SAN RAFAEL, Calif.--(BUSINESS WIRE)--TheRealReal™, the leader in online luxury fashion consignment, today announced continued rapid growth and two new board members. The company, founded in early 2011, more than doubled membership in Q1 2012 and continues to experience record revenues on a month-by-month basis. Joining founder and CEO Julie Wainwright on the board of directors is veteran technology angel investor, Mark Kingdon, and serial entrepreneur and retail marketing expert, Judith Ets-Hokin.
The RealReal is pioneering the online equivalent to recycling designer fashion by providing a membership-only, luxury fashion consignment platform. Using a flash sales ecommerce model, The RealReal sells consigned designer handbags, shoes and clothing for up to 90% off original retail. Consignors, some of whom are the wealthiest women in the world, provide authentic fashion items that are curated, and merchandised for resale by The RealReal stylists. Consigners earn up to 70% of the selling price of each piece.
“We’re bringing the power of ecommerce to luxury designer consignment,” said Julie Wainwright, founder and CEO of The RealReal. “For the first time, consumers of luxury fashion have an easy, secure and fun way to recycle their designer purchases to a mass audience of self-selected, interested buyers. We provide a unique ‘closet-to-closet’ experience and a stylish, fun shopping experience for anyone who loves designer fashion at a fabulous price point.”
The RealReal is the first mover in what is proving to be a vast new market, online luxury designer resale. Fueled by the continued appetite for luxury goods, in 2011 $170B of luxury fashion goods were sold worldwide, and by the broader luxury resale market which is a $16.2B1 opportunity, The RealReal is adding thousands of new members each month.
Board Expands with Two New Board Members
Mark D. Kingdon, new board member, is a veteran technology angel investor who has funded ten start-ups including Twitter, Say Media, Kidzui, 140 Proof, Skyrocket, Fab.com, AppStores, NiftyThrify.com and UberMedia. Kingdon brings strategy, management and operational expertise, from start-up through rapid growth, to each of his investments.
From May 2008 to July 2010, Kingdon served as CEO and president of Linden Lab, developer of Second Life, an online virtual world. Prior to this, Kingdon served as CEO of leading web development and digital marketing firm Organic, was an entrepreneur-in-residence at IdeaLab and was the partner in charge of the retail industry practice at PricewaterhouseCoopers LLP.
Judith Ets-Hokin, also joining The RealReal board, is a serial entrepreneur and proven retail marketing expert. Judith is currently co-founder and vice president of sales and marketing at Eurø Style, the leading provider of high quality, modern furniture at affordable prices. At Eurø Style, Ets-Hokin has helped expand the company’s marketing and sales efforts into a thriving wholesale manufacturing business serving retailers and e-tailers around the globe.
Prior to Eurø Style, Ets-Hokin created The Home Chef, a chain of culinary boutiques combining retail sales with hands-on cooking instruction. Ets-Hokin is also the author of three best-selling cookbooks including The Home Chef – Fine Cooking Made Simple.
About TheRealReal
The RealReal is the leader in luxury designer online consignment, offering consumers the comfort of a high end shopping experience with product authentication, curation and returns on apparel. Thousands of luxury fashion enthusiasts use The RealReal everyday to recycle their designer shoes, handbags and clothing. For more information, please see www.therealreal.com.
Notes:
1. Bain Luxury Market Study, 9th Edition, October 2010
The RealReal is a trademark of The RealReal, Inc. All other trademarks are the property of their respective owners.