Who would use thrift store business model for high-end luxury merchandise? Julie Wainwright decided to do just that when she opened the RealReal site in 2011. She has a background in online retail being the CEO of Pets.com and former tech experience. Having valuable online merchandising experience, she gathered funds for several projects including RealReal.
One of Julies latest venture has been to open a brick and mortar store in a New York Soho neighborhood. She understands fashion and those who seek it. Shopping in her store brings in fashionistas who are addicted to bargains with that right name tag. She has regular buyers who frequent the shop often as they can peruse those latest additions online and then give them the up close evaluation in-house. Her store is designed to give the buyer a luxurious adventure with a pleasing price tag.
She has over 800 people employed in her enterprise. Each piece that she consigns must be evaluated as well as authenticated to assure her buyers are getting the real deal. Evaluations can be brought in to six centers located in the US. She has educated staff that can look at the merchandise and verifies it as well as values the item. If you purchase the item, it is the RealReal.
Julie consigns and sells all over the world. She has sold items for $100,000 but under $50,000 is more common. Don’t let those figures scare you, as she has many choice items for under $300. Often her consigners are also buyers due to consigners retaining most of the selling price. She proves to the owners of the names she sells that their brand will hold its value in the secondary market.
Her buyers range from Millennials upwards in age. The merchandise ranges from clothing and jewelry to home decor. RealReal occasionally offers courses featuring how to spot designer knockoffs, fakes, and other valuable information. If you are interested in consigning there are three ways that are offered. A free home pick-up in certain cities, shipping with a free mailing label, or visit a Luxury Consignment Office for a free evaluation.
Find out more about The RealReal: https://www.youtube.com/channel/UCjD1O1piK6HoiZ-70sfkHpg