The RealReal is taking advantage of the $1.5 trillion dollar luxury business. CEO Julie Wainwright started the business at her kitchen table frequenting consignor homes with a U-Haul. Currently, The RealReal is a leader in the luxury consignment business and has multiple locations throughout the U.S. They are a company that recognizes quality craftsmanship, artists, and designers. Every item that is purchased from The RealReal is 100% authentic. They employ a team of professional gemologists, and horologists that can determine if products are counterfeit. They are becoming one of the most successful startups already receiving $123 million in venture funding.
The RealReal is committed to providing you with the best luxury consumer experience. Founded in 2011, the company has grown to have over 4 million users and has sold over 2 million pieces. Shopping at The RealReal is similar to purchasing products from high-end internet websites. Every product that comes through The RealReal is thoroughly evaluated and inspected prior to being shipped to your door. They currently have seven valuation offices throughout the United States. Due to their success, they are considering opening several brick-and-mortar stores starting with New York City.
Some of the RealReal’s best sellers are Louis Vuitton, Chanel, Hermes, Saint Laurent, Gucci, Celine, and Rolex. To ensure they have a steady flow of goods, they do a lot of lead generation that attracts people to their website. They have a team of sales representatives that will make house calls, helping clients clear out their closets in the Hamptons. The RealReal is quite the contender in the industry selling a Cleef & Arpels diamond cuff with a price tag of $100,000. The RealReal opened a pop-up shop in Soho to test out the market. It was so successful that they made over $2 million in revenue and plan several others in the future.