TrueFacet is an online marketplace that allows you to sell and buy pre-owned jewelry and luxury accessories. Luxury resale has been drawn to certain items such as Hermes bags or Rolex watches. However, sneakers are just as popular as traditional luxury goods. TrueFacet is transparent and expands its Web3 retail inventory while taking new steps in Web3 retail.
TrueFacet is a leader in digital luxury and has announced that it will make changes to its platform to better serve customers as they reach a wider audience of vintage-hungry buyers. TrueFacet’s Web2 presence has been enhanced by a new iOS app and a handbag category. TrueFacet is expanding its Web3 services to meet the needs of the next generation of consumers.
TrueFacet has recently introduced new crypto checkout features and blockchain authentication technology and service. This allows them to capture the luxury watch, jewelry, and handbag resale market. Raj Seecharran, the CEO, and his team were instrumental in the implementation of the brand’sbrand’s updates.
Raj Seecharran is the CEO of TrueFacet. He is also a co-owner and technologist. His prior experience includes wholesale, investment banking, and jewelry retailing. Seecharran was born and raised in Guyana, South America. Seecharran was a watch enthusiast from an early age. He recalls the first watch he received as a gift from his future wife at the tender age of 19.
“I love watches. I like mixing and matching my collections based on the day, event, or occasion. The first watch that my wife gave me was the one I still have. It was given to me at age 19. Prior to that, I couldn’tcouldn’t afford it, and I wasn’twasn’t interested in it. A watch is a constant for me. Watches were always my favorite thing, and I became obsessed with learning everything about the jewelry business,” Seecharran explains.
Seecharran began his career in investment banking in the technology sector. Seecharran was also growing his jewelry business. “I started my career in tech as an intern at Merrill Lynch. I then went on to work as a consultant at other [Investment Bank] companies such as Goldman Sachs and Citi Group. Then, I settled down with Barclays Investment Bank as an employee.
Seecharran, an investment banker who learned retail operations from the core, saw the opportunity to innovate and become an entrepreneur in the jewelry business. He explains that he was at Barclays for just over 13 years before he was able to make a career as an entrepreneur.
He says, “I was able to create an incredible career in investment banking while also building my footprint within the jewelry industry.” “[This] culminated in the acquisition of Robert Koptiev, my business partner, TrueFacet [company] back in 2020,” Seecharran recalls, recalling the moment being a revelation that was fostered through his own collection of watches.
Robert, my partner, introduced me to the jewelry business in 2013. He wanted to expand into retail. Seecharran says that his family has been selling wholesale for more than 35 years and that he wanted to run the family business with technology. He also wants to diversify across e-commerce. Koptiev was his partner, and he sought the guidance and advice of his friend to help him strategize for the growth of the business that Seecharran did not yet own.
“We learned the intricacies of the marketplace industry by selling jewelry on various platforms, such as TrueFacet and The Real Real. We learned the value of the secondary market and the upsides to our platform through this process. We were able to get the deal done when TrueFacet was made available. I acquired it in 2020, right before COVID.
He was able to see the connection between timing luxury markets for high-end products and knowing the margins of profit. You can go wrong with Rolex watches and Louis Vuitton handbags. The brands value outlasts any economic downturns in the short term. It is important to be patient and to keep your watches, especially Rolex and Audemars Piguet.
Seecharran is honest about the market and does not force the trends but rather responds to them. Although the market is currently trending down, the industry is still cyclical and will rebound at the right time. Recent returns of up to 30% were seen by those who purchased Rolex five years ago. I believe that if you buy now, those returns will again be realized in the next five years.
Vintage tennis bracelets with diamonds. Diamonds are still a concern for perceived value. “Historically, jewelry has retained its value. Why are diamonds not included in every piece of jewelry? It all depends on the type of jewelry. All commodities, such as gold, diamonds, and other precious metals, retain their value even if they are scrapped. The brand name, characteristics, paperwork, provenance, and origin of the item all affect the value.
Seecharran, CEO, and co-owner of the company notes that pre-owned watches and jewelry can often save customers up to 70% over retail. We all love the scent of new items, but pre-owned can lead to a “grey market” – a feeling that is not as pleasant. TrueFacet can be either a duplicate or a fake. This eliminates the risk and gives you that feeling. “”
The digital luxury market’smarket’s new leader has increased inventory. Fulfillment is valued with shipping and returns. There are over 70,000 products and a guarantee of 7 days for a full refund. Seecharran relies on order fulfillment and inventory to help his business grow. The brand is now seen as an authenticator of luxury pre-owned items that can be trusted and verified. TrueFacet values all items and makes sure that our customers receive the best quality product.
Seecharran understands that the customer is the key piece of the retail puzzle. He wants to give his customers and sellers the best possible value. TrueFacet’s average item price is $5,500. This suggests that the marketplace curates premium products. TrueFacet’s total revenue is 60% from watches, with $15 million in revenue in 2022. This has led to a projection of doubling the revenue in 2023.
Seecharran and his team have helped to grow the TrueFacet jewelry collection, which now has a value of more than $200 million. He concludes, “Ultimately the value comes down to the owner, in my opinion, and that at times can be priceless until they decide not to resell with me, of which they usually get back around 80% of what they paid.”
