The RealReal has seven offices around the world and started by selling high end clothes. They started selling luxury jewelry and watches and their business blew up. Not only does this business offer items for sale, but they also offer a consignment program where others can sell their items. Most of the people who buy from The RealReal are millenials and most of their sales come from people on their mobile app. They are also talking with quite a few brands to try and set up a partnership.
The CEO of The RealReal, Julie Wainwright, has been saying that the next round of private financing will be the last one before they start with an IPO, but the company just announced a new investment.
Wainwright is currently talking to investors about raising $100 million in new funds. They have raised over $170 million dollars since they first appeared on the scene, which was 7 years ago.
While the reason for the funding isn’t known, there are a few reasons why they are trying to get it. It could be that they might not think they have enough public reach yet or they might need more time to prove they can be a good standalone business.
It could also be that they realize that the secondhand market they specialize in is a much bigger market than originally thought and they need investors to grow the business and market.
The RealReal uses a business model that lets customers ship them items and The RealReal sells them, then shares the money made from them. The company has a team that looks at every item to ensure that they are authentic.
The business first focused on women’s apparel but it has grown into offering men’s apparel and jewelry for both genders. It also offers decor for the home.
The RealReal has said that they are currently working with big brands in order to try and partner up with them. If that happens, this business has a huge opportunity for advancement and becoming even more well known than they already are. The more they grow, the more items they will offer.