The RealReal is an online e-commerce consignment company specializing in second hand high end fashion. The e-commerce industry continues to gain momentum, and market forecasters predict this trend to continue well into the future. According to a recent report, companies like The RealReal have helped to make the online consignment industry worth more than $41 billion dollars and is expected to exceed this amount by 2022. This is in part, thanks to millennial shoppers who value a good bargain as well as recycling. This new wave of shoppers has helped to make second hand fashion more than acceptable. By 2027, market forecasters believe that more than a third of the population will be shopping at companies like the RealReal.
The San Francisco based company the RealReal has recently secured $115 million dollars from venture capitalist, bringing the total raised from private capital to $288 million dollars over the last seven years. With this new capital CEO Julie Wainwright plans to expand her footprint in the e-commerce industry. Currently the company has stores in New York, Chicago, Dallas, Los Angeles, Miami, and San Francisco. These store fronts offer a no pressure atmosphere where customers can bring the items they want to sell for evaluation and consignment. With the new capital the company will open more fulfillment and authentication centers as well as open new stores across the country.
RealReal stores, like the one in Manhattan, offers far more than just high end consignment and vintage shopping. At this location shoppers get more than just a luxury shopping experience. To keep customers coming back they also offer jewelry and watch repair, jewelry cleaning services, handbag repair, an onsite cafe with free WiFi, and a flower shop. Workshops are also available on how a Rolex works or on how they authenticate items. The team at the RealReal is excited to open more stores like this in New York, and looks forward to a future as a major contender in this unique industry.