Luxury Brand

As consumers become more budget conscious, they often search for ways to purchase luxury items at reduced costs. Though some might be fine with purchasing off-brand versions of these items, others appreciate the quality and workmanship of the real brands. One way to find and afford these items is through consignment shops. Many specialized consignment shops have opened over the years, from furnishings to art and decor to clothing and accessories. One very successful online luxury consignment shop is The RealReal (https://www.therealreal.com ).

The RealReal’s CEO is Julie Wainwright. She founded the online consignment shop in 2011, and the business became very successful. The company has expanded to include brick and mortar stores in Los Angeles and New York City. They consign many brand/designer items including clothing (men’s, women’s, and even children’s), art, watches, home furnishings and decor, and jewelry.

People who own luxury, designer brand items and desire to sell them will many times work through consignment shops such as The RealReal. They will send their items to The RealReal’s central e-commerce center in New Jersey. The items are evaluated initially on their condition, and whether they are suitable for re-sale. Next, each item is inspected for authenticity to confirm that it is actually the brand that it is labeled. For jewelry and watches, they are inspected by actual gemologists and horologists for authenticity. After the item is authenticated, it then goes through a copyrighting process, where the team creates a detailed description of the item, including sizes, dimensions and other measurements. The price is set utilizing The RealReal’s sales database of over 8 million items and market demand. The item is then professionally photographed, stored in the e-commerce centers, and placed online for sale.

The consignment model is very beneficial to many people. The sellers can pay a fee for the shop owners to sell their products, thus relieving the burden of self-advertising and haggling. Shop owners make money without having specific inventory to keep. Consumers can purchase quality items for less. The RealReal consignment shop is a very successful example of this mode of commerce.

For a shopping experience that is unlike any other, the once online brand, the RealReal will take you on a shopping adventure. The founder, and Chief Executive Officer, Julie Wainwright has created a shopping phenomenon that has increased it’s revenue by five hundred percent since it’s beginning. About six years ago, she started her brand as an online shopping business only. In 2016, she opened her first brick and motor business in New York City where it was received with great interest. She later tried a pop up shop in San Francisco, and it proved to be even more successful than anticipated.

The pop up in San Francisco was there for two months. After closing the temporary pop up, the online business saw a five hundred percent increase in sales coming from the San Francisco area. Due to the success of the pop up in the Bay area, the next pop up location is planned for Las Vegas, with the brand opening in other locations throughout the United States in the year to come. The flagship store in New York was endowed with a flower shop and a cafe, but the upcoming stores will not have that attraction. The new pop ups will, however, have premium, quality expertise from the gemologists who will assist the customers, to the authentication specialists.

The RealReal is a consignment shop that sells only designer products from consignors. Those who sell their products through the RealReal are people such as Saudi Princesses, and celebrities. Both men and women take advantage of the products that the RealReal has to offer, although they would like to see an increase in the male buyers. Their products consists of items like Rolex Watches, and other fine jewelry, designer bags, and luxury fashions for men and women. The business is anticipating a five hundred million dollar value in gross merchandise this year. What makes the RealReal so unique is that their consignors are also buyers.

Find out more about The RealReal: https://therealreal.zendesk.com/hc/en-us