The luxury fashion industry is being revolutionized by The RealReal. You can get something like a gently used Chanel bag online nowadays such as The RealReal. This firm, based in San Francisco, makes sure that every luxury good it sells and has been authenticated. They have a great reputation for weeding out fake items, something that customers really appreciate and why this company have experienced so much growth. They were able to move $100 million in products in just 2017 because customers trust them to get it right.
The RealReal has an authentication process that has been described as rigorous in nature. They employ many fashion experts who know exactly what to look for between a real luxury brand and a knock-off. They also have control over their own inventory, something that most of their competitors can’t lay claim to.
When Fortune wrote about this company they said that they offer high-touch services to people who want to sell their luxury goods through them. The RealReal will send a driver out to their home or office and pick up any items they want to sell through consignment. Most of the items they sell are gone within a month so their inventory moves quickly.
This service helps luxury brands in a few ways. If someone who is considering the purchase of luxury brands knows that they can quickly and easily sell it they are more likely to pull the trigger on this purchase. She might also get a more expensive brand knowing that they can sell it for more down the road. Marc Jacobs, Givenchy, and Versace don’t have a lot of resale value. Used luxury goods from other brands like Christian Louboutin, Hermes, Cartier, and Chanel can sell for a lot of money.
The RealReal was launched in 2014 by entrepreneur Julie Wainwright. She is the chief executive officer and says that luxury retailers have embraced what her company is doing. Neiman Marcus, Saks Fifth Avenue, and others have seen more foot traffic in recent years/ They also provide gift cards which can be used for consignment on The RealReal.