The RealReal was founded in 2011 with the goal of becoming an online consignment store for women’s clothing. They have received enthusiastic funding exceeding 170 million dollars since then, and have expanded both their presence and their selection. They now have a few brick and mortar stores and carry jewelry and men’s wear. They also offer evaluation services and have in-house jewelry and gem experts for their clients.
The business started out with quite a simple vision, but has expanded phenomenally and experienced great success with each addition to the selection of products they offer. What started out as an online only company now has several successful physical locations, and has put out a few pop-up stores that generated lots of business from the immediate areas. Though they originally only offered women’s clothing they now also include men’s wear, jewelry, and bags. And in their latest addition and deviation from their original business model, the store that was formerly solely a consignment store will be adding a category of products that they will be selling brand new. Since some time around December the company has been testing out beauty products in its online and SoHo stores.
According to one of their executives, this is an attempt to complete the luxury buying experience for their customers. The experiment must have been successful, because they also plan to continue and invest more in this category in the future. This will be the first product that the RealReal will be offering new, but it will still be inline with their vision of making the luxury market sustainable because they are produced by makers who share their view on making luxury items more sustainable.
Including a sold-new beauty range may just be the first step in offering more items that are sold by companies directly to the RealReal. Julia Wainwright, founder and CEO of the company hints that there may soon be more brands that will be available new through the RealReal stores.