Second-hand clothing stores and consignment shops have always been a popular go-to for those seeking designer fashions on a budget. As time went on, the shops moved to online which offered even more access to fashionistas. Brands such as Louis Vuitton, Gucci, and Cartier are all more affordable options. There are several companies that cater specifically to the demographic that seeks to purchase only brand name items. The RealReal is one such company.
The RealReal, which is based in San Francisco, offers second-hand items for purchase began trading on the NASDAQ stock market at $20 a share in June 2019. By noon of that same day, the shares were up 40 percent. They raised $300 million for its initial public offering.
In 2011 Julie Wainwright founded the company and now serves as its chief executive. Since its founding, it has been able to secure $173 million in funding. RealReal offer everything from clothes to accessories. In 2018 the company grossed $207 million. She attributes that to the popularity of purchasing luxury items online, in particular through their app. In addition to its online presence, the company also has three physical stores, its flagship store being in New York’s SoHo neighborhood.
The Real is unique as it utilizes the services of horologists and gemologists to guarantee the authenticity of the items. On some occasions, experts have even visited the home of potential sellers for verification. They have paid sellers approximately $988 million since their founding. Extra services such as this provide customers with the assurance that the goods they purchase are not counterfeit and meet a certain standard. The attitude of the consumer has changed as it is no longer taboo to even speak about purchasing items second hand.
The RealReal has over 1,700 employees and is looking to expanding to fit a growing market and demand for lower cost luxury, name-brand items. See Related Link to learn more.
Learn more about RealReal on https://en.wikipedia.org/wiki/The_RealReal