The RealReal is the leader in luxury consignment. They started
online and now have physical locations. In addition to luxury clothing, they
also sell watches, jewelry, home décor and fine art. Initially, they were not
taken seriously by designers. They were somewhat dismissed and often considered
opportunistic. Now that they have established a reputation for being
trustworthy, the sentiment has changed across the board.
As a result of innovations in technology, selling clothing
and other fashion items online is quite trendy. Another major player is
ThredUp. They sell a high volume of clothing online and have predicted that
resale retail will continue to expand. In fact, it’s estimated that the market
will exceed $40 billion in the next couple of years. Notably, a census report
revealed that the sale of used merchandise is a rapidly growing sector. In
fact, The RealReal went from first-year sales of $10 million to $500 million in
2017, just 6 years later.
Expanding Physical Locations
The RealReal has expanded and they now have a greater number of physical stores. They have locations in New York and Los Angeles. They have also had pop-up shops in San Francisco and Las Vegas. In many of their locations, they have chosen neighborhoods known for having high-end retailers, such as SoHo in New York and Melrose Avenue in Los Angeles. Notably, the physical stores often have order sizes that are twice the amount of online purchases. This is often a function of receiving a larger number of quality consignments at physical locations.
History of Consignment Shopping
Some people find it hard to believe how popular consignment
shopping has become. What they don’t realize is that secondhand shopping has
been popular for decades. In fact, it’s often kept secret that a lot of wealthy
people shop at consignment stores. It’s a wise decision that enables them to
wear high-end and quality fashion while remaining financially responsible.
Although it was often kept a secret in the past, that’s no longer the case,
especially when it comes to Millennials. They enjoy hunting for affordable
treasures and don’t mind talking about it.
Some consumers enjoy shopping at consignment stores because
it enables them to find fashions that don’t look like what they see in most
retail stores. They want to have a unique style. It’s a way to curate an
amazing wardrobe at a price point they can afford. What’s great about shopping
at a consignment store, whether online or in person is that you can buy what
want and also consign items from your closet. It’s a great way to make money to
spend on new pieces. There’s also the fun of the hunt. Setting out to find
something you love and not leaving empty handed can add excitement to shopping.
What’s Popular in Resale
There are a lot of different brands on the company website and shoppers usually spend a good amount of time perusing what’s available. Having sold approximately 8 million items, some of the most popular brands are Chanel and Gucci. In fact, Chanel is the top brand searched online. Some of the other brands often searched and sold include Dolce & Gabanna, Saint Laurent, Tiffany, Cartier, Isabel Marant and Tory Burch.
When it comes to the top luxury brands, it’s no surprise
that Christian Louboutin is at the top of the list. Right up their with
Louboutin are Prada, Hermès, Burberry, Valentino and Céline. Some of the brands
that are growing in popularity include Fendi, Gucci and Dior. While trends come
and go, these are brands that are likely to maintain popularity for years to come.
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