A Los Angeles real estate broker who specializes in luxury retail in the region's upscale markets including Malibu and Beverly Hills now wants to open a business of his own.
Jay Luchs, vice chairman at Newmark, said he's in the early stages of forming a business to sell merchandise and photography, the latter being a longtime hobby. Over the years, he has worked with some big names in celebrity and fashion and has brokered leases on some of the priciest retail real estate across greater Los Angeles. Luchs appeared on an episode of "Keeping Up With the Kardashians" in 2014.
Luchs said the business that he declined to name as he awaits a trademark is expected to hawk hoodies, T-shirts and hats along with photography from him and his business partner, Kelsey Chapman. The products are geared to promote California vibes to both locals and tourists, with some merchandise featuring his brokerage's "For Lease" sign. He said the store isn't aimed at competing with clients but promoting Los Angeles, a city he said is far better than the bad rap it sometimes gets.
He expects all products to be made in Los Angeles with an online presence and a 600-square-foot store in Malibu at the Cross Creek Ranch mixed-use center, a property that brochures show he's marketing for lease.
Luchs, who plans to start selling in the near future, said he has long wanted to launch a store like this and over the years people have asked him why he hasn't started his own merchandise line: "The influential people asking me have said, 'If you do it, I'll wear it.'" He didn't name the people.
A handful of Los Angeles real estate brokers reacted to the business idea with a mix of humor, support and intrigue. Marc Bretter — founder of real estate firm Maywood Property Group and who represents numerous fashion brands and celebrities in L.A. — said he has never seen brokers sell their own merchandise. That said, it's not unusual for real estate professionals to launch side busineses related to their work.
“Jay is great at marketing, so while this won’t move the needle on the property exposure front or likely make money in the very challenging business of fashion, he has obviously had tremendous success elevating his name and this could boost that further," Bretter said.
Gabe Kadosh, vice president of Colliers in Los Angeles who specializes in retail, said some retail brokers know how to craft successful business plans after doing deals and scrutinizing hundreds of businesses and may lend expertise to clients to help them find success. Luchs said it doesn't matter to him if his business finds success: "If it doesn't work, it's just a fun project. If it works, that would be gravy."
Nicole Shih contributed to this story.