“This isn’t an expensive country club membership that they use once a year,” Yusuf said. “This is something that is embedded in their day-to-day lives.” The company’s revenue has grown about 1,000 percent since it launched, and it expected revenue to reach $12 million for 2018, he said last month.
Among Velocity’s offerings are a culinary tour of Copenhagen, including dinner at Noma, rated one of the world’s best restaurants, and exclusive packages for the Super Bowl and Sundance Film Festival.
As the rich get richer faster, demand for luxury remains strong—but that could be stymied if an economic downturn appears. Still, Reedy and Yusuf are confident that, no matter how bad it gets for everyone else, there will always be people willing to spend on the ultimate luxuries.
“We have a certain kind of client that it doesn’t really affect,” Reedy said. “They can spend $500 or $600 on a hotel room. It’s never going to really change it for them.”
This article was provided by Bloomberg News.