Rent a Rolex? A Shortcut to Wearing a Fancy Watch

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May 16 (Bloomberg) -- Eleven James Founder Randy Brandhoff discusses the company’s luxury watch rental business on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

Patek phillipe, that is not a classy thing to do.

Tell me why i'm wrong.

First of all, thanks for having me.

We are excited to be here.

Fundamentally, we are an annual membership program to enjoy luxury watches.

Our members are budding or well-established collectors who have a passion for watches and put a premium on variety even that is what eleven james allows you to do.

You can wear three to six watches a year at the fraction of the price of buying one.

If you have already collected six or 12 or more watches, and you realize you cannot possibly own as many as you would love to get your hands on, or someone who is a brand loyalist and has ever only worn rolex or patek, but purchasing them is a step too far.

This allows you to try before you buy in an industry that does not have that.

Who are your customers?

Can you give us an idea of what kind of life they come from, what they do, who are these people?

The obvious common thread is any interest and passion for watches.

Our product has been resonating with established senior executives, financial professionals, you name it, who have a great collection at home.

Perhaps they have grown apathetic, the more they had, the more they realized they were wearing them ever less.

We also have budding professionals, 35-year-olds, athletes who become a part of the experience generation and realize that enjoying an asset like a watch without owning it is an interesting and exciting thing to do.

I get that.

What percentage of your -- i guess they are not really rentals -- would go to some guy who just wants to impress a girl on a date?

The romeos, as it has been called.

In reality, the vast majority of our members where the watches because they appreciate it.

Whether you work in hospitality or you are single and try to help yourself socially, there are a lot of people who wear watches as an extra no clue.

One of the few things that a medic and due to differentiate themselves and their sense of style.

Most everyone who wears a watch does that.

The majority of our folks are doing this because they are fashionable about watches.

So it is not like the guy who goes out and leases a pariah because he wants to be seen driving the ferrari, even though he could not afford one with cash.

It is much more like the individual who would join a classic car club or rent a house for tens of thousands of dollars -- tens of thousands of dollars in the hamptons.

They would have the means to purchase the car or house but likes the fact that they can have it in cars, or in the hamptons case, a different house every summer.

A premium on variety.

I am curious about the broadening potential of something like this.

I know you are a young company right now focusing on watches.

What about jewelry for women, for example?

Is this something that you want to scale into other products?

In luxury watches alone there is short of $5 billion of new watches transacting in the u.s. every year.

The number doubles if you have others.

That is a healthy opportunity to attack first.

We have been fortunate to attract interest from julie, women's products, other ancillary lines where we know we can grow.

We know that 10% of a power -- power web traffic is coming internationally.

There are areas everywhere.

The key as it on jupiter and marketer is the balancing of going after everyone with the need to not get too far over our skis and not do anything that would dilute our service.

Would gave you the idea, and what does eleven james mean?

I was the former -- a former worker at marquise jet.

We were surrounded by people who loved watches.

You kept on hearing refrains, the first year i had it, the second year i liked it, by the third year, it had been replaced.

You also hear that no matter how wealthy you are, you look down and you see underutilized assets.

You want to take advantage of it.

We had done this for planes, others had done it for other asset classes, why not do it for a product that is near and dear

This text has been automatically generated. It may not be 100% accurate.

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