Everyone wants to look and feel good. This is often associated with more luxury clothing brands. Unfortunately, for the majority of consumers of stylish clothes cannot afford these luxury brands that offer that luxury feeling. This problem is one that The RealReal has a solution to.
The RealReal is a consignment shop for luxury items. A consignment shop is when a person, who bought the clothing item at a retail price, resales their item to the shop for a fraction of the original price. Once the item sells, the original owner is given a portion of the profits. Consignment shops can offer a variety of styles and prices of clothing. The RealReal deals with clothing with real luxury styles to bring authentic clothing to modern people.
The RealReal recently acquired $115 million dollars of financing from a variety of investors, to bring their total equity to $273 million. With this newfound financing,the company plans to invest it in brick and mortar shops to help to expand their initiative to bring luxury clothing to people for secondhand prices.
This recent funding comes at the peak of a wave of modern consumers who are equally concerned with pinching pennies as looking their best. These modern consumers often find that they can only give the impression that they want with high-end clothing. What the RealReal has done is given a wider range of consumers the opportunity to access this fashion, while not emptying their paycheck. This is a pivotal point in the fashion world.
The mindset of the modern consumer will change to one of empowerment in the wallet and in the mirror. Young consumers need to look, but more importantly feel their best for their first interview, their first presentation, their first meeting. With the RealReal, they are empowered to do so.