The RealReal set to expand its e-commerce and physical presence
The consignment market is hot — online and off.
Luxury consignment retailer The RealReal has raised more funds to expand its growing portfolio — including its brick-and-mortar presence.
The company, which prides itself on its authentication services, announced the closing of $115 million in Series G financing, bringing the total raised in private equity capital to $288 million. The most recent round was led by PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners.
As part of the new investment, Chip Baird, co-founder and partner of PWP Growth Equity, will join The RealReal's board.
In November, The RealReal opened its first-ever permanent store, in Manhattan’s SoHo neighborhood. It will open a store in Los Angeles, on Melrose Avenue, on July 26.
"This new round of funding will allow us to expand our brick-and-mortar footprint into new markets, as well as support our growing supply of luxury goods with new e-commerce fulfillment centers," said Julie Wainwright, CEO and founder, The RealReal. "Over the last seven years, we have re-envisioned the experience of buying and selling luxury goods, and become a leader in the circular economy for luxury goods."
The RealReal stands apart from other consignment sites in that it takes possession and authenticates every item prior to sale, the company said. Its Manhattan outpost sells men’s and women’s designer fashions, fine jewelry, watches, home furnishings, decor and art. Experts, ranging from gemologists to authentication specialists, are on hand to engage directly with shoppers and consignors (sellers).
In addition, workshops are offered twice daily by The RealReal’s authentication team, and appointments can be made with the on-site “luxury consignment office” to have fine jewelry, watches and handbags valued free of charge or to drop off items for consignment.
Luxury consignment retailer The RealReal has raised more funds to expand its growing portfolio — including its brick-and-mortar presence.
The company, which prides itself on its authentication services, announced the closing of $115 million in Series G financing, bringing the total raised in private equity capital to $288 million. The most recent round was led by PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners.
As part of the new investment, Chip Baird, co-founder and partner of PWP Growth Equity, will join The RealReal's board.
In November, The RealReal opened its first-ever permanent store, in Manhattan’s SoHo neighborhood. It will open a store in Los Angeles, on Melrose Avenue, on July 26.
"This new round of funding will allow us to expand our brick-and-mortar footprint into new markets, as well as support our growing supply of luxury goods with new e-commerce fulfillment centers," said Julie Wainwright, CEO and founder, The RealReal. "Over the last seven years, we have re-envisioned the experience of buying and selling luxury goods, and become a leader in the circular economy for luxury goods."
The RealReal stands apart from other consignment sites in that it takes possession and authenticates every item prior to sale, the company said. Its Manhattan outpost sells men’s and women’s designer fashions, fine jewelry, watches, home furnishings, decor and art. Experts, ranging from gemologists to authentication specialists, are on hand to engage directly with shoppers and consignors (sellers).
In addition, workshops are offered twice daily by The RealReal’s authentication team, and appointments can be made with the on-site “luxury consignment office” to have fine jewelry, watches and handbags valued free of charge or to drop off items for consignment.