The RealReal is a firm which has a website on which it exclusively sells luxury goods. It is led by its Founder and Chief Executive Officer Julie Wainwright who launched this company in San Francisco in 2011. She wanted to do a modern take on consignment with this company and her approach has been highly successful.
They now have 9 million members and counting at The RealReal. What they do is collect lightly used luxury goods. In 60 U.S. cities, they can send a driver over to the person who wants one of their belongings up for consignment. People outside of these cities can mail their belonging for free to The RealReal. Once this company has the product they meticulously inspect it to make sure it is the real luxury good and not a counterfeit. It is then assigned a price, some photographs are taken of it, and the product is put up for sale on the website.
The RealReal is a great way for high fashion shopper to clean out their closets. In order to attract these people, and the people who buy these luxury goods from her company, Julie Wainwright says that they do a few different forms of marketing. The send out direct mailings, keep their social media presence active, have targeted online ads, and host events. In addition to the website they also now have stores in both New York and Los Angeles and pop-ups in places like Las Vegas and San Francisco.
Julie Wainwright says that the physical stores and pop-ups serve two different purposes. They are used to sell products, of course, but they also are designed to lure in people who want to sell their luxury items on consignment. Selling things on consignment is the lifeblood of The RealReal so enticing consignors to a physical location helps their revenues by quite a bit.
They are designing more plans in order to expand their market and what they offer. The management team at The RealReal are looking to team up directly with luxury brands and their authorized retailers in order to increase its inventory of products for sale, for instance.