The Real Real began in 2012. The company is a reseller of high-end items for women, men, and designer home goods and accessories. The company just landed $50 million in private funding for an expansion of the company. With this $50 million in financing for development, this brings Real Real total funding around 173 million dollars.
The recent funding for expansion represents a critical juncture for Real Real. The company’s workforce totals around 800 employees. Real Real has yet to turn a profit. However, at this time the company’s goal is to spread the Real Real brand by expanding the company’s physical presence in this high-end retail world.
As part of the company’s expansion plans, Real Real has added six offices in San Francisco, New York, Los Angeles, Chicago, and Washington, D.C. These evaluation centers will have consignors who will work with Real Real validation appraisers in fine jewelry and timepieces.
Real Reel is also looking at opening a group of physical retail locations starting with building a retail store in New York. Detail is currently being finalized, and the store should be open for business in the later part of this year.
Real Real still has it’s online arm of the retail business. However, the company has a new shop it opened last year in New York Soho district. This shop had amorous success during the Chrismas holiday season last year, earning more than $2 million in holiday sales. The majority of these customers were new to the Real Real retail concept. When these shoppers new to the Real Real retail concept saw the quality of the designer goods, word of mouth advertising exploded.
Over three-quarters of Real Real customers are females. Men do frequently buy from Real Real, buying timepieces and leather accessories for themselves.
Just on the company online sales alone, Real Real should see around $500 million in sales this year. The online platform still primarily sells repurchased designer apparel to its customers.
On average, Real Real has one consignor for every four buyers. Even though that one consignor has merchandise for sale, over half of Real Real’s consigners also buy goods on their e-commerce site.
Find out more about the realreal: https://www.businessoffashion.com/articles/bits-bytes/bits-bytes-the-realreal-hunts-for-funding-robots-to-replace-humans-in-retail