The RealReal has a huge fan base. Many women that are interested in what this luxury consignment website offers will be glad to know that this is a physical store where they can find their watches, clothes and art for less.
It is easy for people to save when they can get 25% or more off the luxury items that they are interested in. The RealReal makes the possible, and the CEO Julie Wainwright is capitalizing on what consumers are looking for. In 2017 The RealReal was a website that sold more than $100 million fine jewelry which included watches. These are staggering numbers when it comes to used products, but this is easy when there is a quality guarantee in place.
Wainwright has admitted that apparel was the original concept that started The RealReal, but it would be jewelry that people were trying to get sold and that became a staple as well. She also raised as much as $40 million with venture capitalists that wanted to get in on this idea. It was a good move for the luxury market because there are people that buy things that they no longer want or have a need for.
With The RealReal the best selling item, according to Julie is the Rolex for men. Women tend to spend their money on Hermes and Chanel. Louis Vuitton bags are also big sellers. She has stated that there are more consignment items for women than men, but that the items for men sell faster. There are certainly some people that are going to be able to benefit from what Julie brings to the table because she doesn’t have a lot of competition when it comes to luxury consignment.
She has states that The RealReal has watch experts and art curators. This gives her a chance to bring into more stuff into The RealReal that can be sold to consumers. It is a market that is expanding in a huge way, and this new store in NYC may allow Julie to make even more in revenue this year. It is very profitable.