Eleven James

Eleven James operated as a membership-based subscription service for luxury timepieces, positioning itself within the experiential luxury market. The company was established in 2013 by co-founders Randy Brandoff, Olivier Reza, and Rotimi Akinyemiju, and was headquartered in New York City. Brandoff's background, notably as the first employee at private jet sharing company Marquis Jet and CMO at NetJets, heavily influenced the business model. He aimed to apply the principles of collaborative consumption, which he had successfully implemented for private jets, to the luxury watch market.

The core of Eleven James's business was a subscription model that allowed members to rent high-end watches from a curated collection for several months at a time. This model, often likened to a "Netflix for watches," provided members with access to a rotating selection of timepieces from over 30 prestigious brands like Rolex, Patek Philippe, and Audemars Piguet without the significant financial outlay of direct ownership. The service was designed to let enthusiasts "test drive" different models, potentially leading to a future purchase. Revenue was generated through tiered monthly subscription fees, which started at approximately $149 to $249 and scaled up based on the value of the watches being borrowed. In a strategic evolution, the company later introduced "Watch and Earn," a consignment program where existing watch owners could monetize their underused assets by adding them to the rental pool.

Despite raising over $40 million in funding and attracting thousands of members at its peak, Eleven James encountered significant operational and financial difficulties. In mid-2018, the company ceased communications, its website went offline, and operations began to wind down. The collapse was attributed to a failure to secure a new round of funding, which led to its primary lender withdrawing a critical line of credit. This financial shortfall, coupled with leadership instability, including the departure of founder Randy Brandoff and CEO Olivier Reza, ultimately led to the company's shutdown in August 2018. The company's assets, primarily its inventory of watches, were subsequently prepared for liquidation.

Keywords: watch rental, luxury watch subscription, timepiece membership, sharing economy, experiential luxury, collaborative consumption, Randy Brandoff, watch consignment, NetJets, Marquis Jet, Olivier Reza, Patek Philippe, Rolex rental, Audemars Piguet, luxury goods, subscription box, asset sharing, New York startup, failed startup, venture capital