The RealReal is ready to expand

The RealReal is a high-end resale company for women, men and home company based in San Francisco. The RealReal, the most-funded online luxury resale startup, employs about 800 people and has several offices around the world including San Francisco, New York and LA. The company has 7 million members internationally, although it’s unclear how they are broken down between buyers and sellers. CEO of The RealReal, Julie Wainwright, told for every four buyers there is one consignor and half of the companies consignors are actually customers. After The RealReal had great success with their pop up shop in New York where the company generated $2 million in sales, the company is motivated to branch out more offline by opening more pop up shops.

The RealReal claims 2018 as “the year of the pop up”, according to the company’s director of marketing, Allison Sommer. “These shops help to build awareness in new markets that lives on when the pop up is gone.” Hoping to follow past pop up success, The RealReal opened a pop up shop in Las Vegas which will stay open until April 15. The company plans to open more pop up shops throughout the year across the United States. To create their vision according to Julie Wainwright, The RealReal was able to gain $173 million in funding to be able to open these pop up shops.

Allison Sommer also believes that consumers today are more attracted to the experience, and relying solely on the merchandise won’t be enough. “For an audience that’s not inundated with Soho-style, cutting-edge shopping options, it’s even more exciting to visit these spaces,” said Sommer. Not only is The RealReal particular about the location detail but they also heavily vet their sales associates. Summer goes on to state, “We are really deliberate when we’re hiring to not just go for former store associates who are all about commission”.

To gain more traffic, there will be private shopping events for VIP customers and educational workshops such as “How to Value a Diamond” and “The History of Chanel”, similarly to what was done in the New York pop up shop.

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