“Julie Wainwright, the founder and CEO of the online luxury consignment, The RealReal has been a successful, fearless leader for many years. Julie Wainwright sold luxury products such as Gucci and Louis Vuitton as a second hand seller. The RealReal has grown tremendously and it is one of the most successful online luxury consignment. The RealReal became a successful online business by sellers shipping the products to a company and the company will sell the item and shares the proceeds with the seller. Each item is inspected before shipment. Originally,the website focused primarily on women’s luxury fashion but has now branched into jewelry, menswear, watches and home decor.
Julie Wainwright came up with a strategy by launching brick-and-mortar stores. The first store will be located in New York and is currently under construction. The RealReal has invested in a risky funding, which accumulated $123 million dollars. Julie Wainwright is expected to see an increase in gross merchandise of $500 million in the nearest future. Julie Wainwright has announced that the next private financing that her company receives will be the last before an Initial Public Offering. She would like to secure a new investment in the hopes of it being viable for her company.
Everyone is trying to get a piece of the pie. In today’s world, individuals are conducting their own online e-commerce store in the hopes of making millions of dollars. The only downfall is that every websites are competitive and are selling the same products at a different price. For instance, ThredUp, which sells luxury brands at an affordable price, Poshmark sells used clothes, Ebay and Amazon. The RealReal was viewed as an enemy for many luxury brands; however, as time progresses the concept has change since the company is driving sales and traffic to the name brand.”