The RealReal released a press release discussing their most current round of funding. This round of funding totaled one hundred and fifteen million dollars from several investors. A new member will be added to the company’s board of directors due to this deal.
If you have not heard of The RealReal, get ready because you’re about to. They are taking the one and half trillion dollar luxury market by storm with their digital and pop up shop marketplaces. The RealReal is like none other. Their physical locations are a completely different experience for shoppers. Their digital destination takes ecommerce to the next level. The company’s founder and CEO had little insight of how her small consignment home based business would be a major player in this trillion dollar industry.
With this second round of funding, the company is contemplating major plans to push this fashion resellers to new heights. The company opened a permanent store in November. This was the first brick and mortar location for the mega consignment retailer. The store was located in the SoHo district of New York City. That first location has laid the groundwork for future locations to come in Los Angeles. Customers are attracted to the retailer’s brick and mortar locations due to how the company has designed their stores to take the shopping retail experience to an entire different level.
The RealReal has designed its physical marketplaces to being one of a kind sites that takes possessions and makes sure every luxury item is authenticated. The Manhattan location sells both menswear and womenswear. Fine Jewelry, watches, home décor, furnishings and art is sold at this location. Experts work at the location to assist customers with their purchases. These experts include gemologists and authentication specialists. This company loves to educate shoppers. They promote this education through their daily workshops offered. The authentication team runs these workshops where shoppers can make appointments from the website and meet in person at the consignment office. These workshops include discussions about purchase values, fine jewelry assessments and looking at new fashion items recently update online and added to the store.