RealReal is an online retail website that was created by Julie Wainwright, who also serves as its current chief executive officer. RealReal is unique in the aspect that it is selling luxury second-hand items on its website, and now that it has their physical stores, customers could just walk-in and check out the items sold inside. RealReal has become a successful startup because of their unique approach in selling luxury goods, and according to their chief executive officer, the company keeps on growing exponentially, and many people are becoming curious as to how the company manages to sell their high-quality second-hand products to the public.
The company was launched by Julie Wainwright more than seven years ago, and she is proud to say that most of the funding used in creating her company came from investors who have poured in their money seeing how far the business would go. Through her skills in managing the business, Julie Wainwright has already raised more than $170 million in funding. She promises her investors that investing in a startup like hers would come in handy, as the demand for luxury goods is climbing up. She stated that while her products are second-hand luxury items, the quality of each item is still guaranteed. Her fundraising effort is considered a success, knowing that many investors have already extended a hand to help her.
The investors who provided funding for RealReal realized that there are infinite business opportunities for a similar startup. Another unique aspect that made RealReal presentable to the investors is its consignment business model, and how serious Julie Wainwright is in checking every item if there are fakes one that slipped in. The company has a physical location in New York City, and they targeted mostly women. For many years, other high-end luxury brands have seen RealReal as a competitor in the market, but they slowly realized that the company could be their advantage, especially if they wanted to sell their items to a lot of people. Luxury brands are now working closely with Julie Wainwright’s RealReal, knowing that they can also benefit from its unique business model.