In a recent article posting by the DigiDay, discussed the projected success of The RealReal. The RealReal first became a success at its first location in New York. The company has plans to continue to invest in 2018, naming 2018 “the year of the pop-up.” Allison Sommer, the company’s director of marketing, stated that “stores help to legitimize your brand.” The RealReal held a pop-up shop in 2016 which was said to have brought in around $2 million. This helped boost the company to open a SoHo location later that year. The RealReal will continue to host pop-ups based on the success of the first one. Sommer stated that the overall order value at a pop-up is averaging six times more than orders that are placed through the online website. These pop-up shops get brands known and boost market sales. Next, the RealReal will be holding a pop-up shop in Las Vegas. The RealReal is interested in targeting consumers who have not had the experience of a pop-up.
The RealReal was founded by Julie Wainwright, who serves as the company’s CEO. Wainwright is known for her company being one of the “fastest-growing consignment startups.” The RealReal has earned roughly $123 million and it has been projected that the company is on the way to reach $500 million in gross merchandise value in 2018. Wainwright has attributed her company’s success to targeting the luxury marking and ensuring that the products sold have been well inspected and approved before being shipping. The company is now considering opening permanent stores across the country. The RealReal not only sells clothing, but also luxury watches and other fine jewelry. Rolex is the best-selling men’s item and for women, brands such as Chanel are the best-selling items across all age groups of women. The company has a team of experts that value and authenticate items. The company employees 75 gemologist, watch experts, and several other industry professionals that help the RealReal sale high quality items. The company hopes to continue to grow and reach new aspects of the luxury fashion industry.