A platform for big spenders has bigger aspirations as it seeks to be the go-to place for all things luxury.
World’s Best, with headquarters in Dallas and a satellite in Palo Alto, Calif., said it’s growing 300 percent year-over-year, although the company’s not disclosing its revenue other than to say it’s in the eight figures and the business is notching a profit.
Cofounder Kevin Chow, a former JP Morgan banker who went on to found product discovery platform Picsity, chalked up the growth to a general movement seen across the retail spectrum. That is, more interest in buying online and buying more expensive things on the web.
“When we started this, we realized that we wanted to really go after the side of the spectrum that hadn’t been tapped yet,” he said. “When you’re taking a look at the whole luxury market, it’s largely been untapped.”
World’s Best sells across watches, fashion, jewelry and home goods with an average transaction of $13,000. Chow said the business aims to cover the entire spectrum of luxury — that’s why later this year the company has plans to expand into real estate, vacations and rentals.
Affluent, high-net-worth individuals are customers but so are first-time luxury buyers, said Chow, who founded the company with former PepsiCo division president Robert Steele.
About 60 percent of the customer base is from the U.S. with most of the overall client base made up of men. Watches are a top-selling item on the platform.
One potential challenge for the business: it’s not an authorized reseller of some brands. In fact, about 75 percent of its product is sourced from suppliers — such as small boutiques — with the remainder coming direct from the brands. About 25 percent of the product sold on World’s Best is certified pre-owned merchandise, much of that being watches.
To vet its suppliers, sellers are by invitation only and the company does not work with individuals on a consignment basis.
“We haven’t really had any pushback from the brands themselves,” Chow said. “We’re very transparent with our clients. They do understand. A lot of times most of these customers don’t mind for a variety of reasons. Number one, with some of our merchandise, it’s simply accessibility. Some of the merchandise the clients are not able to buy when they walk into these boutique stores.…With our web site we’re able to show tens of thousands of pieces so right there we get larger access for our clients and the fact is many of these clients don’t want to go into these boutiques.”
World’s Best has to date raised one undisclosed venture funding round. The company’s now in the process of raising additional capital in hopes of potentially rebuilding its platform, exercising more control of the supply chain and building out its customer service team. The company plans to eventually move its offices to San Francisco.
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