Luxury items symbolize one’s social status, and it is not a surprise that a lot of people wanted to buy these items to flaunt it, while there are also who sees it as an investment and buys it to fill up their collection. Julie Wainwright, an American entrepreneur, saw the potential of selling second-hand luxury items as a profitable business, and she established an e-commerce website called RealReal. She currently sits as the company’s CO, and she has been promoting the company to attract more customers. RealReal displays a list of second-hand luxury items which are picked based on their quality. Because of the popularity of RealReal, Julie Wainwright had to build a physical store, making it easier for the people who browse what they wanted. The startup was a huge success, and according to the CEO, she is planning to expand the business by opening more physical stores and adding more items to their inventory.
Since the company’s establishment seven years ago, the number of investors who are financing the company is at a constant increase. Julie Wainwright managed to raise $170 million that will be used as additional funding for the company’s operations. Her skills in persuading investors have been advantageous, and she also promised that the investors would be earning big time because of the high demand for luxury items. The small startup has demonstrated an infinite number of opportunities that would benefit the company, and their consignment business model has been a success. Items are thoroughly checked to ensure that there are no counterfeit products, and the employees are working for RealReal have been dedicating their time to pick only the highest quality items that will be on sale. The RealReal has also opened their headquarters in New York City, and luxury brands started working with Julie Wainwright to help her find more clients.