As the secondhand luxury leader, The RealReal is enjoying the dynamic growth in its niche market, one estimated to have reached €33 billion globally in 2021, according to Bain’s latestWhat’s more, it’s nearly half as large individually as the three leading personal luxury goods categories – leather accessories , beauty and apparel – and grew five-times faster than the firsthand market from 2017 to 2021, up 65% compared with 12%.
It’s counting on payback from its heavy investment in technology, the move of its distribution facility to Arizona, and growing awareness of the brand through its recent television advertising campaign along with continued expansion of its neighborhood stores in locations where luxury consignors and potential customers shop.At its core, Wainwright describes The RealReal is a technology company rather than a fashion company. “I don’t have a fashion sensibility,” she admits.
Or, one might argue, the culture was already changing and Wainwright and The RealReal were ahead of the curve. “Timing is everything,” she admits, noting The RealReal hit just as consumers awoke to the environmental damage done in the name of consumerism. “We find that once customers experience us it changes the way they shop,” she reflects. “Compared with fast-fashion, even mid-tier brands, it’s like night and day. Luxury goods are beautifully thought out, beautifully constructed with amazing fabrications.”The goal from the very beginning was to maintain the integrity of the original brand while giving consumers extra value. “We made luxury resale relevant by honoring the beauty and integrity of the brand.
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