A collaboration between some of America’s most respected family jewelers burst into the light in the summer of 2018 as Troverie launched as an online store front for luxury watches.
It was backed by 26 leading brick and mortar retailers and authorized as a third party seller by brands including Bell & Ross, Blancpain, Breguet, Breitling, Bvlgari, Girard-Perregaux, Hamilton, Longines, Movado, Nomos, Omega, Raymond Weil, Tag Heuer, Ulysse Nardin, and Zenith.
This week it informed customers and stakeholders that the business is being wound up, with operations shutting down within days.
The problem, it seems, is that the online world is where customers expect to find a bargain, and Troverie — under strict guidelines from brands — could not play that game.
In a message to customers, the team says that, “While Troverie broadly received high acclaim from the industry and superb client reviews, it was difficult and expensive to find prospective customers willing to pay near full retail price instead of the deep discounts available through unauthorized channels.”
There is no mention of Coronavirus in the statement, but with the pandemic decimating sales for the major retailers that had previously supported Troverie, it is likely that any investment that might have saved the company could not be secured.
“As founders, we are incredibly proud of what we have built and what we have contributed to the luxury watch landscape. We wish to thank our loyal team, our investors and our advisors for making this possible,” the note signed by chief executive Fred Levin ends.