The RealReal is an innovative new concept that was started six years ago by CEO Julie Wainwright. The initial concept was an online store that would accept and authenticate designer items and sell those items on consignment.
In the process, consignors would sell last season’s fashions enabling them to purchase new items. Buyers would be able to purchase high-end designer goods at discounted prices producing a win/win for both buyers and sellers.
The result is a reduction in retail consumption as the RealReal extends the lifecycle of the luxury product. The environmental impact is increased sustainability as the item is being sold and used instead of taking up space in landfills. With over 4 million items sold on the site last year, the impact is significant.
The Future of RealReal – 2018, The Year of the Pop-Up:
In 2016 The RealReal decided to change their concept and opened their first pop-up store in New York, bringing in a reported $2 million in luxury spending. Their new SoHo retail outlet is looking forward to exceeding previous sales goals since brick-and-mortar locations have experienced six-times the increase over online purchases.
To test out the viability of retail outlets, the company has a two month pop-up in San Francisco and more are planned for Las Vegas and other key regions throughout 2018. While the pop-up may be gone after the pre-determined amount of time, the brand has impacted the area and built awareness that continues after the pop-up is gone.
The RealReal offers fashions, jewelry, accessories and home items from some of today’s most highly-respected designers like Kate Spade, Prada, Givenchy, Stella McCartney, Hermes, Tiffany and Cartier.
The company hires experienced authentication experts, horologists and gemologist to ensure that each piece is authentic.
With the luxury fashion business being a $1.5 trillion dollar industry, there seems to be plenty of room for this unique “digital brand” to make their mark with their new pop-up stores. Keep your eyes open for a RealReal pop-up store in top markets across the U.S.in 2018.