The RealReal’s CEO Says The Company’s Goal Is To IPO
The RealReal CEO Julie Wainwright tells TechCrunch in a video interview that she’s preparing the luxury consignment e-tailer to go public someday. “That’s the goal,” she said when asked about IPO plans. “We really aren’t in the mood to sell the business, we’re in the mood to go public at some point in the future.” It makes sense that a startup that’s raised $173 million in funding would be expected to provide liquidity for its investors eventually. Just last month, the company announced a round of $50 million led by private equity firm Great Hill Partners. Previous investors include Canaan Partners and Greycroft Partners. The RealReal is a site that connects buyers and sellers of luxury items, including designer fashions, handbags, jewelry and now furniture. True to its name, it vets every item to make sure it’s “real” before displaying it online. (Watch the above video to learn how to spot a fake Louis Vuitton bag.) While some competitors have struggled, like Threadflip, which shut down after purchasing too much supply, The RealReal doesn’t purchase the items beforehand and only takes a commission when the items sell. In fact, Wainwright says that the company has the reverse problem, with “a lot more demand than we have supply” because it has more shoppers than consignors. Read more at Tech Crunch.
