Luxury auction site accentuates style: DropShop changes name to Portero
From Greenwich Time - By Peter Healy Staff Writer February 23, 2005
Reflecting the classic automobiles, jewelry, original artwork, designer clothing and collectibles that it markets on eBay, DropShop has changed its name to Portero, which means "gatekeeper" in Spanish.
"The business is about getting the things you want and getting rid of the things you are tired of," said Michael Sheldon of Greenwich, founder and chief executive officer of Portero, which has its sales office in Greenwich. "We are helping people develop this sort of lifestyle."
The company, which opened its first store in Greenwich in April, picks up items people want to sell, appraises them and sets a minimum price that it will accept from any of 100 million potential buyers who use eBay, an online auction site.
Portero receives commissions of 15 percent to 20 percent of an item's selling price and gets a $20 listing fee. Its Web site is portero.com.
The company reported gross sales of $3 million last year when it was known as DropShop.
It hopes to build revenues under the new brand name.
"We're very excited about launching Portero and building on the existing DropShop infrastructure," Sheldon said.
A new name should help it achieve that goal, said Catherine Ostheimer, brand director at Stamford-based CoreBrand, which helps companies build brand identity.
"Portero certainly sounds more upscale than its previous moniker, so if part of the strategy is to move the company more into the luxury goods space, then it's a good move," she said.
"The name change to Portero fits the company's upscale target market much better than DropShop," said Mark Pruner, president of Web Counsel, a Stamford-based interactive marketing company that lists law firms and trade associations as customers.
"It appeals to potential customers in high-income New York metropolitan areas such as Armonk, Greenwich and Scarsdale," Pruner said.
Portero, which has its executive offices in Armonk, N.Y., opened sales offices in Manhattan and Scarsdale, N.Y., this month, Sheldon said. Customers bring items to those offices and the Greenwich facility at 180 Railroad Ave., and meet Portero's auction consultants. Portero employs a total of 30 people, including seven in Greenwich.
The goods then go to a 20,000-square-foot warehouse in Armonk that contains the company's research, photography and fulfillment departments. Personnel at that facility ensure that the items to be sold are genuine, Sheldon said.
Eventually, they are shipped to the highest bidder.