FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

NERI PHILIP E.

2. Date of Event Requiring Statement (MM/DD/YYYY)
3/14/2008 

3. Issuer Name and Ticker or Trading Symbol

REDENVELOPE INC [REDE]

(Last)        (First)        (Middle)

149 NEW MONTGOMERY STREET

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            _____ 10% Owner
___ X ___ Officer (give title below)          _____ Other (specify below)
Chief Financial Officer /

(Street)

SAN FRANCISCO, CA 94105       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
No Securities Owned   0   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (1) 7/7/2006   (2) 7/7/2015   Common Stock   15000   $10.50   D    
Stock Option (Right to Buy)   (1) 9/8/2007   (2) 9/8/2016   Common Stock   5000   $8.31   D    
Stock Option (Right to Buy)   (1) 2/2/2008   (2) 2/2/2017   Common Stock   10000   $8.12   D    
Stock Option (Right to Buy)   (1) 12/4/2007   (2) 12/4/2016   Common Stock   1395   $4.65   D    
Stock Option (Right to Buy)   (1) 12/4/2007   (2) 12/4/2016   Common Stock   28605   $4.65   D    

Explanation of Responses:
( 1)  This option was granted pursuant to the RedEnvelope, Inc. 1999 Stock Option Plan.
( 2)  Subject to Mr. Neri's continued employment by RedEnvelope, Inc., 25% of the shares subject to the option vested on the twelve month anniversary of the vesting commencement date and 1/48th of the total number of shares subject to the option shall vest monthly thereafter.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
NERI PHILIP E.
149 NEW MONTGOMERY STREET
SAN FRANCISCO, CA 94105


Chief Financial Officer

Signatures
/s/ Philip E. Neri 3/21/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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