and grew up in the Bronx, New York. Seecharran became interested in watches in early adulthood and recalls getting his first watch from his future wife at the age of 19.
Rolex Oyster Perpetual.
“I love watches and love to mix and match my collections based on the date, occasion or event. I still have the first watch I got from my wife when I met my wife at 19. Honestly, before that, I couldn’t afford it, No interest either. Watches will always be a staple for me. I have always loved watches and learning about everything and anything in the jewelry industry has become an addiction for me,” Seecharran elaborates.
Seecharran began his career in investment banking in the technology sector, while growing his presence in the jewelry industry. “I stumbled across technology as an intern at Merrill Lynch, then started a consulting career working for other companies [Investment Bank] Goldman Sachs, Citigroup, Bank of America, and others, then settled with Barclays Investment Bank as employees. “
Seecharran learned the essence of retail business as an investment banker and saw the opportunities for innovation and entrepreneurship in the jewelry industry. “I worked at Barclays for a little over 13 years until I was able to break through and sustain an entrepreneurial life in 2019,” he details.
“I’ve built an amazing career in investment banking while leaving my footprint in jewelry,” he said.[This] Eventually acquired TrueFacet from my business partner Robert Koptiev [company] Back in 2020,” Seecharran mentions, recalling that moment as a revelation cultivated by his own experience collecting watches.
TrueFacet founders Robert Koptiev (left) and Raj Seecharran (right).
“My partner Robert introduced me to the jewelry industry in 2013 and helped him break into retail. His family has been in the wholesale business for over 35 years and he wanted to use technology to lead the family business – diversifying into e-commerce ,” Seecharran explained. His partner, Koptiev, would seek advice and guidance from his friends to develop strategies to grow businesses that Seecharran did not already own.
“We learned the ins and outs of the marketplace industry, selling jewelry across platforms [including] TrueFacet, The Real Real, Tradesy, Amazon, eBay, etc.What this process tells us about the value of the resale market [or secondary market] And when and when we roll out the benefits of our platform.Fortunately, we were on the right side of the deal when TrueFacet became available, and [I] Acquired it before COVID hit in 2020. “
Seecharran set out to become well versed in the watch, jewelry market and which brands had high resale value. He understands the relationship between timing the luxury market for hot products and understanding profit margins. “You can’t go wrong with Rolex watches, Cartier Love Bracelets and Louis Vuitton handbags. The value of brands outlasts any short-term downturn in the economy. The key is patience and persistence, especially with Rolex and Audemars Piguet.”
Seecharran takes an honest approach to the market and does not force trends to react accordingly. “The market is trending down right now, but rest assured, the industry is cyclical and it will bounce back in time. People who bought a Rolex 5 years ago have recently seen 30%+ returns. If you buy today, I have a gut feeling that these The payoff will come again in the next 5 years.”
As the luxury market expands to other jewelry and accessories, not just watches, handbags and vintage tennis bracelets, diamonds remain a red flag for perceived value. “Historically, we’ve seen jewelry retain value. Why not always include diamonds? It depends on the jewelry in question. All commodities, like gold and diamonds, hold their value even at scrapped levels. Value depends on the brand name , characteristics, paperwork (if any), and the provenance of the item.”
“Used jewelry and watches often save customers up to 70% off retail prices,” notes CEO and co-owner Seecharran. “We all love the smell of new merchandise, but when buying a used item, there is a ‘grey market’ – clouded feeling in the transaction. It could be a replica or a fake, but that’s where TrueFacet comes in. We at This risk and that feeling is removed in the process.”
Audemars Piguet Royal Oak
The new leader in the digital luxury market has acquired more inventory, while its shipping and returns is also heavy on fulfillment, offering more than 70,000 items and a 7-day money-back guarantee. Seecharran’s business growth relies on inventory and order fulfillment. He positioned the brand as a trusted and transparent appraiser of pre-owned luxury goods. “We at TrueFacet value all items and ensure our customers receive authenticity in all aspects of their purchase,” he said.
Seecharran knows that customers are a major piece of the retail puzzle and he wants to provide maximum value to his sellers and customers. The average price per item found on the TrueFacet marketplace is around $5,500, suggesting that the platform curates quality products.
Seecharran and his team have grown the TrueFacet jewelry collection worth over $200 million. “In my opinion, the value ultimately comes down to the owner, and sometimes it’s priceless until they decide to resell with us, and they usually get back 80% of the price they paid,” he concluded.