In 2011 CEO Julie Wainwright created a successful, yet different, consignment shop “The RealReal”. The store started online primarily selling women’s designer fashion goods that were ready to be passed on to the next owner. The RealReal sells famous brands such as Christian Louboutin and Gucci. With The RealReal, consumers have the opportunity to get their favorite designers at a bargain. Also if the consumers have products to sell that are in great condition, they can sell what may be overlooked in the closet.
The process that The RealReal goes through to keep their consumers buying authentic products is rigorous. They have several people on staff who are hired to sniff out the phony’s in fashion. This is so the consumer will have no doubt in their mind that the product they are purchasing from the site is 100% authentic. As The RealReal grew past 170 million dollars in profit, the CEO started to consider taking products from the online world to a brick and mortar store. After opening a pop-up location in Soho New York for 2 weeks they realized a storefront could be wildly successful. The store made 2 million dollars in a short amount of time. After the success of the pop-up location, there are rumors that a brick and mortar store may open.
The rumor states that the first storefront is to open later this year in New York City. Additionally, it’s a possibility that the CEO, Julie, is seeking to raise another 100 million dollars for future endeavors. At this time, fans of The RealReal can only speculate on the growth potential of the company as they observe the popularity of purchasing state of the art second-hand products at a wonderful deal. The RealReal is a creative company with an amazing future ahead of them.