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TrueFacet Expands to Brand-Certified for Pre-Owned Goods
The company is partnering initially with seven brands for its "brand-certified pre-owned" program.
By Vicki M. Young Plus Icon
Vicki M. Young
Senior Editor, Financial
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A page from the TrueFacet site for brand-certified Roberto Coin jewelry. Courtesy Photo
GETTING CERTIFIED: TrueFacet, the marketplace for jewelry and watches, is now the first online site to offer a selection of pre-owned goods that will be brand certified.
The company is working with seven brand partners that include Zenith, Roberto Coin, Raymond Weil, Fendi Timepieces, Fabergé; Frédérique Constant and Ernst Benz. The items in TrueFacet's inventory will be supplied direct by the brands, each of whom will be responsible for refurbishment. The brands will also provide a certificate of authenticity and include a one-year manufacturer's warranty.
Tirath Kamdar, TrueFacet's chief executive officer, said the choice of which items are sold on the site is based on a "collaboration with the brand and TrueFacet. TrueFacet leverages buying behavioral data and sell-through data at a geographic level to help brands decide what to sell online. The brands also give TrueFacet products that they feel are good for the platform based on what they have in-stock, at retailers and any pre-owned products they have."
Kamdar said the company's platform caters to a consumer who's around 35, with 28 percent under the age of 30. "We help brands reach the new generation via story-telling and offering a trusted platform to shop 'certified pre-owned.'"
Thierry Collot, U.S. brand director for Zenith, said, "The innovative business approach is a very exciting concept where watch buyers will gain access to Zenith pre-owned timepieces in a safe, informative and respectable environment."
TrueFacet is backed by Silicon Valley venture capital firms, including Maveron and Freestyle. In addition to the pre-owned items, it also offers full-priced jewelry and watches.