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There's no denying that TheRealReal has carved itself a nice niche as a resource for luxury consignment clothing and accessories. Launched in 2011, it has grown to an annual revenue of over $100 million and 3.5 million monthly visitors with 15,000 items shipped per week in 2014, Fast Company reports. Founder Julie Wainwright credits much of this success to the site's ability to blend ecommerce with consignment— a market traditionally associated with physical retail. But a good chunk of TheRealReal's growth is a direct result from Julie's and chief merchant Rati Levesque's complementary knowledge and expertise. Below, we rounded up seven more facts about the company, paired with seven items you'll want to snag from the site before they're gone.
Rati once owned the boutique Anica in Russian Hill. She closed it to join Julie with the development of TheRealReal. [Elle Sasson dress, $575]
Julie gained valuable ecommerce experience and knowledge through her CEO positions at Berkeley Systems, Reel.com, and Pets.com. [Céline All Soft tote, $1,425]
It was Julie's idea to offer an in-home evaluation service that helps consigners decide on which items to send to TheRealReal. This sets the site apart from its competitors like eBay, SnobSwap, and Vaunte. [Christian Dior pumps, $175]
Buyers trust TheRealReal's authentication process, and don't hesitate to purchase luxury items from the site. Rati tells FC that the site has no problem selling a $10,000 rolex. And Julie confirms that 50 percent of goods that enter TheRealReal's inventory are sold within three days—with one group of Birkin bags, priced between $10,000 and $15,000, that sold out in a day. [Alaïa sleeveless dress, $995]
Prices are set from technical data analysis that ensures the most fair price for both sides of the transaction—and, of course, the middle man. [Chanel resin flower earring, $295]
The site plans to double last year's annual revenue with the addition of art and menswear. A home goods section will launch soon. [Marni embellished dress, $175]