“With a long history in startup circles; The RealReal CEO, Julie Wainwright, has insured the success of the consignment website that sells second hand luxury items to customers. Over the last six years many websites have come and gone but TheRealReal just finished gaining a $123 millions in revenue and is on track to make about $500 million on the websites merchandise in just this year. A huge benefit to the popularity is the company’s mobile app that allows easy access to customers. With a simple start in apparel; TheRealReal just sold $100 million in watches and fine jewelry this past year. It is clear that although apparel is the number one product the market is still ever changing and the company offers the latest and hottest luxury items available.
It has been beneficial for Julie Wainwright to focus on the luxury market. Doing so allows her business to take possession of products and build trust. TheRealReal ensures every item it sells to customers has previously been inspected and authenticated prior to the product being shipped. CEO Wainwright has also revealed that several store fronts will be opening soon with the first one being in New York.
TheRealReal is working on making many improvements. The company reaches mostly millennial women at this time. There are only roughly twenty percent of men shopping from the company. And with that twenty percent the total orders are smaller in size. They are also have sales people that will go and clean out closest to find luxury items to sell, some goods are straight from the Hamptons. Shipping is also being address. Typically it takes about a week to receive ordered items. However, the company is hoping by fall if customers order in New York they will be able to receive your luxury items the same day. With an average “”shopping cart”” of $430 at check out TheRealReal is obviously doing many things right in the market and will only continue to grown in business.”