A new luxury goods e-commerce startup dubbed Long Story Short has a provocative concept: it’s $1,000 per month to join for the privilege of shopping its curated collection. Shocking as that sounds, founder Joseph Einhorn believes he understands this sliver of the market that is e-commerce and just why numerous web deluxe endeavors to day failed to your workplace. The president, understood perfect for their 2010s ecommerce site The Fancy, an upscale Pinterest that is shoppable rival says high-net-worth individuals demand more in terms of privacy and security from their online experience — something that shopping a luxury marketplace often does not provide.

At Long Story Short, the shopping that is private takes a new method than many other shopping websites.

In inclusion just to the need to have the money to pay for its $1,000 each month cost, visitors must make an application for acceptance. When in, the shoppers can go shopping through the site’s 50,000 luxury that is hand-selected, spanning categories like home décor, luxury apparel, art, cards, jewelry, watches, gadgets, and more, or they can request the LSS (Long Story Short) team to procure items on their behalf.

The value proposition — if such a word can be used for such a service that is costly is that LSS will handle the deal regarding the customer’s part. Meaning negotiating with sellers and vendors, getting the product, then verifying and inspecting the item for authenticity, before shipping it to the buyer. This allows the customer’s transactions to remain anonymous to the seller — something that’s prized among high-net-worth individuals due to the security risks involved with having their name, address, or phone number compromised.

While LSS will have this information, Einhorn’s experience in e-commerce means he’s already familiar with the world of online fraud and how to combat it and has built the company that is new an eye on privacy. The company won’t information its protection methods in order to not ask hackers but records so it trades protection for convenience oftentimes by maybe not gathering or keeping certainly not info that is necessary. In addition, some of its systems aren’t even connected to the web.

Image Credits: Long Story Short

The concept of a shopping that is private is a thing that Einhorn likens with other attempts in providing to high-net-worth people, much like Pharrell’s launch of his own auction house last year, Joopiter. And, much like offline luxury retail, LSS is designed to offer the white-glove service that luxury shoppers expect.

Plus, Einhorn contends that subscribing to LSS is practical proper currently investing at the least $1,000 per on luxury goods because of the savings it delivers month. Today’s online marketplaces are often heavily marketing up their items, which means people are paying “at least $1,000” by being overcharged on “marketplace waste,” he argues.

“Number one, we’re recommending you items that you probably didn’t know about that you can get involved in— you can see items. After which, quantity two, let’s get the very best price that is possible rather than just logging on somewhere where everybody is being drawn into the same kind of marked-up overpriced item,” Einhorn explains.

He believes that the combination of eliminating the marketplace fees and establishing relationships that are direct sellers and vendors, LSS’s cost savings could lower the price of deluxe products by 20-40%. But, their thesis hasn’t however already been tested due to the fact website is just today starting.

“What we wish is insurance firms this buying that is collective of serious spenders — like serious shoppers — that we as a group will unlock better terms for everybody,” Einhorn says.

LSS, meanwhile, doesn’t mark the items up it self nor charge other charges beyond the (pricey) membership.

Image Credits: very long tale Short (user profile)

Still, Einhorn knows this business design will change some minds, especially in current climate that is economic housing prices are so high, young people can’t afford homes, layoffs are rampant, and the American dream, for many, has been put on hold.

“It’s not lost he tells For Millionaires.

Despite the state of the larger economy, rich people remain rich, meaning the startup already has a handful of customers signed up even ahead of today’s launch, including “executives at our favorite companies, athletes, entertainers, and people in technology,” Einhorn tells us upon me that this is a this is a provocative concept. And compliment of its membership cost, LSS does not require a user that is large to break even or succeed. Even as little as 100 customers, “would be plenty,” he notes.

The founder believes LSS will go further than that, though, explaining that there’s a market that is global luxury shopping such as this.

“We think that in the united states, the center East, and Asia alone, you will find thousands and thousands of prospective users in all of those areas that we’re planning to attempt to follow these days,” Einhorn claims. Those customers are less interested in wearing luxury brands but are more interested in adding luxury goods to their homes, as in China in some cases. He also suggests that there’s an market that is untapped of experts who see deluxe as a secured asset course for financial investment, how they might also see something similar to crypto.

However, LSS is designed to discourage consumers from pooling their particular resources for a subscription by vetting programs. Alternatively, high-net-worth people can “sponsor” other individuals, like their particular young ones or assistants, if you are paying their particular month-to-month fees.

The Founder’s experience that is e-commerce ability to cultivate a following dates back to the early 2010s.Jack Dorsey,His debut shopping startup, Fancy, developed a following among the tech elite, like Twitter co-founder Chris Hughes Meta’s Allen & Co, Apple’s Tim Cook, as well as investors like LeRoy Kim. partner Allen & Co. Investors in Fancy, meanwhile, included VCs Marc Andreessen and Ben Horowitz, General Catalyst., Esther DysonJim Pallotta, Celtics owner Bob Pittman, MTV creator Maynard Webb, former eBay COO Eric EisnerJeff SambergAshton Kutcher., and Carlos Slim Domit In later rounds, it also brought in Mexico’s CCC and 

, a Japanese holding company behind the Tsutaya chain of book and media retailers.New York-based comics books store for kidsThough Fancy didn’t last, Einhorn went on to co-found other companies, including a The Archivist, an software that is e-commerce Way to Go (that also had Kutcher’s backing), along with a social system for those who like hiking,

.

With LSS, he’s returning to ecommerce with all the help of brand new people, Misfit Market co-founders Abhi Ramesh (CEO) and Edward Lando. The startup features raised around $500K.[Lando has]“

constantly bugged myself about revisiting the true luxury globe, and he’s the fantasy companion,” adds Einhorn.

Currently, New Long that is york-based Story is a team of seven and only plans to add headcount in service as its clientele grows. mobile app for iOSFor now, the startup that is e-commerce offered through the internet and also as a

. The second prompted For Millionaires to significantly cheekily ask if LSS is, you might say, the modern “i will be Rich” — an early on iPhone software whoever existence on your own house Screen just served one function: that you might manage to get it.

“I’m maybe not amazed which you stated that,” Einhorn claims. “i actually do have skin that is thick. I know what I’m getting into by putting this out there. I think it’s a point that is fair” he agrees.

However, He adds, “These products cost a complete lot of money and there’s a lot of them. There’s magic to it. That they have enduring value and that that they’re worth it, I would say a private membership club for power shoppers, where somebody’s thinking about their privacy, and also somebody’s thinking about getting them the best deal…I think that that can exceed $1,000 a month in ROI pretty quickly,” Einhorn concludes.(* that we think)