The RealReal is both an online and brick and mortar consignment shop that deals exclusively with luxury items. Over nine million members sell their high-end items through these locations when they are done using them. In return, they get a cut of the money each item brings in.
About The RealReal
The RealReal is leading the way in authenticated luxury consignment, online and in real life at our brick and mortar locations.
Founded in 2011, we grew fast and fundamentally changing the way people buy and sell luxury — a multi-billion dollar industry. With a team of in-house experts who inspect every item we sell, our commitment to authenticity sets us apart. We create a foundation of trust with shoppers and consignors.
Our mission to extend the lifecycle of luxury items is leading innovation in sustainable fashion. We’re proud to promote the circular economy and to be the first luxury member of the Ellen MacArthur Foundation’s prestigious CE100 USA.
How does it work?
People are now looking at their wardrobe as an investment. Buying a luxury piece of clothing or accessory item from name brands like Gucci are no longer considered a frivolous purchase. Instead, it becomes an investment. They are able to enjoy their luxury item, and when they no longer wear it, they sell it for a return of up to 60% to 80%. This money they get back can then be invested in more luxury pieces.
Rati Levesque, The Chief Merchant
Their company succeeds with this idea of offering clients both a way to purchase luxury items at a fraction of the retail cost and re-sell things they no longer use due to their sales philosophy. Their sales team keeps updated on what is trending in the world of fashion and what is trending down.
They use this information to educate their customers on what items they should be selling and which they need to hang on to.
Keep up on the latest trends in luxury goods benefits everyone!
The RealReal team lets clients know what the hottest luxury brands currently are.
If Gucci is trending, their team notifies members that now is the time to sell those particular pieces. In this way, their members will be able to get the highest possible return on their original investment. The team also uses this information to adjust their prices.
If the stock isn’t moving, the price gets re-evaluated and priced accordingly. Pieces that remain in the inventory for too long are more than likely priced too high. Items get their prices reduced to get them moving.
In-store stylists pass along this information. They guide customers toward items that will look wonderful on them. Also, educate every shopper.
The stylist uses the information they have been given to educate clients by explaining how well items they are interested in will re-sell. The customer then makes a final decision based upon how the piece looks, how much it costs, and what they can expect to get back out of it when they are through with it.
Today’s shopper gives success to the company through the different items sold.
People don’t want to follow specific fashion styles that leave them looking like everyone else. Creating your unique look continues to gain popularity. Fashion-conscious individuals do it by layering luxury pieces that reflects their personal taste. They want name brand products from designers like Gucci, rather than knock-offs from impersonators, without breaking the bank.
The RealReal has successfully created a way for more people to be able to enjoy luxury items for less. They started with simple pop-up stores in New York and San Francisco which eventually became actual brick and mortar establishments. Add to that an online store, and they are able to offer name brand pieces to customers across the nation looking for a way to invest in their wardrobe.
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Personally, I like them because they help reduce waste in the world. Remember to think of The RealReal when you want to let go of your luxury items!