The founder and CEO of The RealReal began the company in her kitchen, traveling via van to customers at their homes to deliver goods. Fast forward several years and The RealReal has more than 27 million shoppers, 19 retail locations, and has successfully IPO'ed after achieving unicorn status.
The RealReal is an online marketplace for second-hand luxury goods including high-end fashion, jewellery, watches, and fine art, all verified by in-house experts as part of the company’s robust authentication infrastructure. With a focus inspired by the circular economy, it also helps both buyers and consignors to extend products' lifespan, bringing sustainability to the fashion industry.
The company has sought to boost its activities through strategic moves like a partnership with Gucci, which is focusing on sustainability as it incentivises its customers to buy authenticated secondhand goods via The RealReal. Also, there have been forward-thinking approaches to customer acquisition and retention such as AI pricing and fake finding. Regardless, as a primarily retail-based company, The RealReal was affected by inflation in 2023 and made a 7% cut to its workforce to reduce operational costs in the first quarter. 2024 Q1 also showed the company to report a loss with an optimistic hope for growth in the following quarters.
Kirsty
Company Specialist at Welcome to the Jungle
