The New Yorker recently came out with an article about a company called The RealReal. This company is a consignment store which authenticates luxury brands and resells them for a lower price. CEO Julie Wainwright founded the company in 2011 and currently employs a specialized team of gemologists, horologists, art curators, and brand authenticators. The company understands that people like to shop online for luxurious brands, but often get knockoffs, so their goal is to make sure that every item put into the shopping cart is the authentic brand it is labeled as. Wainwright got the idea for the luxury-consignment whilst on a shopping trip in a wealthy town in Silicon Valley in 2010. She was shopping with a friend, who ended up buying multiple items with high-end labels, including; Chanel, Prada, Louis Vuitton, and Gucci. These items were all on consignment. Julie Wainwright was impressed and the idea of her own company was being created in her mind. After a few months, the name for the store was chosen and registered. The article went on to explain how the company gained multiple offices across the country. They are creating possibilities to make these expensive and luxurious brands accessible to people who otherwise would not be able to afford them. They explained that The RealReal wanted to offer a different experience of luxury consignment by helping people be able to study what makes something authentic and a knockoff. They want people to be able to get the product they want not a cheap knockoff.
Over the years, the company expanded from just an online experience to creating brick and mortar stores. They have generated hundreds of millions of dollars worth of revenue. They not only sell designer clothing but also accessories and jewelry. Their main demographic is women, making up 80% of customers, however, men are growing to like the company since they can not purchase authentic designer watches and leather goods. The RealReal employes over 800 people who all help to make it a great company to meet consumer wants.