Ms. Julie Wainwright is the CEO and Founder of The RealReal which is an online luxury consignment website which sells high-end designer labels for less. Ms. Wainwright is counting on The RealReal to be the next billion-dollar business. Julie Wainwright is a graduate of Purdue University and is a pioneer in the tech and e-commerce industry.
Julie Wainwright is back on the entrepreneurial scene after she closed her successful website – Pets.com. Ms. Wainwright followed this chapter in her life by authoring a book, accepting speaking engagements, and engaged into women’s health issues. In 2011, Ms. Wainwright began her idea of an online luxury consignment venture and by 2013, she founded The RealReal.
Julie has designed The RealReal to only sell authentic pre-owned luxury and high-end designer products, like those designed by Gucci, Chanel, Prada, Alexander McQueen, Louis Vuitton, and Prada. Currently, Julie is looking for a capital boost into her company by having investors provide a new infusion of funding. The RealReal has raised over $1 million to achieve its success.
Investors are needed to make The RealReal an online success perhaps for a couple of reasons. One being that an increase in funds will make the company look more attractive to investors. Also, The RealReal could use more capital to prove that it can be a viable long-term business. Additionally, new funds will prove that a secondhand online marketplace for luxury brands is a great opportunity and new financing will prove its investing power.
The RealReal model operates by having sellers like the Kardashians and top CEOs ship their clothing and products to the company which is then sold online. The proceeds are shared in a 50/50 or 50/60 percentage with the seller. Authentication is of the upmost importance to Julie Wainwright because her name is behind The RealReal.
Ms. Wainwright uses individuals called luxury managers, who are trained to spot fakes. The RealReal started out just dealing with luxury women’s fashion items, but has grown to sell designer clothing for men, designer jewelry items, unique artwork, and designer home accessories. Ms. Julie Wainwright has plans to retain the company’s online presence, but to also establish a New York City building location.