Currently, people are looking for savvy ways to help stretch their income and still be able to afford the things that they want out of life. One of the ways that they might do this is by purchasing their luxury items from a secondhand retailer. One such retailer, dubbed The RealReal, takes advantage of the growing need among this population to have the very best at an affordable price point. On recode.com there is an article discussing The RealReal and its founder Julie Wainwright’s attempts at securing more funding to help grow the retail side of their business. The article written on 11th of April, 2018, is called “The RealReal-The Fashion Site That Sells Secondhand Gucci and Louis Vuitton-Wants to Raise a New $100 Million Investment” and it provides a keen insight into some of the motives behind a push for financial expansion spearheaded by Wainwright. It seems that the secondhand retail company is either looking to increase its presence in the global market or it underestimated the popularity that selling secondhand luxury materials would garner them. This is their chance for more growth, and according to Forbes.com, they are going to try and take it.
The way that The RealReal works are that individuals send in their items like they would with any other local consignment store. The RealReal will then assess its value with dedicated and Wells trained staff members that know the difference between fakes and real items. The items are then added to the website, but it is worth noting that The RealReal has recently opened their own brick and mortar location in Soho. Once the item has sold, the seller is awarded about 50% of the profits and they are able to go on and purchase more items. Everyone wins with this business model because people that would not normally have access to these luxury materials are able to purchase them and enjoy them, while people that no longer have a use for them are able to move them onto new owners. The RealReal is poised to continue its substantial growth throughout the coming years and this move in finances will prove to be the beginning of something special.