The RealReal started in 2011 out of the kitchen belonging to the CEO, Julie Wainwright. Just her and a u-haul going from estate sale to estate sale. Today the brand boast of over 600 employees. Prior to the beginning of The RealReal, she was very comfortable in brand management and being CEO according to the impressive list of qualifications. She knew from the start luxury resale would be a hit.
The difference between The RealReal business model and other resale sites is that they guarantee 100% authentication of the luxury goods before the item is put up for sale. This is a great piece of mind to the consumer that doesn’t always know what to look for in designer items that would make it a counterfeit. Another positive note on 100% authentication program is knowing the item purchased from The RealReal is in the very best condition.
This past holiday season, The RealReal surreptitiously added beauty lines in it’s Soho brick-and-mortar store and it’s pop-up in Las Vegas. The RealReal, who’s company credo include luxury sustainability, commitment to the consumer and consignor. The carefully selected beauty line’s main objective was to incite an influx of new traffic into its two establishments and keep current customers constantly interested in the brand. The beauty products are new, in-step with today’s ideology and sold directly to The RealReal. Just some of them include Julisis, Grown Alchemist, and Rahua. This is different than the resale end of the business but the philosophy is the same. The lines are selected with the same meticulous criteria and thoroughly tested. This school of thought is what has made The RealReal’s annual revenue an estimated 500 million dollars and raise over 173 million in growth funding. The new line of beauty products will only add more value and revenue to The RealReal.