In a recent article posted in the New Yorker, the secondhand online store The RealReal is discussed and what makes it a unique idea in the online retail world. The RealReal takes extraordinary steps to endure the authenticity of their secondhand luxury items. Some of the brands they offer include Hermes Birkin, Gucci, Prada, and more. Now, however, they have added a brock and mortar location to their company, which is located in SoHo. Recently they held a workshop where several handbags claiming to be Birkin authentics were passed around for inspection. The experts holding the workshop explained that several things can red flag a handbag as fake. For instance, the smoothness of the movement in the latch, or even the smell of the leather is a giveaway. The experts at The RealReal are experts in their field with extensive experience authenticating luxury brand items. This is one of the ways that the company can offer their customers top of the line items for a fraction of their original cost while ensuring the customer gets what they are paying for.
The idea for The RealReal is the brainchild of CEO and founder Julie Wainwright. She saw a gap in the market that would support a niche company that can supply high-quality luxury brands to the everyday person for prices that are affordable without sacrificing quality. It is one of the fastest growing companies in the consignment market and have currently raised $123 million in funding, and are campaigning to raise an additional $50 million to expand their market. Experts say that they have plenty of room for growth and expect to see an increase in revenue in the coming years.
Currently, Julie Wainwright is planning to open an additional set of brick and mortar locations to help attract attention to the brand and give potential customers a chance to see the products up close so they can make a more informed decision about the company’s offerings. These marketing tactics can help increase customer satisfaction and allow the company to be more interactive with their customer base.