Many people have heard of consignment auctions. If you haven’t though, a consignment auction is an auction where you can drop off your belongings for people to bid on. Then you just sit back while someone else sells your stuff. You can then pick up your check afterward or wait for them to mail it to you. Well, The RealReal is just that but for clothes. These aren’t your average middle-class clothes either. The items for sale on The RealReal are usually high-end brand names like Gucci. In 2017 the New York Times states, “The RealReal has raised $173 million since it’s founding.” This isn’t too bad considering they were founded in 2011. When looking at some of the pictures on their Instagram you’ll quickly see brands like Christian Dior, Gucci, and Fendi Roma. One of the pictures that caught my eye eas a Fendi Roma Mon Tresor Bucket Bag. It looks like a simple white bag purse with a drawstring closure. When going to the actual website though this bag is weighted with the hefty price of $1790. I’m middle class and wouldn’t pay more than $50 for a purse of any kind. This is where The RealReal comes in hand because since these items are used they’re discounted. Still out of my range, but there are people out there that would jump at that deal. Another eye-catching picture I saw on their Instagram was a pair of hot pink Balenciaga mules. Studded with crystals on the top in the front they really pop out. There were so many more photos that were easy of the eyes, but I’ll let you find those for yourself. Check out The RealReal for all your clothes consignment needs.
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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.