Founded by CEO Julie Wainwright, the luxurious consignment shop The RealReal is an ever-growing and successful fashion business reeling in and estimated merchandise value within the year as well as up to $123 million in venture funding. Close to half of this given data was generated solely on The RealReal’s mobile application. The latest article on The RealReal, “For The RealReal, 2018 will be ‘the year of the pop-up’”, discusses the topic of opening a pop-up location in Las Vegas as well as other locations throughout the nation within the year of 2018. This decision was made after the success of The RealReal’s first location in New York City in the year 2016. Allison Sommer stated within the article that “Stores help to legitimize your brand and give [online brands like ours] a street-level presence”. When The RealReal held a two month pop-up in San Francisco, the company noticed a 500 percent increase in online buyers from the area. The company hopes to repeat this very same success with their new location in Las Vegas in the next few weeks. The RealReal is striving to expand their brand outside of the normal men and women’s fashion, jewelry, and home design in order to locate the next big experience for the company’s customers. In order to grow, they have to learn, and thus the company pays close attention to every single detail. The RealReal keeps professionals and specialists such as gemologists to better assist the needs of the customers. The RealReal is extremely careful in their selection of employees because they want people who crave to work for the customers, not just for a paycheck. The RealReal cares about their customers and wants to hire employees with the same mind set. The RealReal also holds private shopping events for their VIP customers as well as educational seminars that discuss topics such as how to determine the value of a diamond or the history of specific fashion brands like Chanel. Consignors also have the ability to visit the store consignment office in order receive quotes on particular items and sell them to be sold online. So not only does The RealReal work well with its customer, The RealReal works with other consignment businesses in order to make both parties money as well as customers happy.
Find out more about The RealReal: https://techcrunch.com/2017/06/06/the-realreal-ropes-in-50-million-in-new-funding/