The RealReal is a consignment store that operates online and through its own retail store location. The founder of The RealReal is Julie Wainwright. Julie serves as the President of the company.
As a start-up, the company began on a small scale, however within just a few short years in operation, it is a fast growing and highly successful business. Julie Wainwright is looking to generate more investor interest, looking for approximately $100 million as asditional capital for expansion. The company started at first offering only women’s clothing. When clothing is accepted for consignment, it must meet her criteria. She will look for name brand clothing that is only gently worn and still in excellent condition,
Julie accepts only high quality, luxury clothing items from brands names such as Gucci, and other high end labels. The RealReal now has a much broader range of merchandise. It now offers men’s clothing, children’s clothing, jewelry for women and men, gift items, home items, and more. When a customer shops on the website, the merchandise is categorized by type, and by designer, making it very quick and easy to search. There is also a category for sale items, where the deals are even better. Customers residing in the tri-state area of New York can even visit a store in person. The RealReal has a retail store located in New York City.
Julie Wainwright is a successful entrepreneur, and she envisions even more expansion for her company. Her plan includes more store openings. Julie and her team inspect every item in person before it is accepted for consignment. The owners of the merchandise will first send their items to the RealReal for consideration. If the items are accepted by the RealReal team, the owner is notified, the items get priced, and then will be made available for sale.
The consignment industry is a win-win situation for customers and the business. The company and the consignor share in the profit of the selling price, and the end consumer has the opportunity to buy gently used, luxury, high end merchandise well below its original retail price.