Olivier Reza, son of the late, jeweler Alexandre Reza has started a new company which aims to eliminate owning luxury in order to experience it. Reza is the CEO of Eleven James – a watch subscription which offers luxury watches for rent. The company’s model is aligned with a 2017 Deloitte study about shopping trends amongst the millennials where 50% of the respondents agreed to prefer experiencing luxury rather than owning it.
There are two membership types, Curated and Bespoke depending on the value of watches made available for selection. The watches are entirely selected online as there are no showrooms. Reza sees two types of existing customers coming to Eleven James – one is a potential buyer who has the capital but wants to experience he’s buying the right watch. Second is a collector who is looking to add to his experience of collecting watches, but without committing any capital. However, there is also a third group from whom the company could gain the most – a new watch enthusiast who doesn’t wish to commit any capital for the experience – for now.