Everyone has their taste when it comes to fashion. Thus, it is not a surprise that there are those who are so passionate about second-hand items. If you are one of them, then you should find your way to The RealReal. The online retailer is quickly becoming a top-notch e-commerce platform. It competes with the likes of ThredUp, which is also very prominent in the fashion industry.
The RealReal has expanded its operations from being just a brick-and-mortar footprint.
The demand for second-hand luxury items is increasing by the day. The San Francisco based company is seeking to fulfill this demand by continually adding its luxury consignment offices. There are eight operational centers from where customers receive free valuations on luxury items.
The company offers an authenticated process to its customers. This includes weeding out fake items from thousands. On several occasions, it will hold internal “Find the Fake” contests, which enable authenticators to pick out indicators of counterfeit goods. The ‘no-fake policy’ is one of the many anchors behind the company’s rapid growth.
The RealReal is not just any other online marketplace. It has personalized its services to the point where drivers pick items for consignment from the customer’s home. Most of its items will sell within 30 days of online placement. This is an additional reason why their clients are rising rapidly. It is giving its customers and resellers a redefined and hustle free way of shopping.
The founder of The RealReal, Julie Wainwright, confirms that they are likely to go public. This means it would appear in the 2020 initial public offering. To date, it has sold close to $70 million in new shares. Nonetheless, it aims to reach a valuation of $1.06 billion.
The question is, will The RealReal keep up with the pace of other high-profile companies such as Glossier and Rent the Runway? They too have $1.2 billion and $1 billion valuation respectively.